Patch Technology: Making It Easy to Do the Right Thing

In 2021, the growing threat of climate change pushed companies around the world to understand that significant behavioral change was necessary. While many recognized that decreasing emissions was critical, more sophisticated players such as Microsoft began to recognize that pulling carbon out of the atmosphere was also required. Some established technologies, such as reforestation, were available. But increasingly, new “high-tech” methods not yet fully proven were seen as necessary to test and validate. However, there was little regulation or transparency in the market, which made it difficult for companies to find offset projects or to verify their methods. Patch, founded in 2020, recognized the general confusion in the marketplace. They faced important questions on how best to develop the two-sided market of suppliers and buyers seeking to offset: What kind of suppliers should they seek to have on the platform? How could they attract them? How could they properly educate and bring the right segment of buyers to the platform?