May 27, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

Born of a common commitment to create a forum for entrepreneurs working to have a positive impact on inclusion in the ag industry, San Diego-based company-building platform for early-stage ag and food technologies Radicle Growth has partnered with Nutrien, the largest provider of crop inputs and services in the world, to launch The Radicle Inclusion Challenge Presented by Nutrien.

“What we’re trying to do,” Kirk Haney, Managing Director, Radicle Growth, explained to GAI News, “is help shine a light where diversity and inclusive practices can result in better outcomes for farmers, for technologies, and for entrepreneurship.”

Candace Laing, Senior Vice President, Chief Human Resources Officer, Nutrien, commented, “It’s going to take bold leadership and ongoing new opportunities to help stakeholders impacted by historical inequities and disparities in agriculture.”

The mission behind the launch of this new vehicle is to connect with the world’s most innovative food and agtech entrepreneurs who identify as female and/or BIPOC, or belong to a demographic that has historically been underrepresented in agriculture. The Challenge also wants to hear from entrepreneurs committed to diversity and inclusion as they work to transform the food system. 

Haney told GAI News, “At Radicle, we feel we’re uniquely qualified because what we like to say is, ‘ We recognize talent no matter what you look like.'”

“We recognize that to transform our agriculture system and advance sustainable solutions in the food value chain, we must embrace diverse perspectives and innovative ideas,” said Haney.

“What we found was that in 2021 only 2.2 percent of all capital is committed to women – across all asset classes – and we looked at our first fund’s portfolio and found that 50 percent of the portfolio CEOs were women,” Haney told GAI News. “It’s an interesting point to realize that the people making the decisions are two white males.”

He continued, “There’s a lot of talk about inclusion, and we thought ‘What are we doing differently, or what are we seeing differently? And how can we help bring in new people and new technologies into our food system? How can we attract people into the sector?'”

“We work with a lot of strong partners, and we came together with Nutrien, which is also highly concerned with ESG and supporting diversity in agriculture across the globe.”

Next Steps

The window to apply for consideration to be included in the Challenge will remain open until Tuesday, June 21.

Investment decisions will be made on “Pitch Day”, which will happen during the World Food Prize Foundation’s Norman E. Borlaug International Dialogue taking place in Des Moines, Iowa, in October 2022. 

“Nutrien is looking forward to learning about the final ideas we will see at the pitch day, and to help uncover the innovative ideas in each and every entry, as we know there are many diverse entrepreneurs that may have waited far too long for this kind of support,” said Laing.

A panel of soon-to-be-announced judges comprised of industry experts and leaders will evaluate the final short list of pitches. The four-to-six finalists, chosen from the global pool of applicants, will then be given the opportunity to pitch their business in-person, giving entrepreneurs the novel chance to accelerate their business and compound their impact.

In addition to being awarded an investment of $250,000, the first and second-place winners also will be given access to company-building resources and exposure to industry executives who will serve as catalysts for bringing technologies to market.

Haney commented, “This Challenge has a global reach, and one way in which we are helping is through investment in these companies – $250,000 is material. But equally, or even more important are the networks that we will provide access to, and the networks we’re going to create.”

“That’s a key distinction. Underrepresented groups just do not have the mentors and networks to raise additional capital, or have the people to ask for advice on how to build their companies. And we can begin building a network through which they can help each other succeed.”

Haney concluded, “Our data-driven approach is essential to gleaning industry insights and trends, and we have no doubt that a commitment to diversity and inclusion is essential to a founder’s success in today’s business ecosystem.”

“We’ll help them build their business plan, help them get focused on what are the key things that are going to drive value, which will then enable them to raise additional capital, and ultimately, gain them more time to execute their goals.”

~ Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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