Agtech Action | Week of 03.04.23 - 03.10.23
Agtech Action is a weekly newsletter highlighting current events in the world of agtech, and some light-hearted commentary
Brazil approves GMO wheat, Midwest AGs to sue the EPA over E15 rule and pest-resistant tomatoes are here. CA National Guard delivers hay to ranchers via helicopter, a bank used by startups fails and ranch-flavored ice cream.
Ecosystem is the theme of the agtech week. Anyone who has started a business, a venture, a startup, an anything knows that it takes a lot of risk, guts and determination. Doing it by yourself is truly difficult. Doing it with a partner or partners helps, but doing it with the support of an ecosystem—gamechanging. We explore the characteristics and forms of thriving ecosystems and a thriving ecosystem was on display this week—the United Soybean Board welcomed the Soy Innovation Challenge finalists to Commodity Classic 2023 in Orlando. We tease that and more in this week’s newsletter.
Food and the World:
U.S. Farm Agency Announces Working Group on Seed Industry Consolidation
Higher Standards For 'Product of USA' Meat Proposed by Biden Administration
Is the U.S. Becoming Less Competitive in Growing Wheat? A New Warning Sign for the Future of Wheat
USDA Projects Fewer U.S. Corn Exports In Latest Report
Mexico President Says Will Go to Panel If No Agreement With U.S. On GMO Corn
Midwest Attorneys General Declare Intent to Sue EPA Over Delayed E15 Rule
UN Secretary General travels to Ukraine (0:00 mark)
Early start to pollen season (0:30 mark)
U.S. Agriculture Secretary Unveils Initiatives Aimed At Small And Midsized Operations
Iowa Drought Eases with Fourth-Wettest Winter
Philippines confirms African swine fever outbreak in Cebu
How skyrocketing inflation has hit Pakistan’s most vulnerable
One Forest Summit: the ambitions of the Libreville Plan on forest preservation
Pakistan: Five major issues to watch in 2023
CA National Guard delivers hay to ranchers via helicopter (0:30 mark)
Agtech in the News:
Saudi Arabia's Push for Controlled Environment Agriculture: Recent Developments and Challenges
Saffron Tech Nets An Investment Deal From Dreamtech
Elevate Farms Begins Operations in Latest US Farm
So Delicious Launches 0g Added Sugar Yogurt Alternative
Bunge Announces Increased Monitoring of Soybeans From Its Indirect Supply Chain in Brazil
Is climate-smart agriculture poised for a breakout year?
Impossible Foods Introduces New Line of Its Flagship Product
HydroFarm Meets Earnings Expectations & Exceeds Sales in 2022v
Earnings: AppHarvest Misses Consensus But Hits 2022 Guidance
Pest-resistant tomatoes finally available after 30-year wait
MENA Region Sees Investments in Startups Increase Notably in FoodTech
Product Of USA Label To See New Rule To Decrease Country Of Origin Fraud
ASA CEO: Renewable Diesel Could Drive a New Era for Soybean Demand, But EPA Needs to Rethink the RFS
Sustainably feeding the world with genomics-driven agriculture
Trillium Ag Appoints Neal Gutterson To Board Of Directors
Ceres Imaging Expands Its Operations In Portugal & Spain
The 10 most innovative companies in agriculture of 2023
Wednesday's Editorial: The Water Crisis Touches Everyone Even CEA
Fun:
Ranch-flavored ice cream (1:00 mark)
Helpful Resources:
Q4 2022: Launch Report: Enterprise Fintech
PitchBook VC Dealmaking Indicator
Q1 2023: PitchBook Analyst Note: Concerns About and Criticisms of ESG
Out-of-the Box Lending Options for Farmers
Interesting Reads:
Farm-State Republicans Consider Raiding Climate-Change Cookie Jar
How Changing Diets Leave Us Exposed to War, Extreme Weather and Market Turbulence
Is animal agtech venture viable? (I believe it is and I’ll make that case …)
Attempting to untangle the messy math behind the "Power Law"
More Money Needed for Farm Bill, Says Panel, Eyeing Climate Funds
Cash Management for Early-Stage Startups
Australian farm incomes to drop in 2023-23 after record-breaking years
The City in the Age of Mechanical Reproduction
27 women founder-CEOs that have raised over $3 million in Africa
Carbon Market Year In Review 2022
Brazil Approves GMO Wheat As Food Supply Fears Help Convince Skeptics
Beam Suntory Launches New Carbon Capture Tequila Project
How a Giant Egg Farm Made Money Off Women Prisoners in Dangerous Conditions
Finance:
JP Morgan’s timberland play to prioritize inflation hedging ahead of carbon
Plesion Capital Invests in Nigerian Agritech Startup Releaf
Townsend advises OP&F to look out for opportunities from ag distress
Silicon Valley Bank's liquidity crisis rocks the tech world (is this a sign of things to come?)
Daisy Lab Closes Oversubscribed Seed Round for Dairy-Identical Proteins
Sole Source Capital acquires Lee Fish USA
Divert Gains $1B In Backing to Decarbonize North America’s Food Value Chain
Africa’s Agriculture Transformation Bolstered By $50B Investment
Alternative Milk: Daisy Labs Closes Seed Round
Plant-Based Food Pioneer Diaya Announces Major Investment
Chromologics Closes Seed Round Raising EUR 7.1M In Equity
Agurotech Banks 1.5M Euros from Navus Ventures & ROM InWest
WNWN Food Labs Closes On $5.6M Series A for Cocoa-Free Chocolate
Theme of the Agtech Week: Ecosystem
Some say it takes a village, but I argue that it takes an ecosystem to build a startup. Anyone who has started a business, a venture, a startup knows that it requires a lot of risk, guts and determination. There are so many things to juggle, manage and address as a founder that having a team, or a partner, certainly helps. Having an ecosystem is a game changer. That is the theme of the agtech week—ecosystem.
An ecosystem comes in many forms: physical, virtual, infrastructure, a person or persons, etc. When I think of physical ecosytems, I draw on a few great examples particularly in agtech: St. Louis, MO; Piracicaba, Brazil; Rosario, Argentina; RTP, North Carolina and many more. And what makes a strong, thriving ecosystem? Let’s use St. Louis: investors at different stages, office and lab space (e.g. infrastructure like 39N, BRDG, EDGE at BRDG, Helix Center, Benson Hill HQ), entrepreneurs (active, former, in-residence), connectors (that person who knows everyone and can connect you to everyone), research and academic institutions at the forefront of innovation and research (e.g. Danforth Plant Science Center, SLU, Washington University), incubators and accelerators and many other characteristics of a strong ecosystem. The great thing about a physical ecosystem is there is always a place, a north star, to go to where you can find the things you need as a founder. But what if you don’t live in or nearby a strong, thriving ecosystem? Ecosystems can be virtual and in fact some of the most effective ones are.
A virtual ecosystem also shares some of the aforementioned characteristics but it differentiates with one key aspect: it can be anywhere. A virtual ecosystem can be a partnership with a research institution in another country, a network of investors in another region, or that person, who knows everyone, you met at that conference who lives in another city. Having attended enough events and conferences, I can say that if you meet that person, or organization that is aligned with your goals, vision and more importantly wants to work with you—it makes a tremendous difference. That person, or organization, can be a source of many things: wisdom, connections, support and many other critical things. And they don’t have to be physically there!
Ecosystems are a common characteristic when you research successful startups, ventures or businesses—in some way, they benefited from an ecosystem. If you want a great read about ecosystems check out ‘The Startup Community Way’ by Brad Feld. Find your ecosystem.
Building upon this theme, our ecosystem was on display this week at Commodity Classic 2023. The United Soybean Board welcomed the Soy Innovation Challenge 2022 finalists to Orlando. Here’s a pic from that unveiling:
A more detailed wrapup is coming from that exciting event. I’d like to thank the entire USB team (Meghan Fullington, Regina Cleary, Carmen Fenton, Nancy Weiss, Keenan McRoberts, Mac Marshall, Polly Ruhland, Philip Lobo and many more), Osborn Barr Paramore and farmer board members (April Hemmes, Don Wyss, Todd Hanten and more) for their support and for welcoming the challenge and the finalists in Orlando. Special shoutout to the Yield Lab Institute’s program manager intern Joseph Jangulo for his support in Orlando and throughout the challenge (photo credit is his).
BD
Brandon Day is the Chief Operating Officer of The Yield Lab Institute, the global agtech think-tank, non-profit arm of The Yield Lab global network of venture capital funds and accelerator programs. The views, opinions and commentary expressed are solely those of Brandon Day.