Canada’s Agri-food Opportunity: The Road to $25 Billion Episode 2 - Access to Capital
Apr 29, 2024
Jason McNamee, COO of Lucent Bioscience, shares insights from his experience developing Solios, a microbiome-delivered fertilizer. He highlights the challenges of fundraising and successful partnerships that fueled their growth. Kyle Scott, Managing Partner at Emmertech, discusses their venture capital strategies in ag-tech, emphasizing due diligence priorities. They address Canada’s ag-tech funding gaps and the need for larger capital pools to support innovation. Join them for valuable advice and a look at the future of Canada’s agriculture landscape!
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From Plankton Tech To Solios Fertilizer
- Lucent developed a dry granular fertilizer, Solios, made from oat hulls and a proprietary reaction that binds nutrients to low-value co-products.
- Jason McNamee explained the product avoids ion tie-up by using the soil microbiome for on-time nutrient delivery.
Validate With Extensive Trials
- Run multi-year R&D and field trials to validate efficacy and find optimal use-cases for your product.
- Use third-party and farmer trials to collect data that answers crop, soil, and customer questions before fundraising.
Pitch Early And Often
- Enter pitch competitions and public events to practise your story and attract early investors.
- Winning or placing in contests helped Lucent secure angel interest and momentum to pursue larger capital.