Do you also feel as though the year flew right on past you? As we sat down to recap what 2022 looked like for Indiana’s agbiosciences, we realized how much can happen in a short amount of time. From food to agtech, creating new innovative opportunities and putting Indiana on a global stage, please enjoy our first-ever year-in-review episode of Agbioscience, and also, our season 5 finale. We appreciate your passion and enthusiasm each week and look forward to bringing you more episodes in the new year.
In partnership with Indiana Corn Marketing Council and Indiana Soybean Alliance, the 2022 Producer-Led Innovation Challenge tasked innovators with optimizing existing on-farm data to create a farmer-focused platform that will increase data accuracy and reliability to impact speed and cost of capital from lenders. The winning prize: $25,000 to help accelerate commercialization of their solution. This week, we are joined by the winning team, Orlando Saez and Tom Uthell with Aker Technologies.
They dive into their approach to the Challenge, how their solution fits within their existing tech stack and their plans to accelerate the platform’s growth in the future.
Learn more about AgriNovus Indiana’s Producer-Led Innovation Challenge: https://agrinovusindiana.com/producer-led-innovation-challenge/
Challenge awards winning solution $25,000 to advance agtech
AgriNovus Indiana, a non-profit coalition focused on growing the agbioscience economy, announced that Aker Technologies from Effingham, Ill. has won the AgriNovus Producer-Led Innovation Challenge, earning the agtech company $25,000 to accelerate development of its software.
Presented and defined by the Indiana Corn Marketing Council (ICMC) and Indiana Soybean Alliance, the Producer-Led Innovation Challenge asked innovators to create a tech solution to improve on-farm data accuracy that could lead to reducing the cost of operating capital and improving net farm income.
“Working with producers and many across the industry, it’s clear that conquering the complexity of on-farm data while providing a potential path to lower cost of operating capital is an unmet challenge in today’s agtech economy,” said Mitch Frazier, president and CEO of AgriNovus Indiana. “Aker’s unique approach to tackling this challenge provides an interesting opportunity that could lead to improved on-farm data, more efficient operations and position users to improve net farm income.”
Aker Technologies provides software to improve the workflow of soil analysis, enabling producers access to soil zones and operational analysis that are custom to their farm. Using Aker’s soil mapping zonification technology, and an integration with a DIY soil sampling probe and analysis startup, producers are able to make better informed, more precise decisions when it comes to inputs that ultimately lower their risk to insurers and lenders and increase their savings by 43 percent.
“Satellite technology advancements can now be used to improve how growers create soil zones for fertility prescriptions, saving time and money,” said Orlando Saez, co-founder and CEO of Aker Technologies. “We are excited that the Producer-Led Innovation Challenge judges recognize this as a genuine and compelling opportunity for growers.”
Moody’s Analytics startup Accelerate Farm Profits earned the runner-up position in the Producer-Led Innovation Challenge. Founder Doug Johnson created a technology that provides producers a dashboard of what is impacting their bottom line – weather, markets, news. As new data arrives in the platform, new living financial statements are created and provided to their lenders, giving both farmers and lenders a current view of the financial health of farm operations. The company’s technology is currently in beta testing with banks and producers in 2022 and will launch more broadly in 2023.
“All of the teams that participated in the Producer-Led Innovation Challenge offered innovative solutions to helping producers improve their bottom line,” said Janis Highley, a Huntington County producer, director for ICMC and judge for the Challenge. “As a producer myself, I was excited about the Aker Technologies opportunity because it has immediate implications directly for growers on-farm but could also help reduce risk for lenders and insurers, which in turn also positively impacts the entire environment.”
To learn more about the 2022 Producer-Led Innovation Challenge and the winning team, Aker Technologies, click here.
Entries accepted now through Friday, January 27, 2023
TechPoint is accepting nominations for its 24th annual Mira Awards, Indiana’s largest, best known and most prestigious technology awards program. People are encouraged to enter themselves or nominate others in 18 different “Best of Tech” award categories, 10 of which are brand new this year.
Entries are expected to come from across all industries throughout the state including technology, life sciences, advanced manufacturing and logistics, agribiosciences, academia and more. The award categories reflect the importance of technology as an enabler of all other industries, as well as TechPoint’s focus on talent pathways into tech careers and the digital innovation that continues to drive disruptive change on a global scale.
“CIOs, IT departments and other tech innovators and entrepreneurs rose to the challenge of growing digital connectivity and productivity during the pandemic ,” said Ting Gootee, president and CEO of TechPoint. “In addition to demonstrated resilience, we are now faced with the opportunity to leapfrog digital innovation roadmaps in a truly transformative manner.
“The proof that accelerated digital innovation has had a largely positive—and oversized—impact on businesses, is that four out of five CEOs (80%) are increasing digital technology investments in 2023, according to Gartner Research,” said Gootee. “In order to recognize these achievements and honor the people behind them, we expanded to 18 Mira Awards and created new categories that match up with what’s happening on the ground right now in tech.”
Mira Award nominees and winners reap millions of dollars in value from brand awareness and promotion, venture capital investment and talent recruitment. Participants also make vital new connections as a result of the awards program’s unique evaluation process and networking features.
More than 50 independent and diverse subject matter experts evaluate and rank the award entries to determine the nominees, which will be announced on Feb. 15, 2023. Next, nominees deliver presentations and answer questions in front of a panel of judges on March 8 and 9, 2023. Following the interviews, the judges deliberate and select the winners. The process culminates in the state’s largest annual tech community event, the Mira Awards gala, which will be held on Saturday, April 22, 2023, at the JW Marriott in downtown Indianapolis.
TechPoint is especially encouraging nominations for, and entries from women, people of color and veterans, as well as LGBTQ and neurodivergent individuals who might not have been as visible in the traditional tech circles of the past.
The Mira Awards gala—a ball gown and black tie event—is often referred to as “Tech’s Biggest Night” and the “Oscars of Tech” for the state of Indiana. A limited number of sponsorship opportunities are available. View the 2023 Mira Awards Prospectus for details on becoming a sponsor.
The 2023 TechPoint Mira Awards categories include:
DIGITAL INNOVATION AWARDS DIVISION
NEW – Digital Transformation Award
Focused on corporate teams that are driving digital adoption. This award was specifically created to recognize the pervasiveness of technology and its oversized role in an organization’s success regardless of the core business (i.e. technology, life sciences, advanced manufacturing and logistics, agribiosciences, academia and more).
NEW – Product Innovation of the Year
Focused on scientific achievements, tech R&D efforts and other trailblazing discoveries coming from Indiana universities and businesses, or individual scientists, researchers, and entrepreneurs.
NEW – Product Launch of the Year
Focused on digital product adoption, go-to-market success and rapid customer adoption achieved through outstanding sales and marketing strategy and execution.
NEW – Disruptor of the Year
Focused on new market creation or reshaping, serving overlooked or discontented customers, challenging incumbents, including new spin-outs or corporate innovation activities.
NEW – Deal of the Year
Focused on organizations that invest in Indiana tech companies as well as firms and companies that have executed exits in the two years prior. This award is chosen by the executive committee of the TechPoint board of directors.
NEW– Entrepreneurial Service Excellence Award
Focused on accelerators, firms and organizations that have demonstrated a strong commitment to helping Indiana entrepreneurs thrive, providing resources, counsel, connections and more.
Service Partner of the Year
Focused on professional services firms or internal corporate teams that are creating solutions, products or providing other professional services relating to IT/cyber, design/branding, marketing/PR, legal/accounting, consulting, data science or other.
Startup of the Year
Focused on new companies (five years old or younger with less than $5 million in revenue) that have shown the greatest development, market traction and have the most promising potential for success including impressive year-over-year growth, company performance and management team.
Scale-up of the Year
Focused on high-growth, innovation-driven, emerging companies (older than five years with less than $20 million in revenue) that have built up market traction beyond the startup stage, focused on company performance and the management team.
TALENT & PIPELINE AWARDS DIVISION
NEW – Nextech K-12 Computer Science Teacher of the Year ($1,000 Grant)
Recognizes licensed Indiana computer science (CS) teachers who teach a full CS course at any public, charter, parochial or other school.
TechPoint Foundation for Youth Bridge Builder Award ($1,000 Grant)
Recognizes visionary leaders helping underserved students in Indiana access experiential learning that inspires the pursuit of STEM careers. This award is chosen by the TechPoint Foundation for Youth board of directors.
NEW– Education Impact Award
Recognizes STEM educators, organizations, coaches, programs and platforms that inspire and open doors for learners of any ages, create economic opportunities and have an undeniably positive impact on student achievement and the future workforce.
NEW – Mission41K Talent Champion Award
Recognizes employers that are adopting skills-based talent management, implementing apprenticeships and more. This award is chosen by TechPoint based on data provided through the Mission41Kpledge.
NEW – Student Entrepreneur of the Year
Recognizes exceptional student startup founders and/or operators of any age and experience who have looked outside the box, started something new, and generated momentum, students must be enrolled in K-12 schools or higher education institutions.
NEW – Tech Team of the Year
Recognizes small teams within companies or service providers that have achieved a significant milestone in product development, design, discovery, engineering, company advancement or other through demonstrated problem-solving and/or innovation with measured outcomes.
Rising Entrepreneur Award
Recognizes exceptional non-student startup founders or operators of any age and experience who have looked outside the box, started something new and generated momentum.
Exceptional Employer Award
Recognizes tech companies that are developing talent; advancing DE&I; cultivating workplace culture; and making a positive impact in the community.
TechPoint Trailblazer Award
Recognizes visionaries whose contributions have had lasting and significant impact on the state and its technology ecosystem. This award is chosen by the executive committee of the TechPoint board of directors.
The Mira Awards are named after the first of the brilliant variable stars to be discovered—the Mira Star. Mira is also the Latin word root meaning worthy of admiration, wonderful, marvelous. Visit miraawards.com for more information about the awards.
AgriNovus board member, IEDC’s Dave Roberts, to join as CEO; new members added to board of directors
The Indiana Economic Development Corporation (IEDC) today announced a new partnership with the Applied Research Institute (ARI), also known as the Indiana Innovation Institute (IN3), to become a trusted partner on innovation strategy and federal programs execution. Under this new partnership, new leadership and an expanded mission, ARI aims to accelerate the IEDC’s goal of facilitating conditions for higher wage opportunities rooted in a diverse, resilient and future-focused economy.
Indiana Secretary of Commerce Brad Chambers also announced that effective Dec. 22, 2022, Dave Roberts, IEDC executive vice president of entrepreneurship and innovation, will transition into his new role as the CEO of ARI.
“The market continues to evolve and innovate,” said Sec. Chambers. “Indiana’s enhanced focus and partnership with ARI will support Indiana’s unprecedented momentum in securing innovative investments supporting higher wage careers. Dave Roberts is uniquely qualified to lead that effort, as he understands the foundation we have built and the assets we possess to become the premier destination for transformative innovators. Partnering with ARI enables us to play economic offense working on disruptive opportunities that will fundamentally alter the trajectory of our state’s economy for decades to come.”
ARI will continue to operate as a 501(c)(3) with statewide focus as it pursues catalytic federal funding opportunities, promotes industry-led, public-private partnerships and secures commitments from businesses and Indiana’s major research universities to invest in and around the WestGate Technology Park. ARI’s priority areas for federal funding opportunities include securing funding for non-coastal regional tech hubs, attracting semiconductor manufacturing and training opportunities, and helping establish a landmark hub for clean hydrogen fuel. These lines of effort will augment ARI’s existing federal contracts, which provide credible past performance history on which future partners can rely.
“With all that Indiana has going for it, we are ideally positioned to be at the forefront of securing federal funding that will continue to create an economic landscape that is the envy of the Midwest,” said Roberts. “ARI’s partnership with IEDC and the state will enable us to leverage Indiana’s assets and help fulfill Sec. Chambers’ vision to build the economy we want by creatively promoting growth in sectors that make up the economy of the future.”
Moving forward, ARI will operate under a new professional services agreement with the IEDC, in a similar capacity as Elevate Ventures in that both organizations operate in close alignment with the IEDC, but both are independent entities. Elevate Ventures will continue to focus on developing Indiana’s entrepreneurship culture, and ARI will focus on innovation initiatives which position Indiana to move quickly in pursuit and capture of federal opportunities. This includes coordination of efforts such as the Battery Innovation Center, Emerging Manufacturing Collaboration Center and 5G lab.
IEDC Vice President of Technology Engagement, Brooke Pyne, will join Roberts at ARI. The new ARI board of directors will include Sec. Chambers, Thompson Distribution Company Inc. CEO John Thompson, Indiana University President Dr. Pamela Whitten, Purdue University President-elect Dr. Mung Chiang, and Regional Opportunity Initiatives President and CEO Tina Peterson.
From restaurant tech to climate science, innovation taking over the agbioscience sector continues to diversify and grow as the problems we face when it comes to food get more attention. This week, we are joined by Jennifer Marston, senior reporter at AgFunder News, to talk about venture capital’s $51B investment in the global market last year and “the hype cycle” surrounding new tech and innovation. She also looks ahead at emerging innovations in the agbiosciences, market correction following the pandemic and how funding might shift more to the farm-side in the near future.
The Central Indiana Corporate Partnership (CICP) today announced that Melina Kennedy, vice president of product compliance and regulatory affairs, Cummins Inc. (NYSE: CMI) has been named the organization’s chief executive officer. In July, David Johnson, current CEO, announced his retirement effective at the end of 2022.
Kennedy has more than 25 years of experience in law, government and business, including the past decade at Cummins, first directing executive communications and then held leadership roles in the Engine and Power Systems businesses before becoming a vice president leading the Product Compliance and Regulatory Affairs organization. In addition, she had a successful law career at the former Baker and Daniels LLP; and was deputy mayor, director of economic development for the City of Indianapolis from 2000 to 2005. In 2011, she was a candidate for mayor of the City of Indianapolis.
“From her strengths in strategic communications, leading teams, and collaborating across corporate, government and non-profit sectors, Melina brings an extraordinarily diverse, relevant, and impressive background to her role as CICP’s CEO,” said Bryan Mills, president and CEO, Community Health Network, vice chair of CICP, and member of the CICP CEO search committee. “CICP is a unique organization that is advancing Indiana’s economy by working with a variety of different entities and on a range of initiatives. Her energy and enthusiasm about CICP’s future, as well as that of the state, will ensure that CICP’s important role to drive critical programs and projects forward continues.”
Kennedy represented the City of Indianapolis as part of a collaborative team of founding partners that established BioCrossroads, CICP’s life sciences initiative in 2002. In addition, in her role as deputy mayor of economic development, she commissioned the initial planning study that led to the beginning of work on 16 Tech.
Active in the community, in her current role as president of the Capital Improvement Board of Managers, she worked with a bi-partisan group of State leaders and legislators, City leaders and councilors, and Pacers Sports and Entertainment to secure a long-term commitment of the Indiana Pacers to Indianapolis.
“I have always had a passion for making a positive impact on my community, and this role will enable me to use my skills as a business executive and former government and community leader to make a difference in the place I live and love,” said Kennedy. “It’s truly an honor to follow in the footsteps of the former CICP leaders who have ensured this organization does what it can to drive prosperity for the state, and I look forward to leading the next chapter with the same goal and spirit in mind.”
Kennedy has done extensive work on corporate, community and non-profit boards, and has received several awards for her active engagement in Indianapolis. She is currently a board member for the National Bank of Indianapolis; chair of the IU Health Foundation REV event and a board member of the Indiana University (IU) Academic Medical Center and the Indianapolis Impact 100 Women’s Giving Circle. She has been recognized as a IBJ 250 Most Influential Leader, IBJ Forty Under 40, IBJ Influential Women and Indiana University Varsity Club Leanne Grotke Award recipient for her contributions making an impact as a former IU Varsity letter winner at Indiana University. She is a graduate of Indiana University with B.S., M.S. and J.D. degrees.
Kennedy will start her new position in early February.
JUA Technologies International, an agriculture technology startup that manufactures solar-powered crop dehydrators, has received a two-year, $600,000 Phase II Small Business Innovation Research (SBIR) grant from the U.S. Department of Agriculture to further develop its technology.
The goal of the Phase II project, titled Smart Multipurpose Solar Dehydration Device for Value Addition to Specialty Crops, is the successful proof of concept toward product-design improvements and design for manufacture of JUA Technologies’ multipurpose solar dryer, called Dehymeleon™.
“It is an energy-intensive process with huge operating costs because food dehydrators are typically powered by gas, electricity or fuel oil,” Ileleji said. “The high operating cost limits the ability of small and midsize growers and processors in the U.S. to produce dehydrated foods. Small growers and processors are vital to the local foods and urban agriculture industry, which is currently a $1 billion and growing industry in the U.S.
“In developing countries in the tropics, where postharvest losses of nutrient-rich horticultural produce can be as high as 50%, dehydrating foods hygienically using the abundance of solar energy available in these parts will not only help support nutrition security but also provide growers an opportunity to increase their income from value-added processing.”
Ileleji said dehydrating fruits and vegetables, herbs and spices, and medicinal plants still occurs using primitive, open, sun-drying methods on mats or trays that degrade nutrients and reduce food quality.
“While there are a lot of solar dryer designs available in the literature and online, none of them have been commercialized or utilized in large numbers,” Ileleji said.
Ileleji said JUA Technologies’ proposed high-efficiency, smart, multipurpose solar dehydrator fits the USDA’s and National Institute of Food and Agriculture’s priorities in four ways.
“It improves methods to process specialty crops to improve quality and nutritional value and provide healthy food options,” Ileleji said. “It enables small and midsize growers to add value to their crops and increase their farm income. It provides those same growers with an affordable technology powered by renewable energy, which conserves energy and reduces operation cost. It also provides an energy-efficient technology to promote renewable energy use and support environmental sustainability.”
The grant will cover four research and development goals:
Modeling and simulation to optimize the solar dehydrator’s performance.
Determining the behavior and performance of the desiccant and heat-recovery system under various drying loads.
Determining the field performance and validating the modeling effort for fruits, vegetables, spices and herbs in Indiana and California.
Beta prototyping of the product for manufacture.
Ileleji said the goals will be addressed by JUA Technologies and contracted manufacturing and product engineering design firms.
“Both the Dehytray and Dehymeleon technologies spun out from a United States Agency for International Development (USAID)-supported effort called Feed the Future Innovation Lab for Food Processing and Post-Harvest Handling,” Ileleji said. “It was a multi-institutional effort led by Purdue University to reduce postharvest loss, promote economic growth, improve nutrition and enhance food security in Feed the Future target countries.
Ileleji disclosed his crop drying innovation to the Purdue Research Foundation Office of Technology Commercialization, which licensed it to JUA Technologies. The company is a client of the Purdue Foundry, an entrepreneurship and commercialization hub whose professionals help Purdue innovators create startups. Both are managed by the Purdue Research Foundation.
David Johnson’s impact on Central Indiana and its economic growth cannot be overstated. This week, the CEO of Central Indiana Corporate Partnership (CICP) joins us to tell his story, from Harvard and Oxford to Capitol Hill, being a lawyer and coming home to Indianapolis (eventually to lead CICP). David also talks about the necessary formation of CICP as an organization, the emergence of AgriNovus as an agbioscience initiative of the organization and the industry’s vast opportunity for sustainable growth in Indiana. As he prepares for his retirement, David looks back on the evolution of the state’s economy during his run at CICP, examines the headwinds Indiana will face in the future and what comes next for him.
Corteva Agriscience Signs Agreement to Acquire Stoller Group, One of the Largest Independent Biologicals Companies in the Industry
Stoller Brings Global Sales of +$400 Million and Presence in Over 60 Countries
Reinforces Commitment to Driving Value for Farmers through Innovative, Sustainable Solutions
Corteva’s Second Biologicals Transaction Since Completion of Strategic Portfolio Reviews
Corteva, Inc. and Stoller Group, Inc. (“Stoller”) today announced that Corteva has signed a definitive agreement to acquire Houston-based Stoller, one of the largest independent Biologicals companies in the industry. With operations and sales in more than 60 countries and 2022 forecasted revenues of more than $400 million, Stoller brings immediate scale and profitability, with EBITDA margins that will be accretive to Corteva.
The acquisition of Stoller reinforces Corteva’s commitment to providing farmers with Biological tools that complement evolving farming practices and help them meet changing market expectations. Stoller’s superior reputation for farmer relationships and demand creation centers around a commercial model that’s built upon sharing knowledge with the channel and farmers. Stoller has been successful by demonstrating technical excellence and delivering benefits and value of integrated solutions in the field.
“Biologicals provide farmers with sustainably-advantaged tools that complement crop protection technologies, and collectively, can work to address global challenges around food security and climate change. Stoller represents a leader in the Biologicals industry given its commercial presence and market expansion potential, while also delivering attractive growth and operating margins,” said Chuck Magro, Chief Executive Officer. “In combination with Corteva’s leading innovation organization, Stoller provides a platform for expanding and accelerating Corteva’s Biologicals business to become one of the largest players in the rapidly expanding Biologicals market.”
The Biologicals market is expected to grow high-single digits annually through 2035 representing approximately 25% of the overall crop protection market by 2035. In just three years, Corteva has developed a world-class Biologicals business by implementing smart, nimble strategies built around external and internal innovation, R&D collaborations, licensing and distribution agreements and acquisitions.
“In Stoller’s 50+ year history, we have successfully helped growers around the world increase their productivity and improve their sustainability. We are proud to join forces with Corteva as we share a vision of helping farmers succeed in growing the nutritious food the world relies on,” said Guillermo de la Borda, Chief Executive Officer of Stoller. “This announcement is a true testament to the incredible success and dedication of our teams across the globe who have helped us become one of the most trusted biostimulant and plant health companies in the world. Our innovative solutions and deep expertise will continue to make an impact for years to come.”
Stoller is the second Biologicals acquisition for Corteva this year, as the company recently announced it signed a definitive agreement to acquire Symborg, an expert in microbiological technologies based in Murcia, Spain. Corteva will bring together the complementary commercial and technical strengths of Stoller and Symborg as part of its Biologicals strategy.
The Stoller purchase price of $1.2 billion in cash represents an enterprise value multiple of approximately 12x based on Stoller’s expected EBITDA for 2022 on a stand-alone basis. The purchase price will be paid at closing, which is anticipated to be completed in the first half of 2023 following regulatory approvals and satisfaction of customary closing conditions. The Company expects that Stoller results will be accretive to both Operating EBITDA and Operating EPS for 2023.
The Company will host a live webcast on Monday, Dec. 5, from 11:00 a.m. to 11:30 a.m. EST to discuss additional details regarding the transaction and the Company’s overall Biologicals strategy.
