Agriculture is exposed to a complex tangle of laws, trade agreements, and competing visions of the future. For farmers, adjustments by legislators at any level of government can have an impact. So while policy is often an afterthought for operators in tech, the pressure for farmers to be engaged and represented in the formulation of new policy is real.
Back in May, we published an experimental bonus episode called “The Three Fears of Farm Data”. The conversation centered around the legitimacy of fears held by farmers about sharing their farm data, and kicked off with a particularly hot take:
“We in agtech have completely f*****d farmers by making them afraid of sharing their data.”
The episode got a huge reaction from around the industry - both positive and critical. It’s clear that the conversation around farm data is one that everyone in agtech, from farmers and startups to analysts and operators in agribusinesses, seem interested in continuing.
Autonomous farming equipment and robotics in ag is more crowded than ever. Every new acquisition from an incumbent or deployment of venture capital into the space creates more buzz to sort through in the inboxes of analysts, entrepreneurs, and farmers.
With the industry growing so quickly, it’s helpful to have a bird’s-eye view of what’s happening, and what it means for the future of agriculture.
So, in this week’s episode we give listeners a framework to understand the rapidly moving world of autonomy in ag. Our guest is Andrew Bate, Co-Founder and CEO of SwarmFarm Robotics, who joins us to share his observations on the three major categories of autonomy that are emerging in ag.
When it comes to designing carbon programs in agriculture, there is a very real tension between the science and the commercial realities of drawing down carbon at scale. Particularly, the question of how to incentivize on-farm practice changes is one that many companies in ag carbon have failed to answer.
Working at the intersection of these tensions is our guest this week, Emma Fuller, Carbon and Ecosystem Services Portfolio Leader at Corteva Agriscience. An accomplished data scientist and ecologist, Emma began her career in agrifood systems publishing research on West Coast fisheries in the US, before jumping into the world of startups at Granular. After their $300M acquisition by what is now Corteva Agriscience, today Emma designs programs that credit farmers for reducing greenhouse gas emissions or sequestering carbon in their soils.
For a traditionally low innovation industry, things are starting to heat up in agricultural insurance.
While it remains something of a black box for many people in agriculture, the forces of climate change and technological innovation are creating the right mix of incentives that could change how the whole industry manages risk.
This second episode of our exploration of ag insurance considers a digitally-native product in the hands of farmers today. While still in their infancy, these digitally-native reimaginings of insurance as it exists will be the difference between farmers spending hours, days, and weeks dealing with brokers and getting payouts, compared to almost instant quotes, claims, and reimbursements.
Climate change will mean more frequent, extreme weather and more risk exposure for farmers around the world. This increased risk should be a driver for the business of agricultural insurers. But, it’s not easy to predict how climate change and digital-disruption might transform one of the world’s oldest industries.
Actually, we’ve come to realize it isn’t easy to understand how agricultural insurance works at all.
So, in the spirit of learning out loud, we’re releasing TWO episodes this week. This first one dives into the mysterious world of ag insurance with a 101-style conversation with Matt Coutts, Chief Investment Officer of Coutts Capital, and Tenacious Ventures General Partner Matthew Pryor.
It isn’t surprising that most farmers have to be expert planners and investors. But getting an inside view into how a farmer plans for the future of their business is a rare opportunity.
In this episode, you’ll hear firsthand how Hallie Shoffner, a sixth-generation row crop farmer in the Mississippi Delta, makes decisions for her farm and company, SFR Seed. While Hallie is an enthusiastic adopter of new farming innovations, this conversation shows that every decision must be well supported by reliable data and the right incentives.
Have we in agtech completely f*****d farmers by making them afraid of sharing their data?
Listen in to Matthew Pryor and Sarah Nolet from Tenacious Ventures, and Shane Thomas, agronomist and author at Upstream Ag Insights, work through an emerging theory that uncertainty and fear about farm data is a largely unfounded barrier to adoption.
There are many different views about the future of autonomous farming. One is that, out of the emerging autonomous equipment providers and established blue chip suppliers, there will be clear winners and losers in the battle for on-farm dominance. Another is that farming in the future will involve all kinds of autonomous solutions. This second possibility presents tons of opportunities to add value for farmers.
Our guest on this week’s episode is Iftach Birger, Co-Founder and COO at FieldIn, a farm data and autonomous equipment startup founded in Israel. Rather than wade into the fray playing out between new autonomous equipment players and established corporations, FieldIn is attempting to create a platform that allows a mixed fleet of equipment to interact seamlessly.
Every decision made by founders, farmers, and leaders in agriculture shapes the future of our food system. Whether it’s the cost per hectare of a biological or the value of a ton of carbon sequestered, the different goals and outcomes that end up in business plans inevitably define how time, energy, and capital are spent.
But there are many outcomes of a healthy food system that don’t fit in a business plan. How do leaders today account for the broad connections between people, ideas, and identities? It’s this fabric that reflects who we are, what we value as a society, and how we interact as humans along the agricultural value chain.
Let’s talk about eggs.
Hardly anything can match the egg for complete versatility. Eggs are a critical ingredient to unlock the tastes, textures, and experiences we take for granted in everything from a simple home omelette to food manufactured on an industrial scale.
So, how would you approach replacing the egg with a plant-based alternative?
This week on EggTech…So What?, we spoke with alternative-protein entrepreneur Tanja Bogumil. Tanja is the Co-Founder and CEO of Berlin-based Perfeggt, a company working to bring plant-based egg alternatives to market, starting with a liquid substitute for scrambled eggs and baking.
Life is moving pretty fast for founders and investors working in agtech.
Recent years have seen record flows of capital into agrifood, driven in part by agriculture potential to provide climate solutions. And the massive disruptions of COVID-19 meant developed markets received a historic taste of what changes will be needed in a world impacted by climate change and further uncertainty.
So, how have the last few years impacted agtech founders looking to raise capital, and investors on the lookout for opportunities with impact?
For this bonus episode, Tenacious Ventures’ Partners Sarah Nolet and Matthew Pryor asked a group of founders and investors to share what they’ve learned and observed about the state of agtech investing in 2022. As a dedicated agrifood venture fund “born in the teeth of COVID-19”, Sarah and Matthew also offer their take on what has changed and what has stayed the same as we look to the future.
Biologicals in agriculture have a wildly exciting future. It’s a segment responding to innovation in science, changes in markets, and the urgent pressures of adapting to climate change. And while the buzz from new entrants inspires thinking about the future, New Edge Microbials (NEM) is an established player with products in the hands of farmers today.
Managing Director and veteran agribusiness executive Ben Barlow has spent years executing a growth strategy that has weathered all of these forces, plus the additional logistics chaos of COVID-19 in recent years.
According to Jessie Deelo, Chief Hub Officer at Vayda, leading companies are moving toward sustainability targets that are measurable, integrated, and connected to the real world challenges of on-farm sustainability. In her work improving the environmental and social impact of supply chains, Jessie is seeing a huge opportunity for farmers that already embrace sustainable production methods to connect with brands that need inputs with impact.
AgTech companies make promises to investors to grow fast and be quick to iterate or change direction. But they also make promises to customers who think more in seasons instead of product development cycles, and who value long-term relationships with a mutual investment. These are difficult pressures for agtech marketers to manage.
The science and technology of soil is rapidly evolving, but translating it into a scalable business that can offer viable products to farmers has long been a tricky proposition. But it’s one that Adam Litle, the CEO of Sound Agriculture, has devoted much of his career to answering.
Adam was part of the executive team at Granular, the farm management software company acquired by Dupont (now Corteva) for $300M. Now, at Sound Ag, he’s leading a company that’s raised more than $95M to develop a product which activates microbes in soil to increase the uptake of nitrogen and phosphorus, thereby enabling farmers to use less fertilizer.
Mark “Ferg” Ferguson is a sheep geneticist who’s paying attention to how both consumer demands and emerging technologies are impacting growers. Drawing on his experience with dozens of clients around Australia and New Zealand, Ferg shares:
insights for agtech companies, like the importance of personas and how to build relationships in a digital world;
what the future of extension and consulting in livestock looks like;
the role of cutting edge technologies in the sheep industry; and
a vision for the future where consumers expectations are met and growers are profitable.
Farmers Business Network is one of the most well-funded startups in agtech. Just recently, they announced a $300M Series G round, bringing their total funds raised to $870M and their valuation to nearly $4 billion.
So, where did it all begin?
In this episode, FBN co-founder and Chief Innovation Officer, Charles Baron, explains how his Silicon Valley upbringing unexpectedly collided with rural Nebraska, resulting in an idea for a new kind of agribusiness- one that would connect farmers and increase their bargaining power for chemicals and seeds.
Charles talks about several key factors in the company’s success, including questioning Silicon Valley’s ‘founder obsession’ to instead create a ‘farmer-centric’ ideology.
Paul Lightfoot is a serial entrepreneur who has learned several lessons the hard way, from raising money to communicating purpose to hiring (and firing). After spending much of his career as a software CEO, Paul wanted to follow his “calling” to enter the world of sustainability and foodtech.
But this meant moving from a familiar career trajectory to an industry that, 10 years ago when Paul was entering it, barely even existed. In 2011, Paul founded BrightFarms, which uses hydroponic greenhouses to produce locally sourced packaged salads in the US. Along the way, he has made several critical decisions for his startup’s success, including voluntarily stepping back from the role of CEO.
