Over the last several months, DWFI and Invest Nebraska have been working to understand how the climate for agtech entrepreneurs in the Midwest has been affected by COVID-19. They've reached out to several dozen agtech startup founders, investors and other involved in the entrepreneurial ecosystem to find what has changed over the last few months and why it matters.
Key takeaways include:
- It's become more difficult to start an agtech company.
- Agtech startups with existing funding are reducing their expenses to extend their runways.
- Farmers in the Midwest are warier of investing in new agricultural technologies.
- Agtech startups have more clarity on real customer pain points.
- Customer discovery for agtech startups has become easier.
- Regional interest in regenerative agriculture and data-driven partnerships that span value chains continues.