Introducing Ivo Degn and Climate Farmers

Q: Could you introduce yourself and tell us about Climate Farmers?

A: I’m Ivo, a co-founder and managing director of Climate Farmers. We are a mission-driven company and non-profit, dedicated to scaling regenerative agriculture across Europe. Our work involves aiding farmers in their transition to regenerative practices, collaborating with food corporations to shift their supply chains, and engaging in advocacy to shape supportive frameworks and systems in both the food industry and EU policy.

Q: What inspired you to start Climate Farmers?

A: My background is in agriculture, and with climate change affecting us all, it felt imperative to work in this area. Realizing the enormous potential for transformation in agriculture, which is now undergoing significant changes, we saw a lack of systematic infrastructure to ensure a sustainable transition. This gap motivated our mission at Climate Farmers.

Why Rockstart?

Q: Why did you choose Rockstart as your venture capital investor?

A: Rockstart stood out as the only venture capital investor we considered and who also considered us. Their unique approach involves walking the talk. Most VC investors we talked to didn’t align with our vision of business and impact, but Rockstart did. They understood our goal of building a successful business with a massive systemic impact. Additionally, our structure is unusual – our non-profit entity controls our company to ensure mission-first decisions. Rockstart supported this philosophy. They’ve been incredibly founder-friendly, understanding the realities of founders. Their decision-making process prioritizes the founder’s needs and long-term integrity over short-term profit, which is a rare quality. They even offered us a safe agreement, which is uncommon in Europe, further showcasing their commitment to founder-friendly practices.

The Application Process

Q: Can you describe the application process for Rockstart’s investment?

A: The process was fairly typical for startups. We didn’t initially apply to the accelerator; our discussions with Rockstart were about investment. The accelerator participation emerged as a requirement during the investment process. We pitched Climate Farmers, engaged in several conversations, and found mutual interest, leading to term sheets and closing deals. The information about needing to join the accelerator came up during these discussions, so it wasn’t something we had actively sought out.

Q: Did you participate in Rockstart’s accelerator program as part of the investment process?

A: Yes, it was a requirement for the investment. We went through Rockstart’s accelerator as part of the terms of their involvement.

Q: What was your experience with accelerator programs before joining Rockstart?

A: Climate Farmers had participated in 11 accelerator programs, with Rockstart being around the 10th. By that time, we were quite exhausted from accelerator programs and had already acquired the resources typically offered by such programs. So, my perspective on Rockstart’s accelerator might differ from the norm, as we were already well-versed in what accelerator programs entail.

A Typical Day at Rockstart

Q: Could you describe a typical day in the Rockstart Accelerator?

A: Rockstart’s accelerator experience was unique due to its timing during the COVID-19 pandemic, with some sessions being online and others in person. The rhythm was about a week every month or two, featuring intensive group sessions and individual mentoring opportunities. Access to the Rockstart team, particularly individual mentoring from Mark, was invaluable. We also had peer-to-peer learning sessions, both online and at Rockstart’s co-working space in Copenhagen.

Funding

Q: How much funding did you receive from Rockstart, and what were the terms?

A: We received €165,000 from Rockstart, which was relatively low compared to their usual investment of a minimum of €1 million. Initially, Rockstart offered a safe agreement, but it ultimately turned into a convertible note.

The Value of Rockstart’s Program

Q: Reflecting on the Rockstart accelerator, was there a valuable moment, and would you participate again?

A: The Rockstart team was highly committed to making the accelerator a great experience, actively seeking and implementing feedback. However, it was the only one out of 11 programs we attended that had a fee (€65,000), which didn’t feel worth it compared to the free accelerators. The session quality and startup diversity were okay but often not relevant to our unique business model. While they tried to adapt to our needs, the practical outcomes, especially in terms of partnerships, were limited. The most valuable aspect was the individual mentoring with the Rockstart team, but even that was constrained by time.

Challenges Faced During the Accelerator Program

Q: Could you elaborate on the challenges you faced during Rockstart’s accelerator program?

A: During the program, we were still in the early stages of building our business, with about 10 to 15 employees. The primary challenges were related to leadership and organizational development. Surprisingly, these topics are rarely addressed in accelerator programs. Despite participating in 11 different programs, none significantly focused on the personal journey of the founder or leadership skills. This lack of attention to crucial aspects like managing people and oneself was a significant gap in the accelerator experience, which remains largely unaddressed in such programs.

Q: Do you believe leadership is undervalued in startups?

A: It seems that leadership skills are often undervalued, particularly in startups with stereotypical leadership teams, like the white male engineer archetype. There’s a reluctance to discuss internal challenges publicly due to fear of negative perceptions from investors and the wider community. This leads to a situation where discussing leadership challenges is not considered safe among founders. There’s also the issue of startups failing due to internal conflicts, which further highlights the need for effective leadership and open discussion about these challenges.

Q: Do you see a correlation between participating in accelerator programs and the current status of your company?

A: Honestly, I haven’t observed a direct correlation between accelerator programs and business success. While these programs do offer communication benefits and increased exposure within the startup ecosystem, the actual impact on the business can be minimal. Often, the value derived from accelerator programs, such as network access and exposure opportunities, doesn’t necessarily justify the time and resources spent on the programs themselves.

Future Milestones

Q: What are your upcoming milestones, and do you feel the accelerator has prepared you for these?

A: There’s no direct relationship between our next milestones and the accelerator’s impact. Our upcoming goals include influencing the agricultural system at events like COP and raising funds on our terms, neither of which were addressed in the accelerator. While there was some input on market strategies, the accelerator’s preparation for these specific milestones was limited.

Founder’s Advice

Q: Do you have any advice for startups considering applying to Rockstart or other accelerators?

A: My advice would be to be selective with accelerator programs. Participating in too many can be counterproductive. Start with a few, even if they’re not top-tier, as they can help you get into better programs later. However, be mindful of your time and choose programs that truly fit your needs. If you’re paying for an accelerator, ensure it’s the right fit and consult other founders who have been through it. There are many excellent free programs available, so weigh your options carefully before committing.