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Fish 2.0 Offers Cash, Advice to an Ocean of Seafood Start-Ups

January 25, 2018 — In a large ballroom at Stanford University’s Arrillaga Alumni Center, jittery entrepreneurs make their way onto a small stage to pitch their sustainable seafood ventures. Out of 184 applications, only 40 have made the cut. Among the finalists are a mail-order oyster startup that will ship the food overnight to your door, a manufacturer of devices that track lost fishing gear, an Alaskan processing facility looking to expand, and training programs that teach Peruvian fishermen how to operate more sustainably.

They’re taking part in the third bi-annual Fish 2.0 competition, and the stakes are high. Many of these entrepreneurs have never made a pitch in front of an audience before. And with some of the largest and most respected investors in the sector, including Rabobank, Aqua-Spark, and Obvious Ventures, eagerly looking on, competitors are anxious to make a good impression. Flanked by projectors and armed only with a microphone and a remote to advance their slides, entrepreneurs from as far away as Italy, Peru, and the Solomon Islands have only a few minutes to make their pitch in front of a four-judge panel and a room full of potentially lucrative connections.

With global demand for sustainable seafood growing rapidly, the industry hasn’t been able to keep pace. Programs like Fish 2.0 hope to meet that demand and support the sector’s growth by connecting investors to emerging businesses. Similar to accelerators like Mixing Bowl, Imagine H2O, and the Chobani Incubator, Fish 2.0 aims to strengthen the sustainable seafood movement by helping ventures become financially sustainable, scalable, and profitable.

Although Fish 2.0 is framed as a competition, networking is what really matters for most participants. The eight competition winners each receive $5,000 in prize money, but for past winner Norah Eddy, whose company Salty Girl Seafood sells sustainable fish in ready-to-cook, pre-marinated packages, the experience and exposure were more important than the actual cash. Eddy says the connections she fostered at Fish 2.0 two years ago have remained fruitful for Salty Girl, which has expanded its line of products since they won a prize at the competition.

“We’ve subsequently raised money and our connection to Fish 2.0 has only served us well in business following the competition,” Eddy adds.

A Forum for Changemakers

Fish 2.0 is the brainchild of Monica Jain, a Wharton MBA graduate and former marine biologist, and it brings her two passions together. “There are a lot of great companies starting up and they need capital to grow effectively,” she says. “It’s the same in every field. We can’t expect innovative business to grow without capital.”

Funded by academic institutions, the David and Lucile Packard Foundation, USAID, the U.S. State Department, investment funds, and others, the Fish 2.0 process starts a year before the actual event, with businesses applying to the competition online. Each applicant is put through a series of assessments that examine their business plans, potential for impact, risks, and opportunities for investment. While some businesses are well-established and looking to expand, others are looking for their initial seed money.

No matter the size of their business, each of the top 40 entrepreneurs is paired with an impact advisor and an investment advisor who offer feedback on both the science and the business sense of their model. The contestants span the broad and diverse seafood supply chain, with offerings ranging from an oyster co-op in Florida looking for investors to help fund construction of a hatchery, to Seafood IQ, an Icelandic company that uses radio frequency identification (RFID) labels so consumers can be sure they know where their fish is coming from.

Seafood provides a unique challenge because the industry is global, fractured, and full of middlemen. Salmon, for example, may be caught in Alaska, processed in China, and then shipped back to the U.S. for sale. As with other meats, it’s often difficult to tell where seafood is coming from or whether it’s sustainable. And the problem is getting more pronounced as global demand increases. In 2016, the Food and Agriculture Organization (FAO) found that global per capita fish consumption had hit more than 44 pounds a year, an all-time high.

Earlier this year the World Bank reported that, “about 90 percent of marine fisheries monitored by the FAO are fully fished or overfished, up from about 75 percent in 2005.” In addition to increased consumption, the report also points to the fact that “fish stocks are also under pressure from pollution, coastal development, and the impacts of climate change.”

Rather than focusing on improving consumer education or tightening governmental regulations, Fish 2.0 hopes to protect the oceans by showing sustainability makes good business sense. Because the seafood industry relies on natural resources, Jain believes that sustainable ventures, which are able to preserve those resources for years to come, are more “likely to do better in the long run.” Sustainable, she says, is simply “better business.”

Tim Fitzgerald of the Environmental Defense Fund (EDF)—and a judge at this year’s Fish 2.0 contest—agrees that this investment is vital to the long-term health of the oceans. “To have large-scale change, you have to engage business,” he says.

Read the full story at Civil Eats

 

Fish 2.0 Awards Second Round of Prizes in 2017 Competition

December 13, 2017 — CARMEL, Calif. — The following was released by Fish 2.0:

Fish 2.0 today announced the winners of its 11 ICX (Industry Connection) prizes, the final awards in the Fish 2.0 2017 competition for sustainable seafood businesses.

The competition’s cash prize winners were announced Nov. 8 at the close of the Fish 2.0 2017 Innovation Forum at Stanford University. Those awards went to the eight seafood ventures—one in each of the competition’s six regional and two global tracks—that earned the highest scores from investor-judges.

All of the 39 finalists from around the world who presented at the Forum were eligible for ICX prizes. These prizes are unique opportunities for ventures to gain market insights and expertise from industry leaders who support growth and innovation in sustainable seafood. Offered by investors and buyers, intermediaries and other seafood companies, ICX prizes include invitations to work directly with industry leaders on investment structures and growth plans or developing branding and market penetration strategies; to attend investor and industry events; and to meet and present to retail and wholesale partners in Europe and the U.S.

“It’s important for us to support the growth of the sustainable seafood sector as well as innovations in this sector,” said Guy Dean, vice president and chief sustainability officer at Albion Farms & Fisheries. “Fish 2.0 does just that, and their results have been fabulous. As a successful protein company, we are happy to help coach and mentor entrepreneurs because they will ultimately create positive impact for our industry and for future generations. In addition, this is a great opportunity for us to learn about new initiatives. In fact, we gain as much value in learning about the prize recipient’s innovation as we hope the prize recipient gains from our input and work with them.”

ICX prize recipients were chosen based on fit with the prize criteria and ability to take full advantage of the prize.

“Given Alltech’s ACE principle commitment to agricultural solutions that benefit the animal, consumer and environment, and to improving aquafeed specifically, we were eager to partner with Fish 2.0 in identifying companies that might be able to complement our core competencies and capabilities,” said Dr. Sasha Tozzi, algae technical manager at Alltech. “We are very excited to meet NovoNutrients to learn more about their technology, which could have many applications in Alltech’s animal nutrition. ShellBond’s capability to use swine waste as a source of a natural carotenoid antioxidant is another compelling match.”

Here is the full list of ICX prizes and winners, by prize sponsor:


Albion Farms & Fisheries
Prize: A full day of expert consultation with the Albion Farms & Fisheries senior leadership team and CSO, including advice and insight on opening new market opportunities and business growth strategies.
Winner: Fish Extend of Santiago, Chile, whose product extends the shelf life of fresh fish using natural ingredients, reducing production losses due to spoilage.

Alltech
Prize: Two passes for ONE: the Alltech Ideas Conference in Lexington, Kentucky, in 2018, and private meetings in Lexington with members of the Alltech team.
Winners: NovoNutrients of Sunnyvale, California (also the competition’s Supply Chain Innovation track winner), which is using food-grade bacteria to make fish food from industrial carbon emissions; and
ShellBond of Wilmington, North Carolina, whose technology solves problems in oyster habitat restoration, spat sedimentation, oil cleanup and nonorganic antioxidants in salmon farms.

Australis Aquaculture
Prize: One-day consultation with the Australis CEO and leadership team on how to introduce new products to market and/or scale an aquaculture enterprise.
Winner:VakSea of Baltimore, which has developed a patented oral vaccine delivered via fish feed that promotes healthier fish and decreases antibiotic use in aquaculture.

Calvert Impact Capital (formerly Calvert Foundation)
Prize: Half-day expert consultation with Calvert Impact Capital lending staff who lead its Women Investing in Women program, including mentorship, guidance and information on accessing financing.
Winner: American Unagi of Thomaston, Maine (the competition’s short-pitch winner), which grows locally harvested glass eels to market size in a land-based aquaculture system.

FishChoice
Prize: Two half-day meetings or one full-day meeting for up to three people with the FishChoice leadership team, who will share FishChoice’s expertise on sustainable seafood ratings and certifications.
Winner: Fair Agora of Bangkok, whose Verifik8 monitoring and verification software collects data from fish farms and cooperatives to help seafood buyers make safe and responsible choices.

IntraFish
Prize: Two tickets to the IntraFish Seafood Investor Forum in either New York or London.
Winners: ColomboSky of Verona, Italy, whose Aqua-X technology for the marine aquaculture industry uses satellite images, in-situ data and expert supervision to monitor and forecast water quality; and
TunaSolutions of Sydney, a fair-trade online marketplace for the tuna industry that connect fishers with buyers and facilitates real-time trading through a series of online auctions.

Rabobank International
Prize: Half-day meeting and consultation with the Rabobank North American seafood lending team, and a consultation with Rabobank’s global seafood analyst.
Winner: SmartCatch of Palo Alto, California, whose flagship product is DigiCatch, a remotely controllable video, lighting and oceanographic catch monitoring system.

RSF Social Finance
Prize: One-day visit to the RSF Social Finance offices for coaching sessions with the social enterprise lending team and the RSF marketing team.
Winner: Real Oyster Cult of Duxbury, Massachusetts (also the competition’s New England track winner), which ships fresh oysters from all over North America direct to consumers overnight.

Stavis Seafoods
Prize: Half-day consultation with the Stavis Seafoods CEO and responsible sourcing manager, including mentorship, guidance and information on accessing new market opportunities.
Winner: OneForNeptune of Santa Fe, New Mexico, which offers healthy, high-protein snack foods made from underutilized and undervalued U.S. groundfish species and industry offcuts.

TomAlgae
Prize: Two-day consultation with specialists from TomAlgae, who will offer advice and expertise on successfully scaling oyster aquaculture production.
Winners: Panacea Oysters of Spring Creek, Florida (also the competition’s South Atlantic and Gulf Coast Shellfish track winner), which is restoring oyster farming in Apalachicola Bay by creating a unified brand and guaranteeing purchases to farmers; and Pensacola Bay Oyster Company of Pensacola, Florida, an oyster farm producing premium oysters for the half-shell market, with the goal of restoring the Gulf Coast’s environment and working waterfronts.

Wabel
Prize: The Wabel Retail Prize includes an invitation to the Wabel Summit, at least eight meetings with fish buyers from Europe’s largest retail groups, and more.
Winner: Northline Seafoods of Sitka, Alaska (also the competition’s U.S. West Coast track winner), whose unique floating processing facility eliminates waste and extends the shelf life of sustainable wild salmon.


“Our team is thrilled to receive the Stavis Seafoods ICX prize,” said Nick Mendoza, CEO of OneForNeptune. “We’re introducing seafood products to a consumer market dominated by non-seafood meat snacks, which is both a challenge and an opportunity. Guidance from a company that is nearly 100 years old could be pivotal to our success, helping us to avoid the mistakes and pitfalls that can derail young companies. This prize gives us an invaluable opportunity to learn directly from Richard Stavis, a seafood innovator who has successfully grown a large company while continuing to focus attention on fishing communities, sustainable sourcing and enhancing consumer awareness.”

Fish 2.0 founder and executive director Monica Jain said the prizes and the spirit behind them exemplify what Fish 2.0 is all about—growing the sustainable seafood industry through connections and learning. “We’re grateful to these forward-thinking prize givers for offering their time and resources to these ventures and to the field,” she said. “Over the past years, these prizes and the partnerships that result from them have led to extraordinary growth acceleration for the winning ventures and the prize givers. These are golden opportunities.”

The prize givers benefit along with the entrepreneurs. “Participation in Fish 2.0 gives us fantastic insight into the sustainable seafood sector—it’s a great way to build our network and learn about the range of innovation and investment activity that’s happening to support sustainable oceans,” said Leigh Moran, senior officer, strategy, at Calvert Impact Capital. “Offering an ICX prize is a great way for CIC to be more involved in Fish 2.0 and continue learning about the sector.”

About Fish 2.0

Fish 2.0 is a Carmel, California–based social enterprise that connects investors and entrepreneurs to grow the global sustainable seafood sector. Working through Fish 2.0’s expanding global network, regional workshops and other events, and online competition platform, Fish 2.0 participants collaborate to drive innovation, business growth and positive impact. Everyone benefits: Entrepreneurs meet potential investors, partners and advisors. Investors and advisors get early access to investment opportunities and learn about emerging technologies and trends. Industry leaders gain direct access to sustainable seafood suppliers and partners.

 

Seafood traceability swims into Silicon Valley

November 10, 2017 — Forget the romantic image of a lonely fisherman chasing his catch on the open water. Fishing supply chains have become sprawling, technology-driven operations rife with overfishing and human rights abuses.

For that reason, fishing companies and the stores that sell their products are increasingly on the hook for the environmental and human effects of their supply chains. The need to know where fish comes from for legal compliance purposes and resource preservation, from sea to shelf, has spawned “seatech.”

Monica Jain, founder of Fish 2.0, an organization that fosters entrepreneurship in sustainable fishing and aquaculture, describes this space as “new monitoring, visibility, production and processing tools for the seafood industry.”

One-third of global fishing stocks are depleted, according to the Greenpeace Sea of Distress report issued in October. And global fish catches have been declining since the 1990s. With seafood production expected to increase 20 percent by 2025, ocean ecosystems are being decimated. Furthermore, the U.S. State Department has found forced labor and human trafficking on fishing vessels or processing facilities in more than 50 countries.

In response, Greenpeace found that major food industry players including Sodexo, Aramark and Compass group are taking strides towards protecting the oceans and the people who make a living from them by selling responsibly-sourced seafood, and increasing transparency and better practices at sea.

Aramark, for example, is the first U.S. foodservice company to procure seafood from vessels that don’t participate in transshipment, policies that allow vessels to fish for years and can breed labor and human rights abuses. Also this year, global tuna giant Thai Union has taken the lead to source sustainably caught tuna and protect worker’s rights.

Read the full story at GreenBiz

 

Fish 2.0 whittles 184 applicants down to 40 semifinalists

September 26, 2017 — Fish 2.0, a business competition that connects seafood businesses and investors to grow the sustainable seafood sector, announced last week that 40 companies in the seafood industry will present ideas to investors at the Fish 2.0 Innovation Forum taking place in November at Stanford University in California.

The program bears similarities to the hit television show Shark Tank, and the field of contestants was narrowed from a long list of 184 entrants.

“This is the strongest group ever. The level of innovation is potentially both system changing and very profitable,” Fish 2.0 Founder and Executive Director Monica Jain said. “We’re seeing the rise of ‘seatech’ – new monitoring, visibility, production and processing tools for the seafood industry – as well as other advances that remove barriers to growth and sustainability for fishers, farmers and buyers throughout the value chain.”

Read the full story at Seafood Source

Fish 2.0 evolves to fight industry fragmentation

April 25, 2017 — The business competition Fish 2.0, now in its third installment, is evolving into a nexus of communication that is helping fight fragmentation in the seafood industry, according to its founding director Monica Jain.

Held every two years after an inaugural 2013 edition, Fish 2.0 is an open call for entrepreneurs and business owners in the seafood industry to propose their projects and get feedback from investors and industry professionals, as well as possible financial backing.

The four-phase competition pares the proposals it receives down to a group of finalists that present at Stanford University to a room full of investors, consultants and other businesses owners.

Jain said her original motivation behind creating the competition was to stimulate private investment in sustainable seafood, and the competition has certainly done that— companies that presented at the 2015 Stanford finals have raised more than USD 30 million (EUR 27.6 million), and include starts-ups including LoveTheWild and Acadia Harvest Inc.

But the competition has also created an unforeseen meeting point in a dispersed industry.

“The thing that we’re seeing is that more and more businesses are interested in our competition not just to meet investors, but to meet each other. There’s a lot of benefit for them meeting each other because the seafood industry is fragmented,” Jain said.

For the 2017 edition, Fish 2.0 held six workshops in different regions; Southeast Asia, Chile and Peru, the Pacific Islands, New England, the South Atlantic and Gulf of Mexico, and the U.S. West Coast.

At the U.S. West Coast workshop early this month in Seattle, entrepreneurs from California to Alaska discussed innovations and business ideas that ranged from submarine robots for patrolling aquaculture farms to salmon-based baby food to innovative fish handling techniques.

Read the full story at SeafoodSource.com

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