Fernando, thanks for sharing this. The FOAK problem is something I have lived from the founder side. At WAYAKIT we developed sustainable cleaning technology out of KAUST research, and the moment you move from validated science to first industrial deployment, the capital conversation changes completely.

Venture investors see operational risk, infrastructure investors see technology risk, and the project sits exactly where you describe, too novel for one, too industrial for the other.

What strikes me most in your piece is the framing around time horizon. Industrial transformation requires patience that most financial structures are not designed to reward.

The founders who survive that gap are the ones who understand they are not just building a company. They are building a new category of asset.

Would love to exchange notes on how you are thinking about blended finance mechanisms for FOAK projects in the MENA region specifically, where I have experienced first hand being funded.