FoA 330: 10 Former Guests That Have Been Acquired...and what we can learn from them
Future of Agriculture
The Pros and Cons of Being 100% Employee Owned
Nick: "I wanted to build a product that could get traction before I would ever ask anybody to give us money" He acknowledged in our interview that being bootstrapped may have some limitations, but for him at least he said the pros far outweigh the cons. There are a lot of insights that can be gleaned from Nick's story,. One of them is certainly the value of being laser focused on your customer.
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Over the past couple of weeks, two former guests of this podcast, Vence and TeleSense, have announced that they have been acquired. This prompted a random idea in my head to do an episode called 10 former guests that have been acquired. But I first wondered: have there even been ten yet? A quick scan of previous episodes and a little bit of Googling revealed that there have been at least 10 that have been acquired in some form or fashion. So I spent a day going back through and re-listening to each of their episodes, researching when they were acquired and by whom, and trying to pull out insights that might indicate what about these companies allowed them to get to the finish line so to speak. That’s what I have to share with you today.
Vence, acquired by Merck Animal Health
- FoA 246: Unlocking Grazing Potential with Virtual Fencing https://open.spotify.com/episode/0NT9F695WJRmUAcUCEleKT?si=dJ2uquAERvujkUWWa7qa0A
- FoA 308 (Startup Spotlight features Vence at the end of the episode) https://open.spotify.com/episode/3yHmD4onWH7DZb7wKWSi44?si=VG4HzoD1SxmYvdUrkgMYkQ
- Merck Animal Health to Acquire Vence https://www.businesswire.com/news/home/20220922005501/en/Merck-Animal-Health-to-Acquire-Vence
TeleSense, acquired by UPL (Decco Post Harvest)
- FoA 239: Sensors for Predicting Grain Quality with Naeem Zafar of TeleSense https://open.spotify.com/episode/6JxVEuUQq9NjufgLXrOlZR?si=3K3UWVLFQvqbHzf_oH99tg
- UPL’s Post-Harvest Solutions Subsidiary, Decco Post Harvest, Acquires TeleSense to Strengthen Offering to Combat Food Waste https://www.prnewswire.com/news-releases/upls-post-harvest-solutions-subsidiary-decco-post-harvest-acquires-telesense-to-strengthen-offering-to-combat-food-waste-301626128.html
SWARM Technologies, acquired by SpaceX
- FoA 228: Solving the Rural Connectivity Problem with Dr. Sara Spangelo of SWARM Technologies https://open.spotify.com/episode/4aiIkwElCMh2wyJjs46vaA?si=U14f6XkgTQqHRwmNskdehw
- SpaceX to acquire SWARM https://techcrunch.com/2021/08/09/spacex-to-acquire-satellite-connectivity-startup-swarm-technologies/
- SWARM continues to aim skyward one year after SpaceX deal https://www.fierceelectronics.com/iot-wireless/swarm-continues-aim-skyward-one-year-after-spacex-deal
Harvest Profit, acquired by John Deere
- FoA 080: Bootstrapping a Farm Management Software Company with Nick Horob of Harvest Profit https://open.spotify.com/episode/0rj3IUMkpgLaugMeZdeRHr?si=6CohmDmOTPWdVCTLepN8AQ
- John Deere has acquired Harvest Profit, provider of farm profitability software https://www.deere.com/en/news/all-news/2020nov12-harvest-profit-acquisition/
PastureMap, acquired by Soilworks Natural Capital
- FoA 064: Technology for Grazing Management with Byron Palmer and Christine Su of PastureMap https://open.spotify.com/episode/3xM2A3U9dFrHXaEMZgHEFq?si=UmsJcyH_QHCpplP1aHq2HQ
- New regen ag-focused fund Soilworks makes its debut with PastureMap acquisition https://agfundernews.com/breaking-new-regen-ag-focused-fund-soilworks-makes-its-debut-with-pasturemap-acquisition
- A New Chapter for PastureMap https://blog.pasturemap.com/a-new-chapter-for-pasturemap
- SoilWorks Capital https://soil.works/
FarmlandFinder, acquired by EasyKnock and Growers Edge
- FoA 78: The Zillow of Farmland with Terva CEO Steven Brockshus https://open.spotify.com/episode/2yeMqpsqb8vvla2m6OtbyD?si=gaQKJnvmSEqkpT3IBLIuqA
- FoA 156: From Law to Corporate to Investor to Startup Strategist with Dan Cosgrove https://open.spotify.com/episode/64mAqdHLAQ0kxe32hD9yY1?si=xvcVSEhSQmuFrU79Xk-FYQ
- FoA 238: 5 Barriers Limiting Agtech (and the companies breaking through them) https://open.spotify.com/episode/07JwrBGszh55MR6frwiqe9?si=xct9WJJtSkOCNiX27CQtVA
- Here’s why a residential real estate platform acquired FarmlandFinder https://agfundernews.com/heres-why-a-residential-real-estate-company-just-acquired-farmlandfinder
- Growers Edge Acquires FarmlandFinder Software Assets https://www.agriculture.com/news/business/growers-edge-acquires-farmlandfinder
CropMetrics, acquired by CropX
- FoA 165: Irrigating Confidently with Lee Addams of CropMetrics https://open.spotify.com/episode/348u835gb2mVmxm2gqwW4S?si=-IBQMZrmS66rYDB9TQMxPA
- CropX Acquires CropMetrics to Expand Market Presence https://www.prnewswire.com/news-releases/cropx-acquires-cropmetrics-to-expand-us-market-presence-300985649.html
CoverCress, acquired by Bayer
- FoA 213: CoverCress is Reinventing the Cover Crop https://open.spotify.com/episode/0DyAhSnDng406YeFEidVNx?si=iE4kwAniT1GUGDXrDfBobg
- Bayer expands existing investment to acquire majority share in sustainable lower carbon oilseed producer CoverCress Inc. https://www.bayer.com/media/en-us/bayer-expands-existing-investment-to-acquire-majority-share-in-sustainable-lower-carbon-oilseed-producer-covercress-inc/
- Brief: Exit for CoverCress as Bayer buys majority stake in gene-edited cover crop startup https://agfundernews.com/covercress-exit-bayer-buys-majority-stake-in-gene-edited-cover-crop-startup
Joyn Bio, acquired by Gingko Bioworks
- FoA 160: Moonshot Ag Innovations via Corporate Joint Venture with Mike Miille of Joyn Bio https://open.spotify.com/episode/4Q7AlEwKdv6XFirL2wFn5K?si=QICinQg_TgeVJHrwpRlPcg
- Ginkgo Bioworks to Expand Platform Capabilities in Agricultural Biologicals and Launch Flagship Partnership with Bayer https://investors.ginkgobioworks.com/news/news-details/2022/Ginkgo-Bioworks-to-Expand-Platform-Capabilities-in-Agricultural-Biologicals-and-Launch-Flagship-Partnership-with-Bayer/default.aspx
- Bayer to Create Ag Biologicals Powerhouse Partnership with Ginkgo Bioworks, Advancing Joyn Bio Technology Platforms https://www.businesswire.com/news/home/20220422005009/en/Bayer-to-Create-Ag-Biologicals-Powerhouse-Partnership-with-Ginkgo-Bioworks-Advancing-Joyn-Bio-Technology-Platforms
Cainthus, acquired by Ever.Ag
- FoA 151: Computer Vision for Herd Management and the 2-1-4-3 Approach with Aidan Connolly https://open.spotify.com/episode/4sjY8aGXzKPoiRyNmMMZtK?si=vk2eEOYUTyeoiepUm6VOmw
- FoA 312: Digital Supply Chains with Scott Sexton of Ever.Ag and Dairy.com https://open.spotify.com/episode/22n8IwwKtcTdk47uRqzcma?si=0ioKto9qTUeHrg6kWsfjcg
- Ever.Ag Accelerates Growth, Broadens On-Farm Dairy Solutions with Acquisition of Cainthus https://www.prnewswire.com/news-releases/everag-accelerates-growth-broadens-on-farm-dairy-solutions-with-acquisition-of-cainthus-301572176.html
Insights I pulled from this episode after the obvious of have a great team, a big market, and the tailwinds of trends in your favor:
- Be hyper focused on customer success
- Find a model that includes immediate ROI or a quick win
- Find strategic investors or partners or both as early as possible
- Be obsessed with getting the product right
- Create a model for rapid learning and iteration
- Acknowledge the challenges that lie ahead and be open about them
- Understand the emotions behind the customer. It’s a business decision, sure, but it’s also a personal decision
- Try to find models that open up new revenue streams for customers instead of just trying to pitch them on small cost reductions or yield bumps
- Getting it right takes time - find patient capital and partners
- You don’t need to disrupt everything, start with a manageable focus where you can really add value
- Marketing and PR aren’t hacks for lack of traction, focus on the customer and product/market fit.
That’s my list, what’s your’s? I want to know your takeaways from these 10 companies. Tag me on Twitter or LinkedIn with your perspectives, or you can always email me at tim@aggrad.com.
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