Agtech Action | Week of 04.13.24 - 04.19.24
Agtech Action is a weekly newsletter highlighting and commenting on current events in the world of agtech
Mexico pushes GMO corn ban to 2025, planting ramps up, and EPA allows temporary expansion of ethanol sales. Farm Bill vote before Memorial Day, grape-based leather, and John Deere is looking for a Chief Tractor Officer.
In the startup game, there is an element of secrecy to innovation. Startups have to weigh whether to keep what they are doing clandestine or broadcast to the world. Stealth mode is a term you will hear from startups. There are reasons to be in stealth mode for agtech. I’ll explore those reasons, and drawbacks, as well as tease the Soy Innovation Challenge Pitch Day, in this week’s Agtech Action.
Food and the World:
Antsy To Plant Corn Now? Use These Five Tips To Get Ready
USDA is Discontinuing a Major Cattle Report, and it Could Now Spur More Volatility For Cattle Prices
It's Scary Dry in the Western Corn Belt, But a Drastically Different Story in the East This Year
USDA: Test for bird flu before interstate transport of cattle
Farmers begin planting corn in 6 more states, progress surges in MO and NC
House Republicans embrace ‘pretty radical’ farm bill ideas — Vilsack
100% of California’s winter wheat crop is in good/excellent condition
Farm bill vote in committee before Memorial Day, says House Ag chairman
Sun World acts against Chinese infringement on TikTok
Goodbye, El Niño. Hello, La Niña? The Big Transition to La Niña is Already Underway
Crop Insurance Affordability at Heart of FARMER Act
Senate Ag Committee and South Dakota Producers Want "More Farm in the Farm Bill"
Argentina corn harvest faces more deep cuts from stunt disease spread
‘Nobody saw this coming’; California dairies scramble to guard herds against bird flu
Rural index in negative territory, survey says
Groups urge U.S. to ban imports of Mexican avocados tied to deforestation
What effects will the Port of Baltimore closure have on agriculture?
What lies ahead for U.S.-Mexico tomato agreement?
Agtech in the News:
Agri Investor Global Awards 2023: Meet the winners!
Pacific Gas & Electric taps satellite data for tree management
Exploring Hydroponic Fodder Systems: Sustainable Livestock Feeding in the Face of Climate Change
Rivals trim soy oil’s lead among biomass-based diesel feedstocks
John Deere is hiring a Chief Tractor Officer (sounds like a great job!)
Gingko Bioworks Announces Acquisition of AgBiome Platform Assets
AI in agriculture? New MU center researches the future of farming
The Grape-Based Leather Alternative Bringing Fashion & Wine Even Closer Together
Bunge names new C-suite roles ahead of mega-merger
Global Affairs Canada Invests $7.3M to Boost African Agricultural Productivity and Sustainability
Two veterinarians, hundreds of miles apart, solved a cow sickness whodunit
U.S. EPA to announce temporary expanded sales of higher-ethanol gasoline blend
Fun:
Restoration videos central to family's tractor repair business
Hogzilla or Jaws? Wild Pigs Kill More People Than Sharks, Shocking Research Reveals
There’s No Shortage of Cool Machinery On the Auction Trail
Next-Gen Spotlight: Technology and Side Hustle Help Missouri Couple Come Back to the Farm
Helpful Resources:
Q1 2024 Agtech Public Comp Sheet and Valuation Guide
Sky-high AI engineer salaries are complicating startups’ equity playbook
Q1 2024 European Venture Report
Carveouts provide greater deal reservoir for PE buyers
Q2 2024 PitchBook Analyst Note: PE Rediscovers Divestitures as a Value Creation Strategy
The Value of In-Season Nitrogen Use
Interesting Reads:
UK funding boost for international space projects
“Ghost Cows” and Spoiled Beef: The Ponzi Scheme That Rocked the Cattle Industry
3 charts: The US has more startups than VCs can support
New York’s Sludge Wars Are Personal
“Vital” Sedative for Cattle and Horses Is in DEA Crosshairs
Why raising pythons for food is a truly terrible idea (Ha! Let’s replace a really bad idea with another bad idea!)
The world’s top startup cities
Immigrants in Maine Are Filling a Labor Gap. It May Be a Prelude for the U.S.
Should You Pack Lunchables for Your Kid’s School Lunch? (No, it’s horrible for you!)
Can Oats Really Help You Lose Weight?
SIA Releases Policy Blueprint to Build the Future Semiconductor Workforce
How a Microbe from Yellowstone’s Hot Springs Could Help Feed the World
Legendary tenor Luciano Pavarotti kept secret stashes of pasta to snack on during performances (My man!)
When Did We Fall Out of Love with Chipotle? (when we decided to stop paying high prices for fake Mexican food)
Can Maine lead the way to a future without forever chemicals?
Sometimes good enough is great
Mexico pushes back GMO corn ban date to 2025
The English Farmers Who Harvest Rhubarb by Candlelight
More than a year later, a record storm still thwarts subsistence food harvests in Alaska
Deep Space Food Challenge winner: Growing ideas on Earth to feed astronauts on the Moon
Swampbuster rule is unconstitutional, says Iowa lawsuit (great!)
Possible spread of H5N1 to beef cattle a big concern
Ag Industry Waiting for More Details on Animal Traceability Rule
Are beef producers interested in cooperative business models? (that would be interesting to see!)
Egg Innovations to Bring In-Ovo Sexing to the U.S.
Finance:
Awards cap off a strong year for the stalwarts
Satellogic Announces $30 Million Strategic Investment from Tether Investments Limited
Pula Bags $20M Series B Funding to Further Expansion
California’s Imperial Valley looks set to continue upward price trajectory
Forward Consumer Partners’ debut deal brings home Firehook Bakery
Inside Aqua’s $450M Fund III close: ‘Fundraising for LATAM is not easy’
New CoBank Report says Federal Reserve is on the 'Horns of a Dilemma’
BlackRock sandalwood company Quintis in receivership
Astarte Capital closes $325M impact forestry fund
Nature’s Miracle Latest News: Acquires Agrify Corp For $6.35M
Wellington Management Launches $385M Climate Innovation Fund
Windfall Bio Raises $28M for Methane-Eating Microbes
Folium avocado and almond assets expected to sell for A$150M
AI precision spraying startup Greeneye Technology raises $20M
Lund-based foodtech Saveggy raises €1.76M to extends the shelf life of fresh fruits and vegetables
Nantes-based agtech Weenat snaps €8.5M Series C to combat water scarcity with data
Theme of the Agtech Week: Stealth Mode
Spend enough time around startups, and agtech, and you will learn that most people are eager and willing to tell you all about their new venture, the technology they are building or the company they launched. And then you run into that buddy of yours, who you have not seen in awhile. ‘Hey, what have you been up to?’ ‘Oh, I’m actually working on something. We are in stealth mode.’ ‘Really?! Tell me more!’ That is how it starts.
What do I mean by stealth mode? Stealth mode is a startup term that describes a startup, or venture, that has been working on their technology, product, or idea in secret. The best way to describe stealth mode is:
Limited or no online presence.
Small number of people know about the venture or technology (typically the team, friends and family of the team)
Have a name for their company but not for their product or technology.
There are legitimate and advantageous reasons for building agtech in stealth mode:
Your technology or product is not ready to be shared with the public.
There is something novel or proprietary (rare) about your tech.
You are still trying to find the right team, leaders to build.
Allows you to build, and focus on, your tech without the scrutiny of external partners, investors, the media, etc.
Creates a level of intrigue and interest that no marketing campaign can do. Element of surprise.
There are disadvantages for agtech to be in stealth mode:
Hard to find. If you are hard to find, then partners, investors and customers won’t find you.
Lack of true novelty. It’s just not there.
Operating in a bubble. Focus is good but if you aren’t sharing what you are working on and getting critical feedback from external stakeholders, you could be missing the mark.
Secrecy has the opposite effect. Rather than intrigue, it creates confusion and more questions.
Stealthy for the sake of stealthy. If you’re perceived as doing that, then it’s hard to develop trust in the market.
There is an argument for and against stealth mode. You have to evaluate where you are in the entrepreneurial journey and determine if being cloak and dagger will for you or against you. Where do you want your agtech to be and can stealth mode help you get there?
The Soy Innovation Challenge is having it’s Pitch Day next Friday. Then we will be announcing the winners of the Challenge cash prizes in May. Stay tuned!
Thanks for reading.
BD
Brandon Day is the Chief Operating Officer of The Yield Lab Institute, the global agtech think-tank, ecosystem builder, non-profit arm of The Yield Lab global network of venture capital funds. The views, opinions and commentary expressed are solely those of Brandon Day.