Agtech Action | Week of 02.10.24 - 02.16.24
Agtech Action is a weekly newsletter highlighting and commenting on current events in the world of agtech
McD’s meets US cage-free pledge, smallest number of US farms according to latest census, and plant-based meat to add animal fat. Impossible partners with US Army, warning issued on Chinese-manufactured drones, and grow-in-the-dark vertical farming.
Interest rates remain high, capital is scarce, economic and political uncertainty. While this paints a bleak picture, I’m hear to tell you that in spite of all of that, the demand for innovation REMAINS! How do agtech startups position themselves to remain in that demand curve? We’ll walk you through that, and the announce the finalists of the Soy Innovation Challenge 2023, in this week’s Agtech Action.
Food and the World:
3 Trends to Watch in the 2024 Land Market
Are wheat futures base-building?
3 Factors Drive Downturn: Net Farm Income Forecast to Be Down 25%
Made in USA One Launches US Farm & Food Security Initiative
Consumer inflation rate at 3.1% in January
Smallest number of U.S. farms since 1850, says ag census
What does EPA's existing stocks order mean for farmers who use dicamba?
Vilsack and lawmakers spar over farm economy
McDonald’s meets US cage-free pledge goal two years early
USDA: Ag imports to slow, but fresh produce imports to remain relatively strong
Ag experts warn Missouri livestock producers to be wary of corn produced in 2023
Another state files lawsuit to block $25B Kroger-Albertsons merger
EPA Issues Existing Stocks Order for Dicamba Products
Canada’s Agriculture Sector Faces Over 100,000 Job Vacancies by 2030
USDA says more soybeans, fewer corn and wheat acres for 2024
Look outside the farm bill to strengthen the safety net, says Vilsack
Agtech in the News:
EPA approves new corn herbicide from BASF
Update on EU disclosures and vote on climate disclosures and reporting
Carbon Robotics Has Unveiled the Track LaserWeeder
Herdwatch Announced the Acquisitions of Lilac Technology & ComTag
Instacart announces layoffs, C-suite departures
Feds Issue Warning on Chinese-Manufactured Drones as Farmer Adoption Soars
Mill’s Food-Recycling System Gains Approval in Washington State
Borealis Foods Inc. Celebrates Nasdaq Listing
What the US FDA Reorganization Means for Alternative Protein Regulation
New nematode species could protect crops without pesticides
US-Mexico GM corn dispute to be resolved this year -chief agricultural negotiator
Impossible Foods Partners with US Army Central to Serve Plant-Based Options to Overseas Troops
Invaio Sciences and Louis Dreyfus Company Collaborate on Sustainable Citrus Groves for the Future
Researchers receive $5 million for small farm AI project
Grow in the dark vertical farming? Here’s how gene-editing could allow crops to grow without light
Fun:
The 5 love languages for farmers
‘Diabolical actions’: Snoop Dogg and Master P sue Walmart in breakfast cereal spat
Debunking transition myths: entitlement vs. fairness
Helpful Resources:
2023 Annual: US VC Valuations Report
Q1 2024 Quantitative Perspectives: US Market Insights
VC distributions sink to 14-year low
Analyzing the EU’s Corporate Sustainability Due Diligence Directive
Founders, family offices step up to fill VC fundraising gap
Q1 2024: PitchBook Analyst Note: US VC Fundraising from an LP Perspective
IRS Shares Warning on 7 Signs of Employee Retention Credit Mistakes
Q1 2024 PitchBook Analyst Note: Financial Fusion: Fintech’s M&A Landscape Unveiled
Interesting Reads:
What Exactly Is an Angel, and Where Do They Invest?
Wealth generation vs wealth preservation
Growing tobacco in the United States no longer makes sense
The essential workers missing from the farm bill
Pollinator Habitat is Falling to the Side of the Road—in a Good Way
Oklahoma Legislators Make a Case for Cockfighting
Team Cow or Team Soy? The Milk Wars Roiling America
Behold, the bin chicken: Sydney’s stinky, grimy but (mostly) beloved bird
A Florida Immigration Law Is Turning Farm Towns Into ‘Ghost Towns’
4 Black Eggs Have Surfaced From the Dark Heart of the Ocean—With Alien Creatures Inside
Small Processors Face Big Obstacles in Ultra-Consolidated Meat-Packing Industry
Your plant-based meat could soon have animal fat (when you can’t beat ‘em, just become them)
Rejecting Dystopia: An Introduction to Solarpunk Farming
Top 5 Takeaways from the Latest Census of Agriculture
Everyone Should Grow Bamboo! No One Should Grow Bamboo!
DeSantis wants to ban ‘fake meat.’ The world is watching.
Plant-Based Meat Producers are Adding Animal Fat to Enhance Flavor
The Scoop Podcast: Learn To Meet Farmers Where They Are
Finance:
Inside Louis Dreyfus Company’s acquisition of Namoi Cotton
Australian cotton consolidation could drive efficiency
CEA grower Hippo Harvest’s Series B round nets $21M
VCs sacrifice future gains for cash amid IPO dry spell
California delivers first negative net farmland return since 2009 – NCREIF
Why are so few of Europe’s VCs former founders?
Bosch Berries Announces New Greenhouse Operation in Somerset with $50M Investment
Sweet and salty: Blue Road’s Diamond Foods among companies coming to market
Shapiro Administration Invests $5.8M To Protect 1,519 Acres On 22 Farms
EXEO sells South African seafood company stake
Soy Innovation Challenge 2023: Finalists Announced
We are pleased to announce the four finalists of the Soy Innovation Challenge 2023!
Clean Label Solution - transforms dairy and beef farming by simultaneously boosting milk and meat production while curbing enteric methane emissions with our innovative and proprietary soy-based feed, leading the way towards a more sustainable and efficient future for livestock agriculture.
NeuEsse - is harnessing the healing powers of Soy in creating a human skin substitute made from Soy Protein. The readily available skin has healed full-thickness wounds with minimal to no scarring.
Renewable Green Composites - is a company to bring novel, practical sustainability solutions to the plastics industry by making plastic materials from agricultural products (especially soybeans). The large volume of plastic materials will bolster the value of soybeans and enable the biofuel transition.
EDEN Concept Fill - has developed Cellyfill cushion products as a fully sustainable alternative to Polyurethane foam, or Polyfoam cushioning, at lower cost and higher quality and value to both manufacturers and consumers. Cellyfill is near 100% cellulose-based from soy hulls and scalable for multiple industries.
For more information about the four finalists and the Challenge visit: https://www.thesoychallengelive.com/
Watch the announcement below:
Theme of the Agtech Week: Innovation Demand
The more and more conversations I have with food and ag organizations and leadership, the more it becomes clear that the demand for innovation is not slowing down! In fact, it is accelerating because of a tough market where capital expenditures are pinched back, R&D spending gets cranked down, but the need for new products, services and technologies ratchets up.
How do you find innovation if you are not actively spending money to build it yourself? You look externally! That may be obvious, but where are these strategics looking? I have a few thoughts:
Existing startups or businesses looking for liquidity or to sell (e.g. within a venture or private equity firm or organization’s portfolio, looking for strong technology, assets or other novelty within the business)
Accelerators, incubators or venture studios (for those looking for early stage innovation)
Research or academic institutions (hidden or not utilized IP)
These are great, but how do I (startup or agtech business) position myself to be within that innovation demand funnel? Well, funny that you ask, some ways include:
Leverage your existing investors or network of investors and non-investors. They know people, those people know people, and one of those persons has money and is looking for innovation to acquire.
Maintain strong business fundamentals. That includes hitting revenue targets, acquiring or maintaining customers, signing agreements, maintaining low cost, and many more metrics. This positions you as a target for more investment, acquisition or other benefits.
Market and brand yourself. There are low cost (YouTube, social media, even social ads are relatively cheap) and organic ways, and more costly (professional video, photoshoot, publication, conferences and panels, TV) routes to get your name out there. No one is going to find you if they don’t know that you exist.
These recommendations are about putting yourself out there, leveraging your network, and telling a compelling story about your value proposition. This is a sales and marketing exercise but also shoring up your core fundamentals when people come to you wanting to learn more.
The demand for innovation will not go away. Will you be there to fill it? Have a great weekend.
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.