EA - Material Innovation Initiative (MII) shuts down by Nate Crosser

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Welcome to The Nonlinear Library, where we use Text-to-Speech software to convert the best writing from the Rationalist and EA communities into audio. This is: Material Innovation Initiative (MII) shuts down, published by Nate Crosser on September 18, 2024 on The Effective Altruism Forum.
The "GFI of vegan materials" is shutting down after operating since 2019. They were an ACE-recommended charity at one point. No rationale is given in the announcement. I asked for more, and will update this post if they respond.
Dear Valued Stakeholders,
I am writing to you with mixed emotions to share some important news regarding the future of the Material Innovation Initiative (MII). After a thorough evaluation and much deliberation, the board of directors and the executive leadership team have made the difficult decision to wind down MII's operations.
While this marks the end of our journey as an organization, we want to take this opportunity to celebrate our many accomplishments and the tremendous growth of the next-gen materials industry, as well as express our gratitude for your unwavering support over the past five years.
A Legacy of Impact and Innovation
Since our founding in 2019, MII has been at the forefront of transforming the next-gen materials industry. Our mission was clear: to accelerate the development of high-quality, high-performance, animal-free and environmentally preferred next-generation materials. We envisioned a world where the materials used in fashion, automotive, and home goods industries would protect human rights, mitigate climate change, spare animals' lives, and preserve our planet for future generations.
Thanks to your support, we have made significant strides towards this vision:
Catalyzing Investments: MII has been instrumental in inspiring over $2.31 billion in investments into next-gen materials, including $504 million in 2023 alone. These investments have driven innovation and growth across the sector, enabling the development of materials that meet performance, aesthetic, and sustainability needs at competitive prices.
Research and Advocacy: Our pioneering research, such as the U.S. Consumer Research on next-gen materials, revealed that 92% of consumers are likely to purchase next-gen products, highlighting a significant market opportunity. Our State of the Industry reports have been vital resources for innovators, brands, and investors, saving them time and guiding strategic decision-making.
Brand Collaborations: We have facilitated groundbreaking partnerships between next-gen material innovators and major brands. In 2023, we saw almost 400 collaborations between influential brands and next-gen material companies, showing the increasing interest from brands to incorporate next-gen materials into their collections. This also illustrates the tremendous potential of next-gen materials to disrupt the fashion, home goods and automotive industries.
Global Influence and Advocacy: MII has been appointed to influential roles, such as serving on the New York City Mayor's Office task force to source sustainable materials. Our participation in global events have increased visibility for next-gen materials, reaching audiences across the world and bringing together stakeholders across the value chain to drive collective action.
The Evolution of the Industry
Since we began our journey in 2019, the landscape of the materials industry has changed dramatically. The concept of next-gen materials has gone from a niche idea to a critical component of sustainability strategies for leading global brands. Today, there are 141 companies dedicated to next-gen materials, up from just 102 in 2022, demonstrating the rapid growth and adoption within the industry.
This increased innovation has brought down prices, improved quality, and expanded the range of available materials, making them viable alternatives to conventional animal and petrochemical-derived materials. The industry is now well-positioned to continue advancing towa...