We Dove Into the Twin Cities to Learn About Hydroponics and Aquaponics
Open Road - Week Two
By Team SASA
Two teams of Ross students are traveling across the country this summer, visiting entrepreneurs and helping them solve business challenges. They’ll be blogging about their experience throughout the summer. Read more about Open Road.
Peter wasn’t always a veggie eater. Quite the opposite, in fact. It wasn’t until a close family member lost a battle with cancer and chemo that he started researching natural wellness. That was almost two years ago, and he’s since transformed his health, become an expert in healing through food, and gained a deeper sense of purpose in his work — increasing access to nutritional sustainability.
Garden Fresh Farms (GFF) grows leafy greens — mostly herbs — through hydroponics and aquaponics. Hydroponics is the growing of plants in water (or peat moss, in GFF's case), and aquaponics is the growing of plants using fertilizer from fish. The big advantages of growing produce through these methods are savings in land and water use. With the unique patent-pending technology that GFF founder David Roeser designed with input from his son Bryan, a biochemist, they can grow 100 times more produce using 95 percent less water relative to irrigated outdoor farms. Yes, you read that right. One hundred times more produce using 95 percent less water.
While with the GFF team, we were asked to address how the farm can raise capital within two months to support the business in its next phase of growth. GFF has an exciting future ahead with contracts in the pipeline with national, household-name retailers. But the farm needs to increase capacity to meet demand. GFF currently sells herbs at regional grocers and wants to scale so they can reach a wider market with their organically grown leafy greens while maintaining affordability for consumers. The farm has conducted a crowdfunding campaign in the past but hasn’t gained traction.
We approached the challenge by interviewing investors and board members, visiting the warehouse-turned-farm, taking trips to the stores where the herbs are sold, and reviewing due-diligence files. We also interviewed entrepreneurs from Michigan Ross’ Zell Lurie Institute for Entrepreneurial Studies on their experience with raising capital and conducted secondary research online. We dug into various methods of raising capital and ranked them according to multiple criteria to meet GFF’s needs.
We recommended sticking with crowdfunding as the best way to meet the farm’s needs at its current stage of maturity, providing different crowdfunding platforms with options to maintain all or most equity. We provided details on how to pick a crowdfunding platform, how to reach an audience through a crowdfunding video, and how to target the growing population of millennial investors strategically and tactically.
We were honored and excited to deliver actionable input for Garden Fresh Farms, but we were blessed with much more. We learned about hydroponics and the density challenges that many players in the industry face. We got a taste of the intense capital-raising pressures that entrepreneurs can have. And we learned about the need to bridge intergenerational divides to strengthen the voice of the sustainable agriculture story. Through interviews with Kirk, an angel investor, and Steve and Mohit, industry experts from Cargill and board members of GFF, we were inspired to see the farm from new angles.
We’re excited for the future of Garden Fresh Farms.
We believe in its potential with its unique technology, allowing it to reach new levels of efficiency so we can tread more lightly on the Earth. We’re inspired by its “24 Fresh” model, guaranteeing maximum freshness so consumers can get the most nutrition out of its organic herbs. We love the farm’s Community Supported Agriculture arm, which delivers fresh produce of its own and that of other local farmers, including the Hmong immigrant community. We see how much impact social entrepreneurs like David and Peter can make on their community.
And we're reminded that you don’t need to win a Nobel prize to change the world. We can’t wait to see what the future of the farm holds.
Team SASA consists of Anita Lin, Sarah Haroon, Sanmeet Jasuja, and Alexander Ho, members of the Ross MBA Class of 2017.
They just wrapped up their third week with Emerging Prairie in Fargo, N.D. Follow #RossOpenRoad for more.
Open Road is sponsored by the Zell Lurie Institute, the Center for Social Impact, and General Motors.
Read More From The Open Road
WEEK ONE: We’re Driving Across America, Learning About Hard Decisions and Sweet Potato Pies
We launched into our Open Road journey with the delicious smells of fresh sweet potato pie at Detroit’s Sweet Potato Sensations — which is celebrating 28 years of business. Read Blog
WEEK TWO: In a Small Town, We Learned Some Big Lessons About Partnerships
There is no economic or regulatory incentive to recycle in the surrounding area, so Kevin relies on community members’ sense of environmental stewardship. Read Blog
WEEK THREE: Here in New Orleans, We Discovered What Really Matters
Our week with Tippy, Tonto, and Goods That Matter taught us the power of passion. Tippy is successfully integrating product design and social impact in a meaningful way. Read Blog
WEEK FOUR: This Is Business in the Real World. Textbook Solutions Will Only Get Us So Far
AMP faces real business challenges with the futures of real people on the line. THIS is business in the real world. Read Blog
WEEK FIVE: In Kansas City, We Witnessed How Human Connections Are Closing the Digital Divide
When you consider how critical the internet is to leading a productive life as an engaged citizen -- allowing us to access job opportunities, education, or any kind of information -- the idea of the digital divide begins to take shape. Read Blog
WEEK ONE: We Just Had A Perfect Experience During Our Entrepreneurial Road Trip Across America
Earlier this month we landed on-site with our first group of entrepreneurs who founded and run the company Mitten Crate. Read Blog
WEEK TWO: We Dove Into the Twin Cities to Learn About Hydroponics and Aquaponics
While with the Garden Fresh Farms team, we were asked to address how the farm can raise capital within two months to support the business in its next phase of growth. Read Blog
WEEK THREE: The Entrepreneurial Pulse of Fargo Lives in the Prairie Den
Greg Tehven, co-founder of Emerging Prairie, presented us with this question on Monday: “How can we get people to want to stay in Fargo-Moorhead for one more day?” Read Blog
WEEK FOUR: We Experienced the Thriving Midwestern Tech Hub in Downtown Minneapolis
Our team arrived in Minneapolis on May 21 for the last leg of our amazing Ross Open Road experience. As we entered the 25-member premise of Flipgrid, a tech startup, we felt a strong connection to the office culture that promotes creativity. Read Blog