AgriThority Hosts Breakout Session on Overcoming Product Development Challenges
AgriThority hosted a breakout session on the topic, “Overcoming Product Development Challenges” during the 2023 World Agri-Tech Innovation Summit. Gloverson Moro, AgriThority Chief Technology Officer, and Bonnie Brayton, Venture Associate at Fulcrum Global Capital, presented and led the discussion with participants from many sectors of agricultural innovation.
Moro discussed the importance of implementing a disciplined stage-gate process for novel technologies on the path to commercialization. The plan and execution during development can manage risks and resources with the ultimate goal of expediting commercial success.
“Product development is as much about process as it is about science,” Moro said. “It’s common for companies to want to jump from the start to the very finish. The question is how do we balance the will to get a product to the market with the need to thoroughly develop a concept into a product? The breakout focused on challenges and successes for the participants in finding that balance.”
Going from a research concept to the farmer misses the critical steps of Development. Thorough R&D process is required before commercialization. Engagement with strategic collaborators and investors can accelerate success but requires a solid development plan.
“It’s so important to understand the value that comes from collaborations with strategic companies,” Brayton said. “Outside of accelerating product development, startups can leverage the resources of their collaborators to generate stronger, more reliable data and enhanced credibility to gain acceptance in the marketplace. Market validation is key, and finding the right strategic collaborations can increase product credibility and lead to increased investor engagement.”
When asked about specific value a collaboration can bring to a startup during the Q&A portion, Brayton said, “I have a technical background, so the idea that you’re running a field trial with a partner like AgriThority gives me comfort that the field trials are well done, statistically significant and can be trusted. That’s not always the case with some contract research organizations (CROs) or academic partners.”
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