SAN DIEGO, Calif., March 22nd, 2023 – Nutrien, the world’s largest provider of crop inputs and services, and Radicle Growth, a company-building platform for early-stage ag and food technologies, announce the “2023 Radicle Inclusion Challenge Presented by Nutrien” (Inclusion Challenge), which will invest US$1.5M in early-stage ag-tech companies from around the world that are led by entrepreneurs from or supporting underrepresented groups, while also advancing a sustainable food value chain.
The Inclusion Challenge will focus on the less than 3% of US venture capital invested in women and Black, Indigenous and People of Color (BIPOC) entrepreneurs to help to unpack insights and challenges faced by these historically underrepresented groups. Women founders across all industries raised only 1.9% of all US-deployed venture capital funding in 2022, with BIPOC groups accounting for just 1% (a drop from 2.2% and 1.2%, respectively, in 2021). The Inclusion Challenge aims to assist diverse groups in agriculture when attaining venture capital and access to resources that could help them bring their technologies to market.
Following the success of the 2022 Inclusion Challenge, Nutrien and Radicle Growth decided to partner again to continue the mission to create a more sustainable food value chain while advancing diversity and inclusion. Data from the 2022 Inclusion Challenge highlighted that founders from underrepresented groups typically lack the resources, mentors, and capital needed to put their ideas into practice. 73% of founders from underrepresented groups felt underprepared to launch their start-ups compared to 52% of traditional founders. 55% of ag-related graduates are female, yet women make up only 35% of the workforce in ag companies. The data highlights a need for the industry to continue to address diversity and inclusion in agriculture.
Two winners will receive an investment of US$750,000 each and will gain access to Radicle’s company-building platform that may be used to help accelerate their growth. In addition to supporting two great ideas, the Inclusion Challenge expects to measure impact and provide market intelligence in the area of inclusion and diversity in ag-tech in a way that provides valuable insights into how underrepresented groups get access to the resources they need to be successful.
If you are an entrepreneur interested in participating in this Inclusion Challenge, apply now HERE. Applications close on April 19th.
Noralee Bradley, Nutrien’s Executive Vice President External Affairs and Chief Sustainability & Legal Officer, said, “We are excited to continue supporting this unique opportunity to help build a platform that strengthens social outcomes and helps advance agricultural innovations. Supporting the Radicle Inclusion Challenge is one way we are honoring our commitment to ‘inclusive agriculture’ by tapping into the full potential across the agriculture value chain, with a special focus on diverse groups who may not have the systems needed to progress their ideas.”
Kirk Haney, Managing Partner at Radicle Growth, said: “As an industry, we need to bring new, diverse viewpoints to the table and the Radicle Inclusion Challenge has proven to be a great way to find the best and brightest ag-tech entrepreneurs from anywhere in the world. The Challenge acts as a platform to bring attention, funding, mentoring and access to our ecosystem in a way that drives innovation for our entire industry.”
For more information on the 2023 Radicle Inclusion Challenge Presented by Nutrien, visit https://radicle.vc/the-radicle-challenge/.
Damaris Mozo for Radicle Growth – firstname.lastname@example.org
Jordan Eldridge for Nutrien – email@example.com