The Next Heroes in Food & Agtech program is one of the highlights of the F&A Next summit. It is our platform to spotlight disruptive ideas and game-changing companies. Our high-quality jury has selected the 10 startups that will participate in the program.
Three of the jurors are Richie Gray, VP and global head of SnackFutures Ventures at Mondelēz International; Maurien Olsthoorn, senior principal scientist at dsm-firmenich; and Arnout Dijkhuizen, investment principal for Europe at venture capital firm Astanor. As F&A Next draws closer, we sat down with them about their roles and views about the agrifood tech sector.
Navigating the uncertainties
The ever-shifting geopolitical landscape presents additional challenges to startups, calling on them to be as resilient as ever. “In the current scenario, given that less capital is available, it is important to forge partnerships with the industry, bringing that knowledge into startups. It is now much more necessary than a few years ago,” underlines Arnout.
To Richie, the willingness to adapt, learn, and iterate is paramount. “Then, as a good founder, you need to be obsessed with the costs and profitability of your business, even at an early stage. Although you may not make any money initially, focusing on cost and achieving a healthy gross margin will drive the right actions in the future. At the same time, one has to think about how to be agile and prepared to adapt in order to pass through the different regulatory frameworks.”
“Creating a solid network of partners gives a startup the right foundation to move on,” underlines Maurien. “Startups that are active, for instance, in researching the potential of a microbial product, need multiple years not only to develop their process but also to test and optimize its functionality in agrifood. Furthermore, extra challenges can come when facing the regulatory frameworks,” she continues.
The rise of data and AI in the agrifoodtech sector
Our juries identify the use of data, particularly when coupled with AI capabilities, as the most powerful disrupting force in the agrifood tech sector. According to Arnout, much can be gained. “There is so much more that can be done in agriculture, leveraging AI, tapping into the vastness of data at our disposal. From managing land to discovering new proteins, there are plenty of possibilities.” Arnout also sees the potential of gene editing technology, particularly in the creation of weather-resilient crops.
In the case of Maurien, she is witnessing the impact of these innovations firsthand. At dsm-firmenich, they developed a machine learning framework combined with robotized testing to select and optimize the testing of yogurt culture blends. “When developing the blends, we need to meet multiple targets of our customers at once, requiring a lot of testing. Through this digital tool, we could, therefore, speed up blend development, doing together with our customers, ” she explains.
The essentials for success
Richie points at three essential aspects he looks for when assessing a startup. “The first thing we look at is the uniqueness of that technology. What is it offering that differentiates it from the others? At the same time, we also assess the applicability of that technology to our business today. The third element is the founder and the team.” Similarly, Arnout also looks for highly motivated individuals with a global mindset ready to disrupt the agricultural system.
What are the judges looking forward to?
Richie is excited about being part of the jury. “Founders test you, and I enjoy that. It is very stimulating for me to think and listen carefully, to provide the best possible feedback. At the same time, I hope to learn about new interesting companies.”
Maurien is also pleased by the diversity of the startups selected. Arnout echoes her: “They are all high-quality companies that I have been following in the past few years. It is great to see the progress they made, and I’m looking forward to seeing their pitches live on stage.”
There is one last piece of advice Riche wants to offer startups. “Keep thinking about the applicability of your technology. We often see businesses that become overly focused on technology for its own sake. Keep thinking about the end user and how that innovation can be practically and commercially applied,” he concludes.
