Briefly describe your work with agtech and explain what motivates you to invest your time in this work.

I have over a decade of experience in venture capital and am passionate about the intersection between innovation and impact. Combined with my hands-on experience with our multi-generational (circa 900 years) family farm and involvement with UK agricultural policy, I have been passionately focused on deploying private and public capital to build a more resilient agrifood system.

I have had the opportunity to experience the challenges of farmers first-hand and work with founders to try and understand the need to build solutions. My experience has led me to launch the UK’s first agtech-focused venture capital fund, providing capital and support to early-stage companies.

I am also embarking on a PhD, which focuses on understanding how policy, private/public capital and innovation can drive real impact in agriculture.

Briefly explain any commitments to sustainability that you or your organization bring to your work on agtech innovation. Be as specific as possible regarding what kinds of social and environmental impacts you aim to produce, and the relevant strategies you are pursuing.

Regenerate Ventures is a dedicated agtech fund focusing on agricultural innovation with a positive impact on the health of our planet, society and future climate. The aim is to invest and scale solutions that help to decarbonise the agricultural sector and produce food more sustainably.

The fund is currently drafting a sustainability matrix and reporting framework to help the portfolio companies and the fund to measure and report on the impact achieved.

Our research and this workshop aim to investigate tensions between the demands/imperatives of the tech-finance industry and the demands/imperatives of social-environmental problem solving. Please comment on this problem frame in general, and in relation to specific examples from your own experience.

Personally, and at Regenerate Ventures, I would look at tensions by focusing on the following perspectives:

Balancing Profit and Purpose: The tech-finance industry often operates to maximise profits for shareholders. This pursuit of profit can sometimes clash with the imperative of addressing social and environmental problems, which may require investments, regulations, or actions that can be financially detrimental in the short term.

Ethical Considerations: The tension between profit and social-environmental problem-solving raises ethical questions. It forces us to evaluate whether it is morally acceptable for industries to prioritize financial gains over the well-being of people and the planet.

Systemic Challenges: These tensions highlight systemic issues within the current economic and business models. They underscore the need for reevaluating and redesigning these systems to better align with the broader goals of sustainability and social responsibility.

Examples of this could be the requirement to produce food more ‘sustainably’. An innovation or process may use fewer inputs; however, there may be a requirement to use more land to achieve the same output, therefore meaning that the solution is not financially viable.

To investigate the tensions suggested above, we rely on the concept of “mission drift”. We understand mission drift as a tendency for social and environmental impact commitments of individuals and organizations to leak out over time due to pressures and opportunities to expand revenue, valuation and capital gains. Our project aims to investigate mission drift applied to entrepreneurial ventures as well as to organizations dedicated to supporting innovation. Please comment on this thesis in general, and in relation to specific things you have experienced where possible. To the extent you find this thesis useful, what strategies can you identify to defend against mission drift?

The concept of “mission drift” is a valid and important aspect when examining the tensions between social and environmental impact commitments and pursuing financial gains. It recognizes that, over time, organizations and individuals may deviate from their initial commitment to social or environmental missions in favour of revenue and profit generation.

Importance of Mission: Mission-driven organizations and ventures are crucial in addressing social and environmental challenges. Staying from their missions can have detrimental effects on the causes they initially aimed to support.

Temptations and Pressures: The business world often presents temptations and pressures that can lead to mission drift. These can include opportunities for revenue growth, pressure from investors or shareholders, or shifts in market dynamics.

Accountability and Transparency: Maintaining a strong commitment to the mission requires high accountability and transparency. This involves clearly defining the mission, setting measurable goals, and regularly reporting progress.

Ways in which we would look to reduce mission drift could include the following:

Clear Mission Statement: Start with a well-defined and specific mission statement that encapsulates the organization’s purpose and values. Ensure that this statement is shared widely and understood by all stakeholders.

Mission-Aligned Metrics: Develop key performance indicators (KPIs) that align with the mission. These metrics should track financial performance and measure social and environmental impact. Regularly review and report on these metrics.

Impact Assessment: Conduct regular impact assessments to evaluate the organization’s progress toward its mission. This includes assessing both the intended and unintended consequences of its activities.

Ethical Leadership: Leadership plays a pivotal role in maintaining mission integrity. Leaders should embody the organization’s values and prioritize mission alignment over short-term financial gains.

Stakeholder Engagement: Engage with stakeholders, including employees, customers, and investors, to ensure their buy-in and commitment to the mission. Create a culture where everyone feels responsible for upholding the mission.

Legal Protections: Explore legal structures such as benefit corporations (B Corps) or social enterprises, which require organizations to balance profit generation with social and environmental goals.

Impact Investing: Seek out impact investors aligned with the mission and can provide patient capital, understanding that returns may take longer to materialize than traditional investments.

Governance and Oversight: Establish robust governance mechanisms, such as boards of directors with expertise in mission-related areas, to provide oversight and accountability.

Continuous Reflection: Regularly revisit and reassess the mission to ensure it remains relevant and responsive to changing circumstances. Adapt strategies as needed to stay true to the mission.

Exit Strategies: When considering partnerships, acquisitions, or exits, prioritize mission alignment with potential partners or buyers to avoid mission drift during transitions.

Please share something you would like to take away from the workshop.

I want to make meaningful connections with those working to understand and shape agricultural innovation’s impact. From a venture capitalist’s perspective, I hope to take away new ideas on how to look for, manage and report on investments.

I am also seeking input into my PhD to help refine the thesis and focus my work over the next few years.