Camila Petignat, The Yield Lab | From Scientist to Founder and VC, and the Challenges of Agtech [Ep. 51]

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A significant percentage of Latin America’s Gross Domestic Product, that is, the output of our economies, is agriculture. However, by comparison, the percentage of Venture Capital investment allocated to Agtech and Foodtech startups in the region is quite small. That is why, today we spoke with Camila Petignat, partner at The Yield Lab, about the Agtech and Foodtech landscape in our region, and the challenges and opportunities for starting a company in these sectors.

The Yield Lab is a Venture Capital fund specialized in the intersection between agriculture and food, and technology. Its portfolio includes companies such as Kilimo, Polynatural, and Circular.

Camila also told us how her career has evolved and how her training as a scientist and entrepreneur has contributed to her role as an investor, since, before joining The Yield Lab, she worked as a biologist and as an entrepreneur in biotechnology.

We want to thank Jairo Trad of Kilimo, Aldo Gonzalez of Heartbest, Leandro Sabignoso of Auravant, and Anabella Fassiano of Neogram for the question recommendations.

What You Can Learn Today

  • Trends in Agtech and Foodtech
  • Go to Market for entrepreneurs in the agriculture sector
  • Fundraising recommendations for founders in Agtech and Foodtech

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Youtube Timestamps*

From Scientist, to Entrepreneur and to VC at The Yield Lab

  • [1:17] - How did Camila get into the world of startups?
    • She created Neogram in the last year of her degree
    • She obtained seed investment from a local agricultural producer
  • [4:01] - How did Camila’s interest in biotechnology and agriculture come about?
    • The sciences always attracted her
    • In high school, natural processes surprised her
    • A good part of her family worked in the agricultural sector
  • [8:21] - Influence of her scientific training on her career
    • Comparison between Lean Startup and the scientific method
    • Paying attention to the small details
  • [11:40] - Lessons learned with Neogram that shaped Camila as an investor
    • Innovation without a market has no place in the business world
    • The market timing matters, and a lot
  • [16:20] - Important changes in her transition from entrepreneur to investor
    • Moving on to serving a portfolio of companies at The Yield Lab
    • Focus on scalability and the acceleration of startups
    • Visibility at a broader level

The Agtech and Foodtech Opportunity, According to Her Experience at The Yield Lab

  • [19:11] - The Yield Lab’s journey and vision
    • Investment in Agtech and Foodtech since 2018
    • Founded in St. Louis, in 2014
    • Global network of partners in the Americas, Europe, and Asia
    • Boosting the supply chain with technology
  • [26:27] - Trends in Agtech and Foodtech
    • LatAm’s large food producers are joining in
    • Increasingly notable attention and interest
    • Participation of funds to solve problems of the climate crisis
  • [30:09] - Does the funds’ lack of closeness to the countryside explain the low investment in this sector?
    • Investors usually co-invest with people specialized in the niche
    • It is necessary to speed up communication and strengthen the ecosystem
    • The Yield Lab facilitates the connection between players in the field

Challenges of Starting a Company in Agtech and Foodtech

  • [34:14] - Obstacles for Agtech and Foodtech startups in achieving mass adoption
    • A very marked SME mindset
    • The deploying of solutions used to be extremely traditional
  • [39:16] - According to Camila, how should a founder approach their Product-Market Fit search process?
    • The Yield Lab pays attention to product validation in the market
    • Product-Market Fit at a regional level, not a local one
    • Measuring impact on the business, not on the plant’s production
  • [42:30] - What elements does The Yield Lab look for in a startup’s product or technology in its evaluation process?
    • Founders with experience in the industry
    • An interesting and consistent team, problem, and product
    • Possibility of adding strategic value to the startup
    • Industrial property is not what is valued most
    • Ability to turn innovation into a business
  • [46:00] - How should an entrepreneur think about their Go to Market strategy while avoiding falling into a very small or niche market?
    • Understanding market trends
    • Having a regional mindset
    • Having a visionary team
    • Maintaining consistency in the value proposition
  • [49:14] - Fundraising recommendations for entrepreneurs in Agtech and Foodtech, from The Yield Lab’s vision
    • Designating someone specialized to engage with the investor
    • Adapting communication to the investor’s profile

Tweet Round

  • [51:29] -
    • Recommended readings: books of feminist literature
    • Recommended podcasts: Startupeable Podcast, Masters of Scale, and Latitud
    • Changes in the Latin American startup ecosystem: greater gender diversity
    • Founders to interview: Marissa Cuevas, of microTERRA; Jairo Trad, of Kilimo; Tatiana Malvasio, of Kilimo; Diego Hoter, of ucrop.it

Episode Mentions

You can find Camila on LinkedIn and Twitter

Founders to interview: Marissa Cuevas, of microTERRA; Jairo Trad, of Kilimo; Tatiana Malvasio, of Kilimo; Diego Hoter, of ucrop.it

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