Founder Spotlight
We share our members’ achievements; the challenges they overcame, and the advice they want women entrepreneurs everywhere to know.
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Supporting innovation and Growth in Canada’s Food and Agtech Industry
As a leading nation in the food and agriculture industry, Canada plays a significant role in feeding the world, whether that’s through the efforts of family farms to larger growers, food processing and other agriculture technology product manufacturing, from machinery to fertilizer and beyond.
And in the past few years, interest in the industry from the investment and venture capital sectors has grown as people begin to recognize the value and potential Canada’s food and agtech hold, says Rebbecca Clarke, Vice-President responsible for venture capital at Farm Credit Canada (FCC), the country’s leading agriculture and food lender.
“So much opportunity exists in Canadian agriculture and food that is underserved today. We’re a key global player in the industry and economy, we have abundant resources, and a lot of innovation,” Clarke says. “So much of that potential has been untapped, but innovation in food and agriculture is starting to gain traction and we’re at a tipping point. We’re seeing some success and increased interest in Canadian food and agriculture that I think will create more successful innovations and more investor appetite.”
A self-sustaining federal Crown corporation, FCC provides flexible, competitively priced financing both as a lender and through its venture capital efforts. But the support FCC provides isn’t limited to the financial realm, Clarke notes.
FCC is committed to seeing the industry continue to grow and thrive by ensuring its efforts support increased innovation to improve sustainability, productivity and diversity. “We want to make sure this industry is prosperous not only today but also into the future,” Clarke says.
Part of those efforts are directed at strategic partnerships and support for businesses and founders in the sector, whether that’s through accelerators and incubators which can provide their own expertise and mentorship, hosting learning events, or sponsoring other industry events that bring entrepreneurs together with investors and experts in the sector.
“We leverage a lot of that support for businesses through our external networks and partnerships that can provide the expertise that allow founders and entrepreneurs to grow and scale their business,” says Clarke.
FCC is one of the sponsors of the Canadian Women’s Network Food and Agtech Founded in Canada Showcase for two years running. The showcase is designed to help Canadian-based female founders polish their pitch and gain a valuable opportunity to present to select investors and industry experts.
This year’s showcase is scheduled for Dec. 1. Applications open Sept. 15.
Le Luong was among the founders who participated in last year’s inaugural Food and Agtech Showcase. The company she co-founded in 2015, Nurture Growth Bio, offers an organic and sustainably produced fertilizer for growers around the world. The business sells both commercially to large-scale high value growers like orchards and vineyards and is also available for individual consumers through large-scale home improvement retailers such as Home Depot, Lowes and online through Amazon.
The Nurture Growth Bio process diverts food waste from restaurants and supermarkets that would otherwise be destined for landfills and instead upcycles it to create a microbial and environmentally friendly fertilizer that can also lead to increased soil health and improved crops. It’s like releasing “tiny little fertilizer factories” into the soil, says Luong, because of the microbial activity the fertilizer encourages, leading to nutrient-rich soil and healthier crops. Nurture Growth Bio also eliminates the use of harmful chemicals, which can contaminate the ground, waterways and ultimately, our food sources.
“There's actually long-term benefits in using our product because you’ll not only see an increased yield, but also increased health of the soil, which carries a ripple effect,” says Luong. “Soil health brings other long-term benefits in helping plants become more resilient, especially in the age of climate change.”
Sustainability is also important given today’s geopolitical realities that have led to skyrocketing fertilizer prices and a global shortage, notes Luong.
“Every dollar counts, especially right now. We’re not only helping growers reduce input costs, but the long-term benefits of our fertilizer also make an impact,” she says.
In Canada’s food and agriculture technology sector, feeding the world is a key driver for efforts. For Luong, the industry needs to adopt more sustainable, environmentally friendly practices to do that, and she sees Nurture Growth’s fertilizer as playing a key role.
“We see ourselves as being part of the solution and helping to feed the world in a much more sustainable way, without using chemical fertilizers—which are fossil fuel intensive, impact the environment and take a toll on our health,” says Luong.
“But we cannot do this alone and we need to work together as an industry because if we don't, our children are going to pay for it. We're going to have polluted lands and waters and we’re going to have less food to feed the world. The time is now for industries to work together to solve these global challenges.”
FCC agrees and is working to advance and strengthen the sustainable business journeys of those in the agriculture and food industry.
“FCC is proud to support Canadian Women’s Network Food and Agtech Founded in Canada Showcase for a second consecutive year. Programs like these bring fresh thinking to support a diverse group of entrepreneurs, like Le Luong, that will help this sector grow and thrive,” Clarke says. “The continued success of the Canadian agriculture and food industry relies upon its ability to adopt technology, attract a skilled and diverse labour force and embrace sustainability—all of which supports profitability and productivity in this vital sector of our economy.”
