Welcome to another edition of SFTW Convo. This week’s edition is a treat! It includes my conversation with Adam Bergman of EcoCapital. Adam is an investment banker in the Agtech, CleanTech, and FoodTech space and he has been doing it for 30 years.
He has great insights on what works, what doesn’t and how we can chart a better path forward to solve some of the pressing current and future problems. Adam is not afraid to take contrarian positions and have a reasoned conversation about his rationale.
I hope you enjoy this conversation.
Summary of the Convo
In this conversation, Adam Bergman discusses his transition from covering the technology sector to clean tech and the trends and challenges in the ag tech and food tech sectors. He highlights the cyclical nature of investment bubbles, the importance of automation and robotics in agriculture, and the pressing issues of food security.
Adam also critiques the current venture capital model for ag tech, suggesting that long-term investors may be better suited for this industry. He emphasizes the need for innovation in seed genetics and the potential of vertical farming, while cautioning against the risks of overcapitalization in these sectors. I push back on Adam’s excitement about vertical farming and we discuss the critical breakthroughs needed to make vertical farming work.
Adam and I explore the similarities and differences between solar energy and agriculture, the global landscape of food security, and the innovations shaping the future of food production.
I used my background of growing up in India to discuss the unique opportunities in India, with Adam expressing his optimism of India becoming a powerhouse with collaboration and investment from the middle east, and Africa. Adam also highlighted the importance of distribution, technology, and policy in addressing the challenges of modern agriculture.
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From pure finance to “farm to fork”
Rhishi Pethe: Till around 2005, you focused purely on finance. Then you made a decision to commit your career to clean tech, sustainability, and food tech. Was there an aha moment?
Adam Bergman: I’ve spent my entire 30-year career in investment banking. I started out doing healthcare, then moved into tech and the internet. One day, a solar deal came across my desk. The company made a flexible solar panel. My colleague and I worked on it, not expecting much, but it turned out to be wildly successful.