Founder journeys

“One day, I arrived late on my bike, and I’d been chosen to be the CEO”

Troels Schönfeldt holds a PhD in physics and co-founded Seaborg Technologies (now Saltfoss Energy), where he served as CEO until 2023. Saltfoss Energy develops innovative molten salt reactors aimed at providing safe, sustainable nuclear energy to combat the climate crisis. He now works as a board member and advisor, supporting several startups and investors.

Many scientists stay deeply rooted in academia, but only some transition into the startup world like you have. How did you experience the shift?

I never really considered founding a company as an option. At university, we were focused on commercialising our research. One day, I was late arriving on my bike and discovered I had been chosen to be the CEO. I initially thought it was a temporary role until another candidate was found, but it turned out I was the best fit for it. So, I started with nine years in the lab, nine years at university, and then nine years as CEO. The shift was random, shocking, and unintended.

So, becoming a founder and CEO involved luck and timing.What are the essential qualities for anyone venturing into the startup world?

The typical answers are boldness, ambition, and vision. However, while tech founders are crucial, about two-thirds of a company’s success is non-tech related. When a technical founder becomes
the CEO, the team is already tech-savvy. The real challenge is addressing the other two-thirds as the company grows. Therefore, a founder team needs a diversity of minds. Often, the most complicated aspect isn’t the technology but aligning it with the business.

You’ve built Seaborg—quite an achievement. What personal strengths and skills have been particularly valuable on this journey?

A range of skills is needed. My sales talent and persuasiveness were vital for securing investors. However, we wouldn’t be where we are today without the technical founders. Both aspects are
equally important, though one might be more visible externally. It’s like asking what’s most important in a car: the seats are necessary, but without the engine, it won’t go anywhere.

Nuclear energy is deep tech by nature. How do you balance groundbreaking innovations with practicality to fully unleash the technology’s potential?

At Seaborg, we prioritized technical input while recognising the need for broader perspectives. For instance, a pump expert will focus on pump-related issues, but broader problems might lie
elsewhere. Creating a culture where people connect, even down to where the coffee machines are placed, is crucial. Technical experts must communicate across disciplines and integrate business
discussions to ensure a unified understanding. Aligning tech and business timelines is essential for successful fundraising. We’ve seen many founding journeys with their inevitable ups and downs. How has your role and focus evolved at Seaborg?

Initially, I handled calculations and software until our CTO took over those responsibilities. As CEO, it’s important not to micromanage. I made the mistake of interfering too much early on. Eventually, I focused on shaping the company culture. I empowered my colleagues to solve their problems by fostering the right environment. I tried to connect personally with everyone, asking about their lives outside of work.You stepped down one and a half years ago after nine years as CEO at Seaborg.

Can you elaborate on your current role and what you are currently focusing on?

Stepping down was challenging and surprising, even with preparation. Since then, I’ve concentrated on advising investors and startups. There are many promising deep tech startups out there. While 95% of their work is tech-related, only one-third of their success is due to tech. I help secure firm investor contracts and look for ways to impact the community significantly. Despite investor interest, the Danish deep tech sector needs more development and infrastructure. Although deep tech may seem costlier, it can offer quicker exits than software, making it an attractive investment. I hope we can consistently develop the infrastructure needed to produce valuable deep tech in Denmark.