Last October, Village Capital, an agricultural-specific accelerator, launched its third agricultural program in Louisville (Village Capital’s 2015 Agriculture program). The goal was to bring together a diverse group of early stage entrepreneurs working in each part of the agriculture supply chain and food system to solve major agricultural problems.
Over the course of three months, 13 selected ventures (three from Kentucky) learned from each other as well as experts in the industry. Entrepreneurs challenged key assumptions they made about their businesses, received feedback from potential customers and access to mentorship from local business leaders and investors.
An Agricultural Hub of Innovation
Partnering with Louisville to produce this agricultural program made perfect sense to Washington, D.C.-based Village Capital.
“Louisville’s ability to infuse its history and culture into the local entrepreneurial community make this an ideal Village Capital partner,” says Whitney Muse, Village Capital, Sector Manager for U.S. Agriculture. “Instead of wasting time trying to become the next Silicon Valley, Louisville has embraced its strength as an agricultural hub to become one of the leading innovators in this industry.”
It’s this kind of environment, Muse continues, that has created two local businesses participating in the cohort—Sunstrand and Hemp Foods America—that embody Louisville’s entrepreneurial spirit.
“There is a vibrant community here with a sincere interest in our food system. The ecosystem of support by the community and investors here, as well as the opportunity for agricultural innovation makes us come back year after year,” says Muse. “We are also lucky to have incredible local partners as well, including Blue Sky Network and Stephen Reily, who continue to support these initiatives and this great city.”
Ben Reno-Weber, Project Director, Greater Louisville Project, and program participant, shares Muse’s enthusiasm.
“We are ripe for both the kinds of investors and the kinds of entrepreneurs that Village Capital attracts,” says Reno-Weber. “Our entrepreneurial ecosystem is hungry for this kind of energy, and our community is welcoming in a way that few others can match.”
This year’s program began in Louisville. Highlights of the first workshop included a farmer’s forum at Prospect’s Foxhollow Farm (8905 Covered Bridge Rd) where entrepreneurs gathered with local farmers to discuss issues and opportunity in agriculture.
“The event provided a unique opportunity for the entrepreneurs to meet the heartbeat of their industry and hear the farmer’s feedback on their products,” says Muse. “The farmers also enjoyed being part of the discussion and hearing about innovations impacting their sector. No other agriculture accelerator program offers a farmer-focused forum, and we’ve found it to be a valuable process for both the entrepreneurs and farmers.”
The second workshop was held in New Orleans. It included a session with Dr. John Elstrott, Chairman, Whole Foods Market, as well as a community-wide happy hour where participants were joined by Louisville-based and New Orleans-native partner, Stephen Reily.
“We loved being part of the ecosystem in New Orleans around food and entrepreneurs,” says Muse.
Program Culminates with Venture Forum, Panel Discussions
This year’s program concludes Tuesday, January 26 through Wednesday, January 27 with an assortment of events.
An Opportunity in Louisville Lunch on January 26, from 11:45 a.m. to -1:15 p.m. at Patrick O’Shea’s (123 W. Main St) will host short panel discussions regarding support systems and demand for entrepreneurship in Louisville; opportunity and environment of agriculture market in region; and cost of living case; followed by small table conversations over lunch.
On January 27, from 9 a.m. to 12 p.m. Board Meetings will be conducted at 21c Museum Hotel (700 W. Main St). There will be three, 45-minute sessions where participating mentors will advise entrepreneurs on long-term, strategic decisions. Mentors include executives at strategic corporates like: Syngenta Ventures, Rabobank and Coca-Cola. Local representatives include: Stephen Reily, Benton Keith, Jackson Andrews, Caroline Heine, Larry Snyder, Suzanne Oldham and Greg Langdon.
The program culminates with a community-wide Venture Forum on Wednesday, January 27 from 3:30 p.m. to 7 p.m. at 21c Museum Hotel Louisville. Mayor Fischer and Stephen Reily will kick-off the forum with a discussion on agriculture entrepreneurship in Louisville. After which, Village Capital’s Executive Director, Ross Baird, will address entrepreneurship’s impact and the need for more involvement locally. That will be followed by three-minute pitches from 12 ventures.
A panel of agriculture investment experts including Gabriel Wilmoth of Syngenta Ventures, Mary Shelman of the Agribusiness Program at Harvard Business School and Patrick Holden, a pioneer of the sustainable food movement and Chief Executive of the Sustainable Food Trust, will be there to comment, as well.
Finally, two ventures will be selected by their peers to receive $75,000 in pre-committed investment capital from VilCap Investments and Radicle Capital.
It’s this cohort model of peer-selected funding that really makes Village Capital stand out to Reno-Weber. “It turns out when you really get to know a business over a period of months, rather than basing investment decisions on a pitch-deck and a quick meeting, everyone has a fair shot at the capital entrepreneurs need to grow. I love that the peer-selection system organically ends up giving more investment to women and minority owned businesses, without any overt affirmative action,” he says.
The forum wraps up with a networking happy hour and performance by the Misty Mountain String Band.
While this year’s program may be coming to a close, the future continues looking bright for the partnership between Village Capital and Louisville.
“We are dedicated to helping create thriving entrepreneurial cities all across the U.S., and we believe that Louisville will be one of those next major startup hubs,” says Muse. “Between the innovative entrepreneurs, industry expertise, and prudent investors, this city has everything that it takes. We look forward to collaborating with this community in 2016 and beyond.”
Ventures in Attendance
3Bar Biologics improves farm productivity and sustainability with beneficial microbial inoculants which increase crop yield while reducing dependence on chemicals.
Arise AgTech is developing a new way to grow plants with soil, anywhere, using less water, land, energy, labor and no chemicals, waste or pollution.
Earthineer is a social platform for hyper-local food and sustainability.
Emmer & Co. is rebuilding the poultry industry with 100% heritage chickens; the best tasting, most humanely raised birds that existed before the industrialization of agriculture.
Follow That Meat! de-commodifies beef by managing the flow of relevant data about each individual animal.
Full Harvest is a mission-driven B2B marketplace that helps growers bring their excess to market.
Hemp Foods America distributes and manufactures highly nutritious hemp foods.
IDIAS enables farmers to grow more, higher quality produce, with less effort.
Kuli Kuli’s is creating an international market for moringa, a green superfood, to improve nutrition and livelihoods for rural women farmers in the developing world.
Stony Creek Colors manufactures US grown, sustainable natural indigo dye for denim dyeing that is a plug and play solution for denim mills to replaces imported indigo synthesized from coal tar.
Sunstrand manufactures eco-friendly bio-materials, with densities less than carbon fiber, for virtually limitless polymer composite & plastic applications.
XFungo produces and distributes environmentally-safe, nutrient-based fungal and bacterial control products that enhance plant growth, strength and vitality.
