CESR MBA Stories

Investing in Social Impact

Julie Waggoner — Fri, 15 Nov 2024 01:28:16 +0000

Investing in Social Impact Julie Waggoner Thu, 11/14/2024 - 18:28

Julie Waggoner

For Carlos Peña (MBA ’19), the education he received at Leeds and the ecosystem of entrepreneurship, venture capital, and social impact he found in Boulder and Denver transformed the trajectory of his career.

Carlos grew up in Ecuador and came to the U.S. for college where he studied economics at Notre Dame, drawn by the school’s focus on social responsibility. He used the Leeds MBA program to move into impact investing from a background in management consulting, as well as involvement in the Chicago entrepreneurial ecosystem and work in microfinance serving mostly Latino and African American entrepreneurs. The MBA program helped him learn about the intersection of venture capital and impacting investing, and enabled him to get a role at a mission-driven family office after graduation.

Currently Carlos serves as Director of Investments at ImpactAssets Capital Partners where he makes impact investments across asset classes and creates portfolios that move the needle on racial equity – all while generating a market rate of return for his clients. His work involves the same due diligence and financial analysis that any “traditional” investor would do, plus the additional layer of measuring social impact outcomes.

We recently sat down with Carlos to talk about why he sees finance as the way to solve social challenges, his journey into impact investing, and his advice for students looking to follow in his footsteps. This conversation has been edited for length and clarity.

CESR: What big challenges are you motivated to solve using finance and business?

Carlos Peña: The world is broken. The world is unfair. Unless we actively try to fix it, it’s not going to get better. We live and operate in a capitalist society. Every business requires capital, whether it is a nonprofit with grant capital or a for-profit with investment capital. That’s why for me it was impact investing. In terms of how, I built a skillset that allows me to identify the drivers of risk and value for a company, and if you can overlay impact inherently in that business model, then you can really drive change at scale in terms of social justice. When impact is truly integrated into the business model, it’s not a “nice-to-have,” it’s not an additional benefit. In true impactful companies the product or the service is the impact, so as you scale the company, the impact grows.

Folks like us won the lottery of life. Not being born in a war-torn country. Not growing up in a violent environment. Having a roof over our heads and three meals a day. I owe it to the world to pay it back, to make it better and give other people chances to improve themselves and live better lives.

CESR: What keeps you motivated working in the impact space where you spend a lot of time thinking about big challenges?

Carlos Peña: I continuously see the inequalities and the disparities that certain populations and communities experience. These issues are multidimensional – health, education, housing, access to capital, or even basic needs – and pervasive both within the U.S. and across the world. What keeps me motivated is knowing that I can make a change through my work. Also, the fact that my role is very intellectually engaging keeps me motivated. I’m constantly seeing different businesses, different models, different capitalization strategies, different risk-return profiles. It’s always changing, so I don’t get bored!

I also have more of a philosophical answer: we only have one life, so we should use it to make the world better, to reduce suffering for others. This is in line with the Jesuit concept of “ser más para servir mejor” – which is the idea of constantly improving oneself in order to be of (better) service to others.

CESR: You landed an incredible role as Investment Principal at The Beacon Fund in Denver right out of the MBA program. How did you do it?

Carlos Peña: Going into the MBA, I did not expect in my wildest dreams that I would get a role like that. CU Boulder was critical in me being able to do that. I think it’s immensely important while you’re doing the MBA to visualize where you want to go, so that when you’re applying for a job it’s not about wanting to do what you’re applying for, it’s about how you want to continue in that space.

The classes at CU were great. I crafted my New Venture Finance emphasis, which is what I called it. I focused on early-stage entrepreneurship, anything related to tech and took the Venture Capital Law class. That class was awesome! It really opened my eyes and gave me a skillset that very few people in the industry have. Taking that class was transformational.

Also, I got super involved locally. I mentored at Watson Institute, I interned at BIGR Ventures. I did a lot of internships, some paid and some unpaid, just to get the experience and the exposure. I was super active with networking by going to conferences like SOCAP and Opportunity Finance Network. Pro tip: if you volunteer at a conference, especially at the front desk, you get to meet a lot of folks working in the industry! Then you can follow up, have conversations and learn.

Through networking and at those conferences, I met people from the social enterprise and impact ecosystems, including individuals from The Beacon Fund. Also, I applied to a ton of jobs, not just the one that I got. A big piece of my success was my summer internship at Avivar Capital in LA. When you are seeking an internship, focus on the skillset and the experience, not the geography.

CESR: How did your education at Leeds prepare you for your career now?

Carlos Peña: First of all, the academics for my path were excellent from the get-go. Leeds is in one of the most important tech hubs in the country, if not the world, and that brought in great professors. Having access to classes like Early-Stage Entrepreneurship, VC Law and Entrepreneurial Finance was huge. Those topics are the building blocks of any early-stage investor’s skillset.

In terms of extra-curriculars, DCVF (the Deming Center Venture Fund) was pivotal for me. It’s what allowed me to get that first experience in venture capital in a real way. Doing it in a multi-disciplinary team with law students, engineers, business students, that was awesome and unique. Having faculty and investors involved on the board, and eventually co-leading it was an amazing experience. On the impact side, I also ran the Social Impact Prize in the New Venture Challenge, which allowed me to overlay the social piece over the top of the tech-enabled start-up models, so that I could say I had done early-stage impact investing during the program.

Finally, having access to Techstars, Start-Up Weekend, Watson, all the accelerators and venture capital funds in the area – that’s a rich ecosystem that very few other universities have in the U.S. We compete with the biggest brand names in terms of that. We are unique. No one looks down on us at CU Boulder. We’re awesome. I’m proud to be a Buff, always. It transformed my career and my life.

You must be humble and be kind. Be willing to wear all hats. Be open to doing things outside of your role as needed. You must be passionate about the work. If you’re smart and you’re passionate and I can see that you care about the space, we’ll give you a shot.

CESR: What are some of the skills and knowledge that you look for in hiring new associates?

Carlos Peña: Impact investing requires all skillsets and all roles, not just investors. You can be a marketing specialist, an accounting or operations specialist. For my team in research and due diligence, I want to see finance experience. Ideally investing, but not necessarily. Banking, valuation, advisory, consulting. I also want to see experience with being involved in different projects simultaneously where you manage your time and juggle different timelines and requirements.

Then, are you a team player? You must be humble and be kind. Be willing to wear all hats. Be open to doing things outside of your role as needed. You must be passionate about the work. If you’re smart and you’re passionate and I can see that you care about the space, we’ll give you a shot. I want to see that you know who’s who in the space, that you know the trends, you know about things like full continuum of capital investing, pay-for-success models, family offices, foundations. Show your interest in the space.

CESR: What advice do you have for students interested in the intersection of finance, sustainability and social impact?

Carlos Peña: Be very proactive all throughout the program, from the first semester. Your time is precious throughout the MBA. It’s limited. Be very thoughtful about your extracurriculars. Volunteer, but volunteer for things that are going to give you the skills or connections that are going to help you get where you want to go.

Aggressively pursue your internship. That will be the defining tool you will have to talk about yourself. Be able to craft a cohesive narrative to talk about your prior work, why the MBA, what you’re doing in the MBA, and where you want to go. Always connect your experiences with the academics. That’s key. Read a lot. Network. Keep an Excel sheet of all the folks you’ve connected with. Reach out to people and learn what they do. Message them on LinkedIn, share some of your interests, acknowledge how busy they are and ask if they might have 30 minutes to talk to you in the next few months. Don’t expect them to squeeze you in next week.

Be able to be specific about the kind of role you want. Be willing to relocate. You can get to the geography where you want to go later, now focus on the skillset. Be open to more junior or entry-level roles. Once you get a foot into the space it’s easier to rise, rather than trying to aim at the senior level right off the bat. There’s a lot to learn about impact investing, even if you’re experienced in finance, so be willing to put your ego aside and then grow in the field.

Always submit a cover letter with your applications. Always reach out to the hiring manager before you submit an application, or at least look at everyone’s profile on LinkedIn so they see that you are looking at them.

Learn more about Leeds MBAs working at the intersection of business and impact, and explore CESR’s sustainability opportunities for graduate students.

Carlos shared a list of media outlets and books he’s used over the years to keep up on trends in impact investing and learn. Check out the list below to learn more about this space.

Follow media outlets like Impact Alpha, Conscious Capitalism, Stanford Social Innovation Review and Nonprofit Quarterly.

Big foundations like Ford, Kellogg, Blue Haven Initiative, etc. all regularly publish reports on their work and emerging models.

What’s Possible: Investing Now for Prosperous, Sustainable Neighborhoods by the Federal Reserve Bank of New York

Real Impact: The New Economics of Social Change by Morgan Simon

Investing With Impact: Why Finance is a Force for Good by Jeremy Balkin

Out Innovate: How Global Entrepreneurs--From Delhi to Detroit--Are Rewriting the Rules of Silicon Valley by Alexandre Alex Lazarow

Winners Take All: The Elite Charade of Changing the World by Anand Giridharadas

The Solution Revolution: How Business, Government, and Social Enterprises Are Teaming Up to Solve Society's Toughest Problems by William D. Eggers and Paul MacMillan

The Innovation Blindspot: Why We Back the Wrong Ideas and What to Do �鶹��Ƶ It by Ross Baird

The Purpose of Capital: Elements of Impact, Financial Flows, and Natural Being by Jed Emerson

From Poverty to Power by James Allen

Lean Startup : How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries

Saving Capitalism: For the Many, Not the Few by Robert B. Reich

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MBA Student Supports LGBTQ+ Inclusion in Colorado Climate Sector

Coco Goldman — Fri, 01 Nov 2024 17:59:14 +0000

MBA Student Supports LGBTQ+ Inclusion in Colorado Climate Sector Coco Goldman Fri, 11/01/2024 - 11:59

Sena Kavi

Olivia Kefauver (MBA ’25) has spent their career working in impactful positions in a variety of industries. Now, they are pursuing an MBA to drive impact at a larger scale and become a changemaker in the decarbonization space. Olivia has not shied from bridging clean energy connections in Colorado, having been selected as a Clean Energy Fellow for the Colorado Cleantech Industries Association and kickstarting the launch of Out in Climate’s Colorado chapter.

CESR recently reached out to Olivia to gain insight on their experience as a Hybrid MBA student, the Clean Energy Pathway, and their advice for individuals with an interest in clean energy.

CESR: What inspired you to pursue a career in clean energy?

Olivia Kefauver: After getting my B.A. in environmental policy I worked in a variety of regional nonprofits and B2C companies that operated in different capacities at the intersection of people and their environment, spanning agriculture and food & beverages to think tanks and the outdoor industry. I loved each of these roles because they allowed me to better understand the broader environmental, social, and political systems within which they operated and the levers with which people have made widespread change.

Soon after moving to Colorado, I began working at a Mountain West law firm with deep roots in domestic energy policy doing marketing and communications. I found myself working with colleagues who not only had an acute understanding of the history of energy policy in this country but were also helping major companies understand the evolving issues and, in some cases, contributing to the trajectory of our national energy transition. Seeing the scale of impact that was possible through clean energy development and policy regulation energized me to go back to school to better understand the current clean energy landscape and how I could contribute to moving levers at a larger scale to accelerate the clean energy transition.

"Learning from the experience and perspectives of my cohort - who have worked in commercial real estate, wealth management and finance, the armed forces, to being entrepreneurs to being new parents or making major career pivots - has been the most enriching part of my program so far, and has influenced how I think about issues within the clean energy space"

CESR: How has your background in environmental studies meshed with your business education at Leeds?

OK: I strongly believe it has enriched my experience and business education thus far at Leeds. I hope to some extent sharing my experience with my cohort has been additive to them as their diverse experiences have been to my own education and how I approach business and broader social questions.

I sought out Leeds for its academic strength and industry network in the climate and clean energy space and since beginning my program, I’ve found that these strengths have enhanced my education in the ways I had hoped. My coursework and extracurricular opportunities have given me a whole new suite of tools and frameworks to approach the same environmental issues that my undergraduate degree had approached from a different angle.

I will say, for all of Leeds’ strength in clean energy, learning from the experience and perspectives of my cohort - who have worked in commercial real estate, wealth management and finance, the armed forces, to being entrepreneurs to being new parents or making major career pivots - has been the most enriching part of my program so far, and has influenced how I think about issues within the clean energy space.

CESR: What has been the impact of CESR and the Clean Energy Pathway on your MBA experience?

OK: Pursuing my MBA degree through a Hybrid schedule has necessitated that I am acutely intentional with my time and energy as I, alongside my peers, balance full-time jobs, community and professional engagement, and our personal lives with the responsibilities of our MBA program.

CESR and the Clean Energy Pathway’s extensive programming and resources - from carbon accounting bootcamps to coursework like Commercializing Sustainable Energy Projects - have fast-tracked my ability to connect directly with the professionals and evolving issues within the clean energy sector in Colorado and beyond.

To be frank, pursuing these opportunities has also been a haul - adding the Pathway requirements on top of my existing commitments has challenged me, but I ultimately am grateful I’ve pursued this path for how it has added to my educational experience. This process has felt very much like “Type 2 fun” (not fun while you're doing it, but retrospectively rewarding) - a concept that I think many Coloradans embrace and often seek out.

CESR: Tell me about your experience with Out in Climate.

OK: In October 2023 Leeds had supported me to attend the Reaching Out MBA conference, a conference which organizes programming to educate and connect LGBTQ+ MBA students and alumni. It was the first time I had seen so many LGBTQ+ professionals in one place and importantly, the first time I had seen so many queer C-Suite and senior-level business leaders sharing their experiences. It was incredibly impactful for me, and when I returned home to Colorado, I was eager to find both LGBTQ+ peers and mentors in the climate sector in Colorado.

Not long after, the organization Out in Climate (OIC) popped up in my LinkedIn feed and I reached out to the leadership team to see if OIC had a presence in Colorado, and offered to help start one if they hadn’t. I was soon connected with one of OIC’s founding members, Johnny Daugherty, who helped build out the now-bustling New York City chapter under the same motivation I had - to cultivate the professional climate community he sought. He and I are currently planning out our 2025 events, which will touch on a wide range of exciting local climate initiatives with big reach. Today, the Colorado chapter joins several new OIC chapters across the United States planning clean energy treks, panels, and social events to gather and support LGBTQ+ climate professionals.

"Underrepresented groups have been revisioning what the world can be - regardless of current constraints - since the beginning of recorded history. I can’t think of an effort in more need of that drive and vision than the race to address the climate crisis and global clean energy transition."

CESR: What advice do you have for LGBTQ+ individuals and individuals of other underrepresented communities interested in pursuing clean energy?

OK: Acknowledging that I can only speak from my own experience - which by nature can’t and won’t be applicable to everyone’s identity or experience, what I’d say to folks in the LGBTQ+ community and other underrepresented communities pursuing clean energy as a career would be:

Find your people. Being connected to professional and community networks where you can see your identity and shared experience reflected can be foundational in the trajectory of your career and ability to see yourself in leadership positions. These networks will be both a springboard for opportunities as well as a salve for challenging points throughout your career.

While there are certainly identity- and experience-based MBA organizations, you may well find that your networks may not be formally established or geographically close and may take some time to find. “Your people” also includes committed allies - Leeds has a wealth of resources and highly qualified folks to help you succeed - be proactive in reaching out to them and articulating what you want to do and what support you need in order to get it done.

If what you want doesn’t exist, consider building it. With the caveat that underrepresented groups are often juggling a lot while pursuing graduate degrees, if you have the bandwidth and the professional network you want or need doesn’t yet exist in a way that’s accessible to you, make it happen.

Each time that I have steeled myself for what felt like it would be an inevitably awkward or cringey process of putting myself out there to organize events or build a network, I’ve been floored by the positive reception I was met with, and how - in the best way - completely unoriginal my desire for community and mentorship had been.

Your experience and skills are critical to the clean energy transition. Underrepresented groups have been revisioning what the world can be - regardless of current constraints - since the beginning of recorded history. I can’t think of an effort in more need of that drive and vision than the race to address the climate crisis and global clean energy transition. This is an effort so awesome and consequential that it necessitates the lived experience and perspective of many diverse communities in order to have a hope at being successful. I can’t think of any better group to vision and deliver a just, equitable, and lasting solution to our climate crisis.

CESR: Where do you see yourself after wrapping up your MBA?

OK: I’m planning to work in Colorado in strategic partnerships and negotiations or communications for a clean energy developer or organization supporting the decarbonization of traditionally heavy industry. I am driven by the immense opportunities inherent in these paths to accelerate the clean energy transition in a lasting way and am excited by the prospect of joining others across Colorado who have been doing this critical work.

Interested in learning more about the Clean Energy Pathway? Visit our page and subscribe to our newsletter to stay updated on upcoming events throughout the semester.

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Clean Energy Transition Continues Purposeful Work for MBA Army Veteran

Sarah Arney — Thu, 03 Oct 2024 19:37:01 +0000

Clean Energy Transition Continues Purposeful Work for MBA Army Veteran Sarah Arney Thu, 10/03/2024 - 13:37

Julie Waggoner

After a ten-year career serving in the Army, Ethan Subra (MBA’25) came to Leeds last fall to pursue work in the clean energy transition, an area that would let him continue to focus on creating a positive impact through his work. He was attracted to Leeds by the program’s Pathways in Clean Energy and Sustainability, alongside the location in Boulder.

We recently sat down with Ethan to discuss how the skills he learned in his military career serve him as a rising business leader, what excites him about working on the Clean Energy Transition, and his summer internship with Scout Clean Energy.

CESR: First of all, thank you for your service in the Army. Can you tell our readers more about that experience, and how the skills you learned translate into the business world?

Ethan Subra: Serving in the Army was very formative in terms of shaping my leadership style and helping me learn how to be professional in any environment. At the age of 23 being put in charge of a group of 40 people from a wide range of backgrounds forces you to grow up fast. That helped me to learn about some personal weaknesses and humbled me early on. Learning how to manage people from diverse backgrounds and orient them to pursue a common goal, particularly in times of high stress and challenge, was a significant learning experience for me as a leader.

In the Army, you change jobs every year or two as you grow in rank, so that constant change helped me to become adaptive and willing to tackle things head-on, to accept failure and learn from it, then eventually succeed. Over the course of 10 years in the Army, I had to do that over and over in different environments.

Another skill I developed relates to handling risk. The experience of assessing threats and adversaries in the Army helped me understand how to view, accept, and mitigate risk. That has paid off in my experience in the business world so far. It relates to the due diligence process, which was my focus in my internship this summer.

CESR: Tell me about your experience as a veteran at Leeds, and the community of other veterans in the MBA program.

ES: The Veterans Club has added a solid core of individuals with shared experiences of serving in the military, which has been helpful now that I am very far away from that environment. Leaving the Army feels like quitting something cold turkey after 10 years. School is very different; the internship was very different. It has been good to be a vet here because there is a high percentage of other vets, and there’s a strong support system in the Leeds School. Doug Bennett supported the veterans club and is a well-respected businessman. Heather Adams has taken over now sponsoring the club. Both are veterans as well. There’s a lot of appreciation and community that’s fostered between vets through that faculty and student connection. I appreciate the diversity in my personal community at Leeds of both veterans and non-veterans.

"I don’t want to just add more money to a company’s balance sheet with my time, energy and skills. I want to leave a better planet for the next generation and generations beyond, and through that work generate value for a company."

CESR: What makes you excited about the clean energy transition?

ES: What gets me excited is two-fold. Number one is the intrinsic value I derive from pushing the clean energy transition forward. I got a lot of intrinsic value out of serving in the Army, so I knew that I needed to find that same value in the work I did next. I’ve found that to be the case in the renewable energy transition writ large. Finding an MBA program that had a strong curriculum and opportunities for renewable energy and climate tech was a priority for me. CESR and the Clean Energy and Sustainability Pathways were some of the biggest things that drew me to Leeds.

I don’t want to just add more money to a company’s balance sheet with my time, energy and skills. I want to leave a better planet for the next generation and generations beyond, and through that work generate value for a company.

The second piece is that it’s a growing industry. Every week you read a new article about how there’s a looming shortage of energy period, and how there’s a lot of work to be done to meet our climate goals but also to grow the grid and the capacity enough to meet the demands of the growing economy and technology. I see job security there, opportunities for growth, and a demand for skills that I am developing here through the program, and through my internship. Looking ahead building skills for the clean energy transition seems like a sound investment.

CESR: What has been the impact of the Clean Energy Pathway (and other programs from CESR)?

ES: The impact has been huge so far, because the first year of the program is so dense on fundamental MBA courses. To not just work on the skills, but also the network and my industry awareness, the Clean Energy Pathway has added specificity that I wouldn’t have gotten if I had just gone to class. The CESR Newsletter and opportunities that come out of that, the networking events, and the Clean Energy Finance Bootcamp provided phenomenal exposure and helped me get the internship I wanted. I was able to market those things to employers in my interviews, and that helped me to gain traction and set myself apart.

"I see job security there, opportunities for growth, and a demand for skills that I am developing here through the program, and through my internship. Looking ahead building skills for the clean energy transition seems like a sound investment."

CESR: What did you do this summer for Scout Clean Energy? What did you learn?

ES: I worked on their Mergers & Acquisitions team as an intern. I helped my manager, Dan Witt (MBA ’20), one of the senior managers on the team, on an acquisition proposal for an energy project that ultimately got approved. It consisted of building on a brownfield site on top of a closed coal mine. I helped to prepare Dan on some very niche parts of that deal that were unique to Kentucky, where the brownfield site was. I was responsible for understanding the tax implications, how much money we would save over time, and the siting approval process.

I also got to work on developing a financial model, which is what I wanted to do this summer. I was exposed to it through some finance classes and the Clean Energy Finance Bootcamp. I got to get deep in a very complex financial model that will help us look at aging wind farms and how we could turn a profit on acquiring those over time. It’s part of Scout’s long-term strategy of growing the wind pipeline, and it opens a whole new category of acquisition projects, vs. acquiring empty land. I led meetings with wind manufacturers like GE, Vestas and others to begin the due diligence and fact-finding process in support of the broader project valuation I was developing.

I’ll be working part time with Scout in the fall as well. My goal is to stay on with them and keep that initiative moving.

"So, say “yes” to as many things as you can within the healthy boundaries you set for yourself. The more you put yourself out there, the greater your chances of finding that thing you’ve been looking for."

CESR: What advice do you have for students just starting the program?

ES: If you don’t know the industry that you want to go into, cast a wide net early on and give yourself many opportunities to discover what intrigues you and what your strengths are. Give yourself the opportunity to say no to many things on your way to finding something you really want to commit to.

Also, realize you never know where that special connection that leads to an opportunity is going to come from. It could be a connection from a lunch n learn, or an alumni happy hour, or from a professor. You might think that the connections happen at official “networking” events, but it can happen anywhere. So, say “yes” to as many things as you can within the healthy boundaries you set for yourself. The more you put yourself out there, the greater your chances of finding that thing you’ve been looking for. That’s the approach I took, and it paid off for me with my internship, but it’s also for paid off for my classmates in other ways. Don’t discount any events.

Learn more about upcoming sustainability and social impact events, as well as the Clean Energy and Sustainability MBA Pathways.

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The 2024 Impact Business Buff Award Winners

jago4982 — Wed, 24 Apr 2024 20:58:16 +0000

The 2024 Impact Business Buff Award Winners jago4982 Wed, 04/24/2024 - 14:58

Jacob Gorovoy

For the third year running, CESR has announced the 2024 winners of the Impact Business Buff Awards, a student and faculty driven award that recognizes the members of the Leeds community who inspire excellence in sustainability and social responsibility. Leeds students have nominated all award winners, and we want to congratulate all nominees. The winners of the 2024 award are:

Faculty: Joshua Nunziato (Undergraduate), Dejun “Tony” Kong (Graduate)
Graduating Student: Gabriel Cervantes (Undergraduate), Steven Winterbach (Undergraduate), Mary Boling (Graduate)
Rising Star Student: Natalie Bovie (Undergraduate), Emma Ritson (Graduate)

Congratulations to all our winners! Each of these students and faculty members have dedicated themselves to making lasting change and a positive impact within Leeds and sustainability. We had the opportunity to speak to the award recipients regarding what this award means to them and how CESR has helped them in their sustainability journey.

CESR: What lasting impact do you believe you have made in the Leeds Community?

Steven Winterbach: I've never held back from bringing my unique perspectives and experiences into class discussions. As a non-traditional student, I leveraged my life experiences to expand classroom discussions, aiming to encourage others to challenge the status quo and take into account diverse viewpoints. I believe that my impact I leave is one of empowerment - helping to empower my classmates to see themselves as a catalyst for positive change and the curiosity and drive to make a meaningful impact in this world. Don't accept mediocre, instead set audacious goals and set out with intent to achieve them.

Mary Boling: I hope I have helped students explore their interests and navigate the opportunities at Leeds in the same ways others have helped me. I really value supporting others in achieving their goals and helping them navigate a new job market or industry. Having this recognition tells me that the way I am showing up within the Leeds community is aligned to those values, which means a lot.

Dejun “Tony” Kong: I truly believe that people make the place. Caring people make the place caring. A caring place is a sustainable one. I’m grateful for being part of the Leeds community since 2022, and for the support and recognition I have received from this amazing community. I care about people – faculty colleagues, staff members, students, and other stakeholders – and about our systems – human system, sociocultural system, educational system, and environmental system. With such beliefs and values, I try to make a positive impact on the people and culture of the Leeds community and encourage students and others to contribute to the sustainability and social responsibility of our Leeds School, their own organizations (if they are employed and business owners), and the society.

CESR: What does winning this award mean for you?

Joshua Nunziato: Acknowledgment (both giving it and getting it) is a really important part of human life. It feels good—and I’m deeply grateful—to be acknowledged for my teaching. It also reminds me what a privilege it is to have the students I have.

Steven Winterbach: Winning this award means a lot. It's not just about a recognition of my impact but also the gratitude I feel for being able to make a difference in others. Going to university was a big decision, one that required putting my career on hold and navigating my growing family. This student led award is a validation of those sacrifices and confirmation that pursuing my strong passion for social responsibility & sustainability was worth it.

Emma Ritson: Receiving the Impact Buff Award is a tremendous honor for me, symbolizing the culmination of two years’ worth of dedicated effort in helping to enhance CESR and its associated initiatives. Throughout my journey, I've been privileged to collaborate closely with CESR's exceptional staff and fellow students, absorbing invaluable lessons along the way.

CESR: How have you been involved with CESR and sustainability at Leeds?

Joshua Nunziato: I teach ethical leadership and sustainability within Leeds’ Social Responsibility and Sustainability division. It’s fun to work with student populations from our Executive MBAs to our traditional MBAs to our advanced undergraduates. Each group brings a distinctive lens, a different set of questions, and a unique slice of professional life into the classroom. As for my research, it examines how human goods like intimacy, respect, trust, and solidarity get enabled (or disenabled) by marketplace exchanges that cannot directly transact them. I have published in top academic journals and have a robust pipeline of forthcoming work under review or currently in preparation for outlets like Administrative Science Quarterly and Journal of Consumer Research.

Gabriel Cervantes: Before my freshman year, the late Prof. Mark Meaney gave a lecture at the EXCEL Summer Bridge Program regarding ethics in business, which inspired me to declare my first emphasis to be Sustainability my very first semester. I've gone to every workshop I could and read almost everything in the CESR newsletter that comes out if you'll believe it. Most of all, I try my hardest to stay engaged with the CESR faculty. These are leaders who were our age at one point thinking "there has to be a better, more ethical way to conduct business," so gaining insight from them has been invaluable to me.

Emma Ritson: My involvement with CESR and sustainability initiatives at Leeds has been multifaceted. Serving as Vice President and later President of Judge Relations for the Net Impact Case Competition, I navigated the complexities of implementing significant changes, a journey that was both challenging and rewarding. I have actively participated in CESR treks, networking events, and conferences, broadening my professional network within and beyond CU. These experiences have not only enriched my understanding of sustainability but have also cultivated a dynamic network of professionals with whom I intend to collaborate for years to come.

Natalie Bovie: I’ve been involved with CESR since my first few days on campus when I met the seniors at the time promoting CESR Fellows. Since then, I’ve had nothing but excitement about all things CESR and sustainability related. Through being a Fellow my first semester, to the Director of Curriculum, to now the Co-President of CESR Fellows it’s been such a fun time. It’s very super interesting to be a part of an extracurricular group while taking my classes for the SRE Certificate, since I feel I’m getting both an academic and informal perspective of what it means to be involved in suitability in business. Sustainability has shaped my CU, Leeds, CESR and even abroad track so far and everything about it has been extremely insightful and I’m constantly eager to learn more.

CESR: How have CESR and the Leeds community supported you?

Gabriel Cervantes: I want to genuinely thank the amazing people that have helped me and empowered me in the CESR community. From Dr. Nunziatio to Terri Walters, Lorna Christoff, Caleb Batts, Erin Miller, and Abby Lowrey and so many other amazing members of the CESR community I wish I could name that I have had the absolute honor of receiving insight from. CESR has provided me with knowledge and a platform for me to be able to inquire about what I believe are central issues to myself, my family, and my community. I truly hold the faculty, community members and my fellow students in such high regard for caring about more than what we used to.

Mary Boling: CESR and the Leeds community have supported me both on and off campus to take advantage of opportunities that would help me successfully pivot into the clean energy space. CESR hosted workshops for carbon accounting and green finance in addition to bringing speakers onto campus. When opportunities presented themselves outside of Boulder that would further my learning, both CESR and the broader Leeds community helped me secure funding to make those opportunities a possibility. In addition to these opportunities, this community has helped me navigate different career paths and networking opportunities based on my interests and skill set. I am someone who likes to talk through things with others and I have always found someone at Leeds who is willing to talk to me, which I have really appreciated.

Dejun “Tony” Kong: I’m honored to be a CESR Faculty Affiliate, supporting CESR mission and activities. CESR has supported my work in various ways (e.g., funding, promotion of me and my work), and so has the Leeds School. As a minority faculty member, I greatly appreciate the support and encouragement. I love the fact that CESR has good leadership who promotes inclusion and equity (evidenced by the diverse backgrounds of CESR Faculty Affiliates), which is very important to me. Likewise, the Leeds School, under the leadership of Dean Khatri, promotes a culture of care, which has a positive impact on me and others and makes me want to stay in this place and contribute to its development. I’m excited about the future of CESR and the Leeds community. With my research insights on people’s prosocial and caring behaviors, I will continue contributing to CESR and the Leeds community.

Natalie Bovie: The CESR and Leeds community have been nothing but supportive over my last three years here. The current and previous CESR program managers Katherine Ratledge and Taylor Dewitt have helped CESR Fellows so much in what it is today. Their connections to potential speakers, their ideas for club growth and their constant optimism have made them such great women to work with as well as amazing role models. They have helped us bring in speakers from such cool companies including: Protect Our Winters, HelloFresh, Mountain Hardware, and many others. CESR Fellows wouldn’t be possible without our active members and attendees and it’s awesome to see the community excited about all the different paths of what sustainability can look like in a career.

These incredible individuals at Leeds are paving the way for sustainable business and responsible operations. Thank you for making the impact that you have at the Leeds School of Business!

Learn more about some of the previous Impact Business Buff Award Winners - Shiao June Yuan, Anna Reves, Lorna Christoff.

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A Dive into Expo West: A World of Opportunity in the Natural & Organic Industry

Erik William Jeffries — Tue, 02 Apr 2024 01:22:07 +0000

A Dive into Expo West: A World of Opportunity in the Natural & Organic Industry Erik William J… Mon, 04/01/2024 - 19:22

Jacob Gorovoy

MBA students at Expo West traveling as part of the MBArk program, which hosted three Leeds MBA students this spring.

In March 2024, Anaheim, California hosted Expo West, one of the largest expositions of natural products in the world. This renowned trade show showcases cutting-edge trends, services, and technologies in the natural, organic, and healthy products sector. As part of the MBA program at the Leeds School of Business, the Center for Ethics and Social Responsibility (CESR) sponsored three students to attend, providing them with firsthand experience in this rapidly evolving industry. We had the opportunity to speak with Adam Testa, an evening MBA student and member of the Organics + Naturals MBA organization, and Sarah Arney, CESR’s Program Coordinator, about their goals and motivations for Expo West, and why attending this incredible exposition is an unmatched opportunity for students.

CESR: Could you talk about your interest in the natural products industry?

Adam Testa: In Boulder, I believe that we are at the epicenter of natural products. What draws me to the natural products field is that you meet the people making these types of companies and often they are the most passionate entrepreneurs you will meet in any industry. They choose the natural products industry because they usually have a personal issue that they are motivated to resolve. For example, if someone is lactose intolerant, has celiac disease, or seeks more suitable medicinal alternatives, this all motivates product innovation which is very intriguing. This industry is very inspiring, and I get inspired to make something that I am passionate about when I am around it.

CESR: What are your goals for attending Expo West?

Adam Testa: Expo West is a very special hub for the natural products industry. It provides a space where you can understand the community behind it and understand its trends. There are CEOs with whom you can freely discuss their motivations and what values they hold. I would say that if you are looking to become involved with natural and organics space, attending Expo West is a must simply to understand the world you are preparing to enter. As for more personal goals, the more I am around passionate entrepreneurs, the more I am pushed to pursue what I am passionate about. Expo West is an excellent platform to interact with such individuals.

"This industry is very inspiring, and I get inspired to make something that I am passionate about when I am around it."

-says Adam Testa

CESR: What goals do you hope to pursue after completing the MBA program?

Adam Testa: Ultimately, I would love to begin a business dealing with consumer-packaged goods (CPG). In the meantime, however, I aim to continue developing my marketing skillset as a strategist and begin an entrepreneurial endeavor of my own. Right now, I am passionate about individual health, specifically making your body last. Things like having poor posture, for example, could ultimately lead to back or knee pain later in life. This is a space I am interested in exploring further with a future business.

I am also open to a variety of other ideas. Another incredible aspect of Expo West is the ability for exploration and discovery. With over 60,000 attendees and countless booths demonstrating differing products and services, you are bound to be inspired.

CESR: Why should students consider careers in the natural products industry? What are some of the main draws of this field?

Sarah Arney: The natural products industry is continually growing and expanding. Students at CU are particularly well placed to enter this industry given the many natural product companies launching and operating here in Boulder County. This field represents a great opportunity to make a positive impact through business, enabling and encouraging people to make sustainable and healthy choices.

CESR: How was your Expo West experience and why do you believe it is valuable for students to attend?

Sarah Arney: It’s difficult to imagine the scale of the industry and the incredible breadth of business opportunities until you see so many up-and-coming and established brands gathered in one place. Students who attend Expo West make important professional connections that can lead to job opportunities in marketing, finance, supply chain, sustainability, and much more.

CESR: What advice do you have for students who are interested in getting into the natural products industry?

Sarah Arney: This industry is so supportive of people who have a passion for the business of healthy and sustainable living. If you are interested in this industry, CESR can help you get connected to industry experts that share your passion and can help you navigate your career path.

"It’s difficult to imagine the scale of the industry and the incredible breadth of business opportunities until you see so many up-and-coming and established brands gathered in one place."

-says Sarah Arney

CESR: Could you talk about the Natural and Organic Pathway as a whole?

Sarah Arney: The Natural and Organic Pathways offers experiential learning opportunities and industry expert connections to tailor your MBA experience to your interest in sustainable, natural, and ethically sourced products. In addition to partnering with MBArk to Expo West, Natural & Organic students can also take advantage of the rich natural products community that exists in Boulder, through local treks to natural product companies, as well as CESR’s many industry connections.

Expo West poses itself as not only an incredible opportunity for professionals already operating in the natural & organics space, but also for individuals interested in dipping their toes into this vast field of innovation and technological development.

Learn more about CESR’s Natural and Organic Pathway for MBA Students and explore other sustainability-focused articles on the CESR Blog.

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Laird Grant: On the Trail to Clean Energy

Anonymous — Fri, 01 Mar 2024 19:14:52 +0000

Laird Grant: On the Trail to Clean Energy Anonymous (not verified) Fri, 03/01/2024 - 12:14

Jacob Gorovoy

Laird Grant (MBA’25) is a current student at the Leeds Business School pursuing the Clean Energy MBA Pathway. He recently attended the ClimateCAP MBA Summit in Michigan, a global conference discussing the effects of climate change on modern business operations, with seven other Leeds MBAs and two staff from CESR. Leeds is a leading partner of the ClimateCAP Initiative that prepares MBA students to rise to the climate challenge. In a recent interview with Grant, he took the time to reflect on his ClimateCAP Summit experience, his interesting background as both a bike shop owner and a professional bike racer, and the clean energy issues he is currently focusing his attention on.

CESR: You have recently returned from the ClimateCAP MBA Summit in Michigan? How was your experience overall? What themes stuck out to you?

Laird Grant: The conference was a fantastic networking event for meeting other students and working professionals who are interested in climate, sustainability, and energy across the country. My key takeaways fit into three different areas: (1) networking with a new community, all with similar interests; (2) focusing on meeting people who were already in clean energy jobs or have signed away for their second year and were going to be working come May; and (3) listening and talking to some of the speakers in a casual setting. In a more informal setting, many of the keynote speakers were open to sharing their experiences and talking about the specific ways their programs work. For example, I was able to hear varying suggestions for club leadership in MBA programs across the country which was extremely insightful as I am in leadership roles for a few of the clubs here at Leeds (VP of Community Outreach for the Net Impact Club, Co-VP of the Outdoor Industry club, first-year rep to the MBAA). I had lots of questions about club engagement, the events that other MBA programs lead, and the treks that these leaders organized. Additionally, it was interesting reflecting on some of the people who already had jobs and seeing what recommendations they had for a first year. Talking to some of the working professionals who participated in the panels was also very interesting. I look forward to implementing their clean energy insight into my internship and future career opportunities.

CESR: How was it being surrounded by so many students who are all dedicated to working on climate issues in their careers?

Laird Grant: I think it was somebody from Georgetown University, that commented, “It’s fantastic to be around so many people driven by their sustainable values and interests in clean energy.” I found that comment very interesting because going to CU Boulder, you self-select into things with a very specific mindset and group of people who are already focused in that direction. However, at some of the other universities, it appears that that's not the case. It feels awesome that everyone in my program is somewhat sustainability-focused, energy-focused, or focused on the environment in some manner. However, it was very interesting to see this type of juxtaposition that exists at other universities. I feel grateful to be in an environment at CU where we are surrounded by this mentality all the time. For us, it wasn’t a huge difference, but I think it was for a lot of other students.

"I feel grateful to be in an environment at CU where we are surrounded by this mentality all the time. For us, it wasn’t a huge difference, but I think it was for a lot of other students."

-says Laird Grant

CESR: Can you explain why you chose to pursue the Clean Energy MBA Pathway? Why do you find clean energy an interesting career path?

Laird Grant: I have a wild way of coming to CU. I have been in the bike industry for the past 15 years, working in bike shops, and racing mountain bikes professionally. My undergraduate degree is in geology and my interests, broadly speaking, lie more around energy technologies. So, learning about geothermal hydropower and things of that nature was very interesting, and why I initially considered a graduate program in the first place. I came back to the U.S. after living in Canada for a while and started a bike shop with a friend of mine – where I obtained a lot of really interesting and tangible business experience. Through that, I also realized that I didn't want to be in the bike industry for the rest of my life. I was looking at where I could go, and what I could do to continue my career path focused on environmental science, with an emphasis on energy. When I was applying for degrees, I quite literally just Google searched “master's degrees in clean energy.” CU popped up. I decided to come to CU because of the MBA program we have here. It seemed like an excellent opportunity to build upon the skills I learned from operating a small business and solidifying the skills like finance, marketing, and operations that I now want in my career.

CESR: What trends do you see emerging within the sustainable energy field? Where do you see big business focusing their attention moving forward?

Laird Grant: Within the energy field, I see a lot of the transition happening at the utility scale; larger projects focusing on how we maneuver away from reliance on traditional energy sources like oil, gas, and coal, and shifting more towards projects with solar and wind. Of course, battery storage is a key holder in that transition in terms of load in the grid. Right now, I'm doing some work in my internship, focusing on how we get energy from the place where it's generated to where the demand is.

It is an interesting world out there because you could have the backing from one of the biggest companies in the world and create the biggest solar farm in the U.S. However, when you conduct an electrical analysis on the facility, you realize that it only creates one hundred megawatts which is quite small for a utility scale. There are a lot of issues in terms of how everyone wants to make a big difference, but how you get that renewable energy from creation and generation to actual demand is a difficult question – and exactly where I want to spend my time in the future.

In my opinion, the biggest transition that we're seeing is understanding that we have enough generation and capacity, but creating solutions on how to get this energy into high-demand areas is the real question. This is where I see the energy field shifting their attention towards moving forward.

CESR: What advice would you give students looking to enter the clean energy field?

Laird Grant: This stems from advice I received, and it holds two parts. One of them is more general and applies to any field you want. It is a concept called the “do-say" ratio. If you say you're going to do something, then do it. This ratio should be as close to one-to-one as possible. Everyone understands that you are students, and don't have time to do absolutely everything. However, it's more about communication and commitment to your word. You may be in an internship, or a summer job and you want to get something done, but realistically, you simply may not have the time to do a specific task because you are working on something else. In this example, I recommend posing the question, “Would you value me doing what you're asking me to do right now over this? I can only commit to one right now.” In terms of showing a level of maturity to employers, this type of open communication is crucial.

The second thing is very specific to the energy industry. My advice is to completely engross yourself in the industry by reading, researching, going to talks, asking questions, etc. Unfortunately, the energy industry is acronym-heavy, so learning what all these things are, becoming familiar with the energy markets, and being able to talk the talk of the industry is important.

"It is a concept called the 'do-say' ratio. If you say you're going to do something, then do it. This ratio should be as close to one-to-one as possible. Everyone understands that you are students, and don't have time to do absolutely everything. However, it's more about communication and commitment to your word."

-says Laird Grant

CESR: Could you talk about the internship that you are currently a part of?

Laird Grant: I am working for Redeux Energy. I am a rotational intern for their team, which means I will be covering all of the aspects of their business. Redeux is an early to mid-stage developer. In other words, we find unique opportunities to build out generation or capacity projects. We source land, file interconnection requests, build out financing, file the necessary permits, and organize the PPA if needed. Once we have all of this wrapped up nicely, we sell the project LLC to a generation or capacity operator. So, we originate and develop projects, and when the "shovel is about to break ground" Redeux Energy sells the LLC to someone like NextEra, Xcel Energy, etc. Right now, I am working on market strategy, and what the company needs to know about different states (Arizona for example), or energy markets for development. I will be working on more development material, project finance, and corporate development in the future. This internship is from January-August and this level of time commitment ensures that I will have time to be a part of each team – learning from the leader and my peers in each sector.

CESR: Is there anything else you would like to share?

Laird Grant: I think CESR does a great job of engaging students in the MBA. Both businesses and business schools alike are going to continue in the direction that CESR is going in terms of sustainability, energy, and social responsibility. CESR makes this program feel very applicable to the real world.

Grant’s switch from bike store owner and professional racer to the clean energy space represents the immense value of having diverse experiences, even if not sustainability-related when entering the sustainability and social responsibility realm. His insights from the ClimateCAP MBA Summit in Michigan emphasize the importance of collaboration and industry immersion in the effort to have more climate-conscience businesses moving forward.

Explore the other MBA Pathways and learn about CESR here.

Laird Grant (MBA’25) reflects on his ClimateCAP Summit experience, his interesting background as both a bike shop owner and a professional bike racer, and the clean energy issues he is currently focusing his attention on.

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Bridging the Gap Between the Classroom and the Sustainability World: MBA Student Consulting Project

Anonymous — Thu, 07 Dec 2023 03:56:32 +0000

Bridging the Gap Between the Classroom and the Sustainability World: MBA Student Consulting Project Anonymous (not verified) Wed, 12/06/2023 - 20:56

Sena Kavi

MBA students Mary Boling and Dan Thompson recently had the opportunity to travel to Reno, Nevada, as a part of their consulting project with Arrow Electronics. The project is a part of Joshua Nunziato’s Socially Responsible Enterprise MBA class, where students complete a semester-long sustainability and ESG consulting project for a real company.

"The consulting project undertaken with the MBA team from the Leeds School of Business serves as a testament to the integral role collaboration plays in today's business environment, inspiring upcoming business leaders to prioritize robust supplier relationships to reduce environmental impacts,” said project host Lindsay Tyson, Director of Global Sustainability at Arrow. “During their visit to the Reno warehouse, the MBA students observed the Arrow supply chain ecosystem in action, bridging the gap between their acquired knowledge and real-world supply chain dynamics."

CESR has helped with sourcing these projects from companies including Arrow Electronics, WestMET, and Nuveen, a TIAA company.

“It’s important for Leeds students to have the opportunity within the classroom to tackle real environmental, social, and ethical challenges that companies are facing today,” said Kathryn Wendell, Executive Director of CESR. “Not only does this provide students with a valuable learning experience that they can talk about in job interviews and apply to their future careers, but also it provides business leaders with a fresh perspective on how to drive business solutions to tough problems. Moreover, these consulting projects connect companies with top talent and help to showcase our excellence in sustainability, ESG, and social impact here at Leeds.”

- says Lindsay Tyson, Director of Global Sustainability at Arrow

CESR recently sat down with Mary and Dan to talk about the project, their trip to Reno, and their insights into the rapidly-evolving ESG landscape.

CESR: Can you briefly tell me about your background and what brought you to the Leeds MBA program?

Mary: My career up until coming to Leeds has been in education. I taught middle school English for 3 years and then worked in student recruitment for a charter school network in Denver for about 5 years. What brought me to Leeds was my desire to pivot out of education and into a different industry where I could still focus on having a positive impact on the world, but in a different sector.

Dan: I did my bachelor's here at the Leeds School of Business as well, and I graduated in 2015 with majors in Marketing and Operations Management. During my undergraduate years, I was working at Tango Analytics, where I did market optimization, sales forecasting, and retail trade area analysis. After that, my father and I started JBT Ventures and invested in a variety of small businesses. Since 2019 we've mostly been focused on our own personal investment strategies. In 2021 I decided to get my MBA because he's looking about retiring, so it’s time to go my own way.

CESR: What are your post-MBA goals?

Mary: I’m currently a part of the Clean Energy Pathway, and am interested in consulting roles in the renewable energy space.

Dan: I'm still looking at a number of different ideas, but I like the idea of working in the cannabis industry, maybe on the marketing or branding side. We invested in some cannabis businesses back at JBT Ventures; so I do like the space, but I‘m still exploring a number of different avenues.

CESR: Describe your project with Arrow Electronics.

Mary: We are working on looking at Arrow's supplier engagement, specifically through an ESG lens. Since they're such a large company, we've been focusing on what supplier engagement looks like at their Reno facility, which is their largest North American facility. The reason why we went out to visit Reno was that actually being there in person, meeting some of the people and getting to see the operations first hand can really deepen that understanding of the current state [of the facility].

Dan: They want us to get a unified supplier outreach approach with the lens of the quality and sustainability industry best practices. They’re going to have to be reporting Scope 3 emissions pretty soon and that means they're gonna have to gather data from their suppliers and calculate their emissions accurately.

"It's one thing to learn about things in class and understand what’s required at a high-level, but then seeing it mapped onto such a large company that has so many complexities really brings to light the way that companies actually take these challenges and goals and make them a reality, especially when you need to consider other facets of the business besides just reporting or emissions,"

- says Mary Boling, MBA Student

CESR: What value have you seen in working on real sustainability/ESG challenges that face a company like Arrow Electronics?

Dan: It was great to see the facility and the challenges that they face on a daily basis. Arrow is a huge company, with a 6.7 billion market cap and over 200,000 customers. With the increased reporting standards that are coming up, they are facing a big challenge with calculating the Scope 3 emissions.

Mary: It's one thing to learn about things in class and understand what’s required at a high-level, but then seeing it mapped onto such a large company that has so many complexities really brings to light the way that companies actually take these challenges and goals and make them a reality, especially when you need to consider other facets of the business besides just reporting or emissions.

CESR: How was your trip to Reno, and what was your biggest takeaway from it?

Mary: It was awesome. Our main points of contact are based in Denver, but they also were out there for site visits so we were able to tour with our main points of contact and get introduced to people at the facility. Having both of those groups together was really great. My biggest takeaway was how important the operations and ensuring products are received, stored and delivered at a high quality are. The products that Arrow is dealing with are very sensitive, so having the right procedures and materials in place is critical. What I found really interesting was being able to hear about the idea of maintaining that high bar of operations while also still making moves on improving ESG metrics and then seeing firsthand what that's looking like on the floor.

Dan: My biggest takeaway was seeing the complexity and scale of their operations. When we were walking on the floor we had to wear anti-static smocks and little shoe straps so that we wouldn't damage the products – they take a lot of care with that. It was really interesting to see all of that in action.

"What I found really interesting was being able to hear about the idea of maintaining that high bar of operations while also still making moves on improving ESG metrics and then seeing firsthand what that's looking like on the floor,"

- says Mary Boling, MBA Student

CESR: What are some important trends that you see in the ESG and sustainability landscape right now?

Dan: I would say ESG integration with financial reporting. It's a growing trend that ESG reporting is being combined with traditional financial reporting, and it’s mostly driven by sustainability-minded investors. Also, reporting organizations like the GRI and SASB have quite a bit of influence now.

Mary: Some of the things that stand out to me right now is that companies know that there are pressures to be reporting out data, but for some of these companies it's the first time they’ve ever calculated this type of data. Right now, they are figuring out how to go about it and the assumptions that need to be made. There's a lot of different reports out there but not a lot of standardization or specific guidelines. There's just a lot of inefficiencies in the systems, and until we get that clear people will be trying to work with a moving target. Developments in California are starting to hint at what that could look like.

Dan: In Professor Nunziato's class, we've talked a little bit about how the org chart is set up within a company in terms of who the sustainability division reports to. Sometimes it's the finance department or a lot of times it's legal and compliance and you can kind of gain some insight into how a company is looking at sustainability based off of how the org chart is set up.

Mary: I feel like overall it seems that it’s been tied more with the risk compliance part of companies, just making sure that they're hitting those standards and making sure that they're not opening themselves up to any type of litigation or being out of compliance, which does send a certain message on this type of work. To Dan’s point, it is interesting to think about what it could look like if it was under a different wheelhouse.

CESR: Is there anything else you would like to share regarding your project, or any advice that you have?

Mary: The Reno trip was a really great trip. Being able to work with a company and also visit their site is what getting an MBA is all about. It's about that real world application of what you're learning in the class, and I really appreciate Professor Nunziato for creating this opportunity for us to have this project through his course (Socially Responsible Enterprise). I would recommend this class for students who are looking to better understand the complexities around what the ESG and sustainability landscape is right now. It's a really great class to have philosophical discussions in class, but then also get paired in a project that's kind of showing firsthand how those complexities are showing up in the business world. I also really appreciate Arrow’s willingness to collaborate with us throughout the semester. Getting insight into such a large company and being able to contribute to the work that they're all doing has been really meaningful and this has definitely been a highlight of my experience at Leeds so far.

Dan: I definitely think it's a good experience. I would say, if you have the opportunity to do consulting projects in class or outside of it, it's definitely a good experience to have.

Interested in exploring how our MBA or advanced undergraduate teams might accelerate sustainability initiatives at your organization? Visit this page to learn more about submitting a proposal.
To learn more about the Socially Responsible Enterprise class and more opportunities, explore CESR’s ESG and Sustainability MBA Pathway.
Mary Boling and the Leeds MBA team recently placed second place at the International Duke University Energy in Emerging Markets Case competition. To read about this exciting success, check out this recent blog post.

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Energetic Edge: Leeds MBA Team Earns Second Place Award in Prestigious Duke Clean Energy Case Competition

Anonymous — Tue, 28 Nov 2023 07:00:00 +0000

Energetic Edge: Leeds MBA Team Earns Second Place Award in Prestigious Duke Clean Energy Case Competition Anonymous (not verified) Tue, 11/28/2023 - 00:00

It was important to create a solution that would benefit people, not just make a profit.

So, when four Leeds School of Business MBA students began creating a model for a prestigious case competition, they started with the true need: how to work collaboratively with farmers and community members to provide consistent, affordable energy sources and cold storage to communities in Nigeria.

“We realized early on that if we did not create community buy-in from the ground up that no matter how good the tech was, the business will fail,” said Erik Coler, one of the team members. “We decided to create a model that would work with local community leaders to run a cold storage business and provide consistent, affordable electricity to people's homes all being run entirely off a solar grid. The model also gives local farmers the ability to store their food and increase their incomes while providing affordable, better-quality food to their communities.”

Their model, and work to promote it, won the team a second place award in the annual International Duke University Energy in Emerging Markets Case competition on November 7, 2023. All students in the Clean Energy Pathway in the Center for Ethics and Social Responsibility (CESR) at Leeds, Mary Boling, Richard Swistara, Nathaniel Reynolds and Coler beat more than 60 teams to get to second place.

“Participating in this competition was exhilarating, offering us the chance to engage with and learn from other top MBA programs while tackling a case that realistically modeled renewable energy implementation in emerging markets,”

said Swistara.

In the final round, they competed with the best MBA programs in the world: IESE, third highest ranked global MBA according to FT; Northwestern, the second highest ranked MBA program in the United States; York University, the highest ranked MBA program in Canada; and Cambridge University.

“We loved how this competition allowed us to use our creativity and business acumen to address a real-world problem,” said Boling. “We are very grateful to Duke University for creating this opportunity to not only develop a solution but also get feedback on that solution from industry leaders.”

Clean Energy Pathway prepares students

“CESR offers an MBA pathway in clean energy linked to recommended courses, experiential learning opportunities, networks and jobs,” said Kathryn Wendell, executive director of CESR. “We are proud of our students for competing among many highly regarded business school programs and landing in second place. This demonstrates not only the high caliber of our MBA students, but also the significance of our pathway in preparing students to drive business solutions to environmental and social challenges.”

Back in September, Julie Waggoner, director of operations at CESR, introduced the MBA students to each other. She suggested they’d make a great team for the highly competitive Duke competition that features three rounds of competition to find the most innovative business-based solutions to a real problem faced by Okra Solar, a company that makes mesh-grid products to bring affordable and reliable energy access to all.

“I’m not aware that a Leeds team has ever participated in this competition before, so it’s very exciting to see them go so far,” said Waggoner.

And according to Coler “it came down to the razor wire for the judges who extended the original time for scoring.”

Wendell said it’s clear that sustainability is an important focus at Leeds today. More students are interested in sustainability. More faculty are integrating sustainability themes into their research and teaching, and there is increasing collaboration on sustainability initiatives across CU Boulder and with the private sector.

She said CESR would like to support more students in participating in case competitions like this and, to the extent possible, help offset costs so financial constraints aren’t a barrier to students’ participation.

“Each team brought innovative and unique perspectives in solving impactful real-world energy issues,” said Reynolds. “What a great opportunity to think deeply about complex problems and meet amazing people.”

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Propelling the Energy Transition Forward: Career Advice From an MBA Alum

Anonymous — Mon, 25 Sep 2023 15:33:42 +0000

Propelling the Energy Transition Forward: Career Advice From an MBA Alum Anonymous (not verified) Mon, 09/25/2023 - 09:33

Sena Kavi

Mike Hilgendorf (MBA ‘20) is a Leeds Alum currently working at FTI Consulting as a Director in the Power, Renewables and Energy Transition group. During his time at Leeds, he became the president of Leeds Social Impact Consultants and the Net Impact Case Competition. Mike has played an impactful role in helping develop the Clean Energy MBA Pathway, and is a frequent industry speaker at CESR events. He recently joined CESR to talk about his position and reflect on the skills and resources that led him down the path of working in energy transition consulting.

CESR: What does your day to day look like within your current role?

Mike: There is no typical day-to-day in consulting. I always tell students and people who are looking to go into consulting: if you are looking for a standard 9-5, you certainly will not find it with consulting. It is all over the place, fast-paced, and dynamic, which is exciting in a lot of ways but does not lend itself to a stable routine. In my role, I’m constantly juggling different projects with different clients, so there’s really not a day-to-day that I can speak to. That being said, in general it is working with clients, having meetings internally and externally, working through different problems, and working towards whatever deliverables that we may have on a given project.

During my MBA at Leeds, I first and foremost wanted to focus on gaining the hard skills – corporate finance skills, Excel skills, as well as general [energy] industry knowledge.

-says Mike Hilgendorf

CESR: What do you think are the main skills that make you successful as a consultant?

Mike: Specifically for FTI, the Power, Renewables, and Energy Transitions group is nestled in the Corporate Finance division. Corporate finance skills are really heavily utilized, as well as Excel and financial modeling through Excel. Other relevant skills that we use daily are related to presentations, business writing, and similar skills to communicate with clients. It is also important to have a general foundation in energy industry knowledge. Industry knowledge is critical for the work I do and part of how we screen for potential applicants.

CESR: What steps did you take to bring yourself closer to getting hired in your current position?

Mike: During my MBA at Leeds, I first and foremost wanted to focus on gaining the hard skills – corporate finance skills, Excel skills, as well as the general industry knowledge that I mentioned earlier. Outside of the classroom I had a heavy focus on extracurriculars. I was not a consultant before my MBA, so I tried to take advantage of extracurricular consulting opportunities. That includes Leeds Social Impact Consultants, or helping with the Net Impact Case Competition; involvements that can show you are interested in the industry but also help to develop the relevant skills that you need in the industry. Finally, I focused on networking, talking to industry professionals, and trying to figure out what jobs are even out there so that I could line up those classroom skills and extracurriculars to meet the job descriptions of jobs I was interested in.

"The major challenge [to transition away from fossil fuels] is intermittency and the inability for solar and wind to have a consistent supply of energy generation, because the sun doesn’t always shine and the wind doesn’t always blow."

-says Mike Hilgendorf

CESR: How do you keep up with news on the energy industry and energy transition?

Mike: We have job-specific trackers that we use internally at FTI. Besides that, in my free time, I listen to a lot of energy podcasts and energy finance podcasts because that’s what I’m interested in – that’s what I do. It’s nerdy to some people but I enjoy it, so podcasts are my go-to. You can listen to them and learn from them while you’re doing something else; I like being productive in that way.

CESR: What do you see as major opportunities and challenges in energy right now?

Mike: I’ll start with a challenge in the transition from fossil fuels to clean energy, because that will lead into the opportunities. The major challenge is intermittency and the inability for solar and wind to have a consistent supply of energy generation, because the sun doesn’t always shine and the wind doesn’t always blow. Grid operators are having a tough time balancing that intermittent generation, which is scaling up rapidly.

I think there are a couple of opportunities that arise from that, the most obvious being battery energy storage. We have made a lot of progress with that but there is a long way to go to span the duration that we need to solve the intermittence issue. The other big opportunity I see is advanced nuclear energy with small modular nuclear reactors, which is the smaller next generation of nuclear power that can provide a baseload of carbon-free electricity to the grid.

CESR: What type of work did you do before coming to Leeds?

Mike: I was actually in the legal industry – first as a paralegal, and then later as a project manager. I thought that I wanted to do environmental law and that was the way to effect change. I spent a year or two in the legal industry and quickly figured out that that was not where my skill set thrived. So, I shifted my focus more on business and finance and using those tools to propel the energy transition forward. That’s how I ended up at Leeds.

CESR: How did you use resources that were provided to you by the MBA program and CESR to help you while making a career pivot?

Mike: The underlying interest that I had was the same: propelling the energy transition. The way of effecting change is certainly different. Coming into CU, I knew I needed energy industry and finance knowledge to end up in a job that I wanted. The fact that Leeds allows you to take Masters of the Environment courses outside of the business school during your MBA was really attractive to me – that has since become its own Clean Energy Pathway. That opportunity was pivotal in my career switch.

All of the networking and extracurricular opportunities that Leeds and CESR offer were also great. I was able to do a project with RMI through Social Impact Consultants, and the Net Impact Case Competition supported by CESR was an incredible experience that helped me meet a lot of amazing people. Additionally, the different mentorship programs allowed me to meet energy industry professionals and leverage Leeds’ network, ultimately helping me navigate where in the energy industry I wanted to end up.

"At the end of the day, Leeds has a great network throughout Boulder, Denver, and the energy industry – you can have endless conversations with different Leeds Alumni."

-says Mike Hilgendorf

CESR: Do you have any advice for current students who are seeking to break into the field of energy and energy transition?

Mike: Learning about the industry academically is key. The base knowledge can put you far ahead of your peers or other job applicants. It’s also important to really focus your extracurriculars on things that are energy-industry related.

Demonstrating your devotion and eagerness to jump into the industry is going to be crucial when you start the application process for jobs and it is a real differentiator especially for people coming out of undergrad – there’s not a lot of other opportunities that you have other than your coursework and extracurriculars to set you apart.

I would also recommend networking and speaking with industry experts who have been where you are and can talk to you about what they are looking for in applicants coming out of graduate and undergraduate programs. Industry professionals can also be great to learn more about the types of jobs that are out there. One problem I had when I started my pivot from the legal side to the business side was that there are so many jobs– it seemed like the more I looked, the more different types of jobs there were. Talking to people in the industry and trying to narrow my focus based on how my skill set applies and how my preferences for a job apply to find the right fit was really beneficial. At the end of the day, Leeds has a great network throughout Boulder, Denver, and the energy industry – you can have endless conversations with different people Leeds Alumni.

Definitely take advantage of the opportunities for advancement that Leeds and CESR have to offer.

Mike will be a part of CESR’s Careers in Sustainability: ESG Consulting panel on October 5; register to attend the panel, meet Mike, and learn more about sustainable consulting.
Learn more about the coursework, co-curricular options and network-building opportunities offered by the Clean Energy MBA Pathway.

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Cultivating a Sustainable Future: The Investability of Regenerative Agriculture Technology

Anonymous — Mon, 11 Sep 2023 21:21:58 +0000

Cultivating a Sustainable Future: The Investability of Regenerative Agriculture Technology Anonymous (not verified) Mon, 09/11/2023 - 15:21

Rita Herzog

Rita Herzog (MBA/MENV'24) earned a competitive spot in the inaugural cohort of the ClimateCAP Fellowship. That program involved completing a research project, the output of which is below.

Abstract

In a world grappling with environmental challenges and food security concerns, the spotlight has shifted to a revolutionary approach to farming known as regenerative agriculture. This innovative practice not only holds the key to restoring the planet's health but also presents a promising avenue for investments in the ever-expanding realm of agricultural technology. This piece will delve into the significance of regenerative agriculture from both environmental and societal perspectives, explore the investment potential of regenerative ag tech, and highlight investment areas poised for success in the field. Additionally, this report will discuss the vital role of public-private partnerships in nurturing sustainable agriculture and address venture capitalists’ relationship with this industry while showcasing alternative investment solutions to food and ag tech that supports the scaling of regenerative agriculture.

Acknowledgments

Thank you to the ClimateCAP Team for providing resources and community to ideate about and complete this research. The cohort of ClimateCAP Fellows has created a wonderful and insightful group of peers that are curious and motivated to change the status quo of business. The Galway Sustainable Capital team was also integral to my understanding of climate and health impacts of the agricultural industry and has provided a network from which to draw information and ground-breaking innovation. Finally, thank you to the �鶹��Ƶ Leeds School of Business and the Center for Ethics and Social Responsibility (CESR) for highlighting my work. My time at Leeds has been profoundly shaped by the work done by CESR. I look forward to continuing to engage with all of these groups, and more, that have been so valuable in my education and career development.

Introduction: Reviving the Earth Through Regenerative Agriculture

Regenerative agriculture is a holistic approach to farming that focuses on rebuilding soil health, increasing biodiversity, and fostering resilience in agroecosystems. Unlike conventional methods that often deplete soil nutrients and contribute to greenhouse gas emissions, regenerative practices emphasize cover cropping, rotational grazing, minimal soil disturbance, and other strategies that work in harmony with nature (Source). This approach not only reduces carbon emissions and enhances water retention but also boosts crop yields and improves the livelihoods of farmers, producers, and consumers.

From a societal perspective, regenerative agriculture plays a pivotal role in promoting food security, especially in the face of a growing global population and climate change-induced disruptions. By nurturing healthier soils, these practices create more robust and adaptable crop systems, leading to better yields and improved access to nutritious food for communities around the world (Source).

While some farmers and ranchers are transitioning to regenerative agriculture practices overall, there can be financial and yield challenges that come with this. Due to this matter, there have been significant forward bounds within the food and agriculture technology sectors that support regenerative agriculture’s position in the industry. Capital providers are investing in both the practices of regenerative agriculture and the technologies that support it, both of which will be highlighted in this report. While there has been investment in this space to date, with increased deal volume in the last five years, investors should prioritize investment in sustainable agriculture with just as much weight as they may consider other climate tech innovations.

Climate and Human Health Impacts of Conventional Agriculture

Agriculture is both a lifeline for humanity and a significant contributor to climate change. The way food is produced has profound implications for the planet's climate equilibrium and long-term human health. There is an urgent need to move away from business as usual in this industry to more sustainable solutions through regenerative agriculture and the food and agriculture technology that supports this transition.

According to a McKinsey & Co report, there are certain key impacts that stem from agriculture that create negative climate impacts:

GHG Emissions: Agriculture, in its current form, is responsible for a staggering 27% of global greenhouse gas (GHG) emissions. If we maintain our present practices, these emissions are expected to surge by 15% to 20% by 2050.

Water Usage: Agriculture is a voracious consumer of freshwater resources, accounting for a staggering 70% of global freshwater withdrawals. The impending crisis lies in the projection that global water demand for agriculture will surge by 55% over the next three decades. This intensifies the risk of water scarcity and heightens competition for this finite resource.

Petroleum Based Inputs: Synthetic fertilizers, while historically vital for crop productivity, come at an environmental cost. The production and application of these fertilizers release CO2 and N2O, contributing significantly to the sector's emissions. This further underscores the urgency of transitioning to more sustainable and efficient farming practices.

Human health impacts associated with traditional agriculture are becoming more prevalent, and the following details will shed more light on issues like pesticide exposure, antibiotic use, and the degradation of soil quality affecting the nutritional content of our food.

Consumer and Producer Pesticide Exposure:

Consumer Exposure: When you take a bite of that juicy apple or savor a salad, you might not realize that traces of pesticides and herbicides can often come along for the ride. These chemicals are used to protect crops from pests and weeds, but they can also pose risks to human health. Residues from these substances can linger on fruits and vegetables, leading to potential ingestion.
Producer Exposure: On the other side of the coin, those who toil in the fields, planting and harvesting our food, face even greater exposure to these chemicals. Pesticides and herbicides can be absorbed through the skin, inhaled, or ingested during agricultural activities.

Antibiotic Use in Livestock Farming: Traditional livestock farming often involves the routine use of antibiotics to promote growth and prevent disease in crowded and often unsanitary conditions. This practice has raised concerns about the development of antibiotic-resistant bacteria, which can undermine the effectiveness of antibiotics for treating human illnesses.

Soil Degradation and Nutrition: As soil health declines from overuse of synthetic fertilizers and monoculture cropping, so does the abundance of essential micronutrients in our food. Studies have shown that the nutritional quality of crops grown in nutrient-depleted soil can be significantly lower, leading to deficiencies in vitamins and minerals for those who depend on these crops for sustenance.

Recognizing the profound climate and human impacts of agriculture, the United Nations Sustainable Development Goals (UN SDGs) align directly with efforts to mitigate these effects. Below are the key UN SDGs that are associated with climate change and human health impacts from the agricultural industry. Detailed explanations of each UN SDG below can be found in the appendix and the full list of UN SDGs can be found on the United Nations Development Programme’s website (Source).

Climate-Related SDGs	Human Health-Related SDGs
Goal 2: Zero Hunger Goal 6: Clean Water and Sanitation Goal 12: Responsible Consumption and Production Goal 13: Climate Action Goal 15: Life on Land Goal 17: Partnerships for the Goals	Goal 1: No Poverty Goal 2: Zero Hunger Goal 3: Good Health and Well-Being Goal 10: Reduced Inequalities Goal 11: Sustainable Cities and Communities Goal 15: Life on Land

"Agriculture is both a lifeline for humanity and a significant contributor to climate change,"

- says Rita Herzog

Investment Potential of Regenerative Ag Tech

The intersection of agriculture and technology has birthed a plethora of investment opportunities, and regenerative agriculture is no exception. As demand for sustainable food production rises, startups are harnessing innovative technologies to drive the regenerative agriculture movement forward. These advancements include precision agriculture tools, data-driven insights, and AI-powered solutions that optimize resource usage, predict pest outbreaks, and enhance overall farm efficiency.

According to Pitchbook emerging spaces research, of the 146 highlighted categories, the regenerative agriculture market has had $2.61B invested into 159 companies in the last five years, with the number of deals increasing by 2.31% in the last quarter (Source). While this is certainly not the largest investment space, there are other emerging spaces highlighted that are seeing significant growth and traction supporting the growth and implementation of regenerative practices.

Due to technological advancements, focusing on the agricultural industry provides significant opportunity to improve the industry through productivity, sustainability, and profitability. Agtech applications, such as precision agriculture, plant genetics and breeding, robotics and automation, and even digital tools all contribute to the promotion of regenerative agricultural practices, despite not often being spoken about historically in the same conversations. These technologies will allow farmers and ranchers to transition to more regenerative, yet modern, systems of food production. In the last 10 years, based on the Pitchbook 2022 AgTech Vertical Overview, there has been consistent growth in investment in the industry, with exception to the last year. 2022 posed significant economic concerns that impacted investment activity across industries, not specific to ag tech that supports regenerative agriculture efforts (Source).

According to the 2023 AgFunder Global AgriFoodTech Investment Report, Farmtech is getting attention from global investors, and has seen $10.2 billion of investment in 2022. In addition to the above categories that can tangentially support regenerative agriculture, this $10.2 billion can directly benefit the efforts to make farming and ranching more sustainable.

Not only is the regenerative agriculture market seeing growth in investor action, large corporations are also investing in the future of on-farm innovation. For example, Bayer has invested 220 Million Euros in research and development efforts in their facility in Germany, with a focus on crop protection innovations. This investment is to strengthen Bayer’s commitment to innovation in regenerative agriculture and to enhance the environmental and human health safety when it comes to input application on crops (Source). While Bayer is known for their chemical production for agricultural inputs, this shift in focus to more environmentally sustainable solutions is a signal for peer companies to follow suit and could be compared to oil and gas companies shifting focus towards renewable energy sources.

Startups in all industries raised $445B in 2022, which was a 35% decline year over year (Source). It is important to note this larger economic activity when assessing the exit activities in the food and ag tech industries. While liquidation events have slowed in 2022 and 2023 due to the overall macroeconomic environment, there have been significant exits in the food and ag tech industries that are noteworthy. There has been continuous investment into this space throughout the years leading up to 2022, so well-funded and profitable startups are ripe for exit possibilities through public listing or M&A. Below visualizes the exit activity in the Agtech industry through Q2 2023.

As consumers and businesses navigate the changing global landscape, Agri Food Tech will have a significant role in addressing the major climate and health-based crises, and the investment ecosystem for the industry is ripe for more influx of capital with continuous innovation and proven exits.

Promising Investment Opportunities to Support Regenerative Agriculture

Below are highlighted sectors within the ag tech space that show opportunity for strong investment return and the capacity to significantly change the future impact of the agricultural industry on climate change and human health. While these are only three sectors, with examples of companies within each, there are many other technologies that are growing within the ecosystem that could be considered. Plant Data & Analysis has been chosen because there cannot be change without understanding what needs to change through data, while Robotics and Biotechnology have been chosen because they both offer the opportunity to reduce environmental and human risk while providing returns that venture capitalists can appreciate. These technologies are not just backable by venture capitalists, but have been receiving government funding and could be valuable to growth stage private equity or more creative capital that is covered later in this report.

Plant Data & Analysis: Despite the perception that those that provide the world with food are not technologically savvy, the reality is that farmers and ranchers often simply lack tools to implement shifts in their systems. Historically, farmers have been left out of the conversation; however, when included to determine what the key needs are to increase productivity and minimize costs, farmers and ranchers are eager to learn more and adopt the necessary technology, according to the co-founder of AgriWebb, Kevin Baum. During Q2 of 2023, farm optimization analytics was the top funded category within AgTech, according to Pitchbook. The company, BiomeMakers, could be a strong investment in this space, as they are providing soil microbiome analysis tools to better understand soil health and what inputs may be necessary to reduce the risk of crop disease and increase yields (Source).

Robotics & Smart Field Equipment: Advanced field equipment within the precision agriculture market sector allow for minimized utilization of synthetic inputs for growth while also solving for labor shortages that have been prevalent across industries. By investing in on-farm robotics, farmers can increase their own margins by reducing labor costs. Despite this seeming negative for overall employment rates, oftentimes, as mentioned previously, agricultural labor workers face severe health impacts from their work by being exposed to harmful toxins and dangerous equipment, leading to long-term illness and, in some cases, death. According to the CEO of Monarch Tractor, Praveem Penmetsa, the agricultural industry is the third most deadly in the world behind construction and mining (Source). Monarch Tractor has created a fully autonomous, electric tractor that is less expensive than similar products on the market (Source). The Monarch tractors can reduce GHG emissions produced by traditional tractors used on farms while also mitigating human risk and exposure to elements, chemical inputs, and dangerous machinery. Thus, the technology can improve the social, environmental, and health impacts of traditional farming by creating better profits, less emissions, and less exposure. Additionally, companies like Stout Industrial Technologies, that make small, solar-powered, autonomous on-farm robots, and are backed my tractor and robotics giants like CNH Industrial (Source), have the ability to precisely apply water, fertilizer, or pesticides to specific plants. This technology can reduce the use of chemical inputs while maintaining high yields, margins, and worker health and safety (Source).

Biofertilizers: Biotech firms are designing biological fertilizes to replace synthetic inputs that are derived from petroleum. The biotech firms are able to improve plant and soil health via their biological inputs, rather than synthetic, which ultimately will help the longevity and productivity of the soil, protect water from toxic chemicals, increase water storage by soil, and improve crop nutrition by having more nutrients in the soil (Source). Kula Bio is an example of a bio fertilizer solution that provides crucial crop nutrients to plants through active organisms and renewable energy. They use microorganisms to fix nitrogen in the soil to create more productive crop development (Source). Kula Bio has thus far raised over $70M and has a post-money valuation of $210M. Lowercarbon Capital led their Series A round that was supported by 15 other investors (Source).

Understanding the VC Perspective

While venture capitalists have historically been drawn to the tech sector, the slower adoption of regenerative agriculture in VC portfolios can be attributed to several factors. Agricultural ventures often require longer investment horizons due to the seasonal and iterative nature of farming, which might not align with the shorter timelines VC firms typically follow. Moreover, agriculture involves complex variables like weather patterns and soil conditions that can be challenging to predict, introducing additional risks for investors.

Despite these challenges around regenerative agriculture that traditional thinking faces, VC funds from early to growth stage investments are investing in technologies that will support regenerative agriculture and replace certain inputs and practices that are used in the industry today (Source). For example, a local-to-Boulder VC fund, Trailhead Capital, has consistently invested in technologies that support healthy soils, which is a trademark characteristic of the regenerative movement. Trailhead Capital has built its portfolio around companies they believe will protect and regenerate the soil, promote regenerative systems, and honor stakeholders that are impacted by the “ripple effect” of industries and the economy (Source). One of their portfolio companies, Ascribe Biosciences, fits within the biofertilizer category recommended in the section above (Source). Trailhead Capital is just one example of countless VC firms that are investing in food and ag tech that further engrains sustainability in the new status quo of the agriculture industry.

The Role of Public-Private Partnerships

Investing in sustainable agriculture necessitates a collaborative effort between the public and private sectors. Public-private partnerships provide the resources, knowledge, and support required to drive sustainable agricultural practices on a large scale. Governments can provide regulatory frameworks, research funding, and infrastructure development, while the private sector brings in innovation, technology, and investment capital (Source).

In our local Colorado ecosystem, the Colorado Office of Economic Development and International Trade (OEDIT) creates a positive business climate that encourages the sustainable growth of jobs and economic development in the state (Source). Oftentimes, private capital will depend or rely on the previous deployment of grant-based funding to prevent dilution in the company. For example, Oso Meals, which aims to utilize local farmers and ranchers for their freeze-dried meals, has received OEDIT grant funding and is also seeking private capital through VC funding and angel investors. This is a perfect example of how public-private partnerships can play a meaningful role in promoting sustainable products to create a more environmentally friendly economic ecosystem.

At the national level, the United States Department of Agriculture (USDA) is recognizing lenders, such as Patwhward, to provide loans to rural communities in order to support vital infrastructure, equipment, and renewable energy and energy efficient grants for small business and rural communities across the country (Source). These funding sources can be used in conjunction with private capital to advance success in innovation and technology for all industries, including sustainable agriculture. Additionally, the USDA is seeking to promote growth and innovation in the agricultural sector by providing millions of dollars of funding through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. These opportunities support businesses conducting “high-quality research that address critical scientific challenges and opportunities in agriculture” (Source).

While government investment in the United States may be smaller than private market investment into food and ag tech, the relationship between the two, in addition to legislation that pushes forward expectations of the industry, is integral to furthering technology that will support regenerative agricultural practices throughout the United States and beyond.

"Regenerative agriculture and supporting technologies hold the potential to transform our food systems, revive ecosystems, and address some of the most pressing challenges of our time,"

- says Rita Herzog

Alternative Investment Solutions

While venture capital is the go-to strategy for raising capital in the entrepreneurial ecosystem, innovators, farmers, and ranchers have a variety of solutions that could help with creating a more regenerative landscape for food production. Below are two alternative investment solutions besides venture capital and grant money that provide creative capital to innovators looking to create a more sustainable solution. These highlighted solutions are local to Boulder, Colorado; however, alternative investment solutions exist nationwide and internationally.

Galway Sustainable Capital (Galway): Galway is a private equity-backed specialty finance company with a diversified portfolio of return-driven investments aimed at accelerating the global transition to a sustainable economy. Galway invests in seven key themes to further the sustainable economy, one of which is sustainable food, land, and water. Through their investments, Galway finances next-generation (modular, distributed, localized) infrastructure that is more efficient and resilient. Galway provides flexible, full stack capital solutions that focus on deployment of proven technologies into the marketplace, filling the critical capital void for early commercialization.

Galway is an example of alternative capital to venture money that industries like regenerative ag tech can benefit from. The nature of investment in infrastructure may require more time for returns than traditional equity investments; however, Galway continues to invest in companies that will deliver high internal rates of return (IRR) and multiples on invested capital (MOIC) while providing non-dilutive funding for their investments.

Mad Agriculture’s Perennial Fund: Mad Capital (Mad Cap) is a specialty finance company that provides customized, one-stop credit to regenerative organic and transitioning farmers. Mad Capital offers farmers operating, equipment, and infrastructure loans, as well as mortgages, working capital, and transitional loans (Source). MAD! is the larger ecosystem that Mad Cap exists within that has grown from the original business of Mad Agriculture. The MAD umbrella supports farmers and ranchers who are transitioning their land from conventional growth to regenerative agriculture through their branches of Mad Lands, Mad Markets, Mad Revolution, in addition to Mad Capital (Source). Because of the longer time horizons and high levels of risk that come with investing in land and the industry overall, there are limited financing options for farmers and ranchers who want to utilize more holistic land management practices. Mad Cap fills this gap by providing a unique blend of traditional and modern debt to growers who want to transition their land to regenerative practices. While Mad Cap is not looking for high returns, they provide an alternative to the limited loans and subsidies that are provided by the USDA (Source).

Closing Thoughts

Regenerative agriculture and supporting technologies hold the potential to transform our food systems, revive ecosystems, and address some of the most pressing challenges of our time. As startups continue to innovate within this space, the symbiotic relationship between sustainable practices and technological advancements becomes increasingly evident. The investment potential is undeniable, offering not just financial returns, but the opportunity to be stewards of positive change for both the environment and society. Food and agriculture technology should be regarded as one of the most investable emerging spaces for capital providers of all types, as existing and emerging technologies can benefit from a variety of different funding sources and structures. While investors are key to the commercialization of such technologies, the responsibility is also on consumers to demand higher standards and transparency of production across the value chain.

Appendix

Sustainable Development Goals associated with Climate Risks related to agriculture (Source):

Goal 2: Zero Hunger (SDG 2) - Addressing the climate impacts of agriculture is essential to ensuring food security for all, as changing climate patterns and extreme weather events can disrupt food production and availability.

Goal 6: Clean Water and Sanitation (SDG 6) - Sustainable agricultural practices can reduce water pollution and ensure the efficient use of freshwater resources, thereby supporting clean water and sanitation initiatives.

Goal 12: Responsible Consumption and Production (SDG 12) - Reducing food waste, adopting sustainable farming practices, and promoting efficient resource use in agriculture all contribute to responsible consumption and production.

Goal 13: Climate Action (SDG 13) - Agriculture's role in GHG emissions makes it a central player in global climate action efforts. Sustainable farming practices and emissions reductions are essential for combating climate change.

Goal 15: Life on Land (SDG 15) - Protecting and restoring ecosystems, such as forests, that are vital carbon sinks is crucial for mitigating climate impacts. Sustainable land management practices in agriculture can help achieve this goal.

Goal 17: Partnerships for the Goals (SDG 17) - Collaboration between governments, the private sector, and civil society is imperative for addressing the climate impacts of agriculture effectively. Partnerships can drive innovation and the adoption of sustainable practices.

Sustainable Development Goals associated with Human Health Risks of Agriculture (Source):

Goal 1: No Poverty (SDG 1) - Transitioning to more sustainable agricultural practices can help lift farmers out of poverty by improving crop yields and reducing health-related expenses.

Goal 2: Zero Hunger (SDG 2) - Healthier agricultural practices contribute to food security by reducing the risks associated with pesticide residues and enhancing the nutritional value of crops.

Goal 3: Good Health and Well-Being (SDG 3) - Reducing pesticide exposure and antibiotic resistance can directly improve human health outcomes and well-being.

Goal 10: Reduced Inequalities (SDG 10) - Sustainable agriculture can bridge the gap between urban and rural communities, promoting equity in access to nutritious food and reducing health disparities.

Goal 11: Sustainable Cities and Communities (SDG 11) - Transitioning to sustainable farming practices can help mitigate environmental pollution, creating healthier living environments in both rural and urban areas.

Goal 15: Life on Land (SDG 15) - Sustainable agriculture practices contribute to soil conservation and restoration, protecting the vital ecosystems that sustain life on Earth.

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