Mayani - Fireside Chat

Summary

In a fireside chat with Bernie from Wadwani Foundation, Jeff Barrero, founder of Miani, shared insights on his journey building a social impact Agri-Tech startup in the Philippines. Miani simplifies the food supply chain, offering fair prices to smallholder farmers while reducing waste. Jeff discussed the importance of ethical business practices, the growing demand for ESG metrics, and the shift towards a more socially-conscious form of capitalism. He offered valuable advice to entrepreneurs, emphasizing the need for clarity in business, early investor engagement, and expanding one’s network to support growth.

Takeaways

• 😀 Manani is a social impact AgriTech startup in the Philippines that seeks to simplify the food supply chain by consolidating smallholder farmers and providing them fair prices.
• 😀 The goal of Manani is to reduce inefficiency, food loss, and middlemen in the food supply chain, while providing fresh, high-quality food directly to consumers at competitive prices.
• 😀 Manani started as a self-funded venture in a small garage, following the Silicon Valley model, before transitioning to Angel Investors and securing a successful seed round of $1.7 million from a VC called AGFunder.
• 😀 In addition to profit, investors are increasingly prioritizing social impact metrics, especially in sectors like AgriTech, which aligns with Manani's business model of fair trade and ethical sourcing.
• 😀 ESG (Environmental, Social, and Governance) considerations are becoming crucial for both investors and buyers, with companies like Manani seeing positive responses from those committed to responsible sourcing.
• 😀 Investors are now looking beyond traditional profit and revenue metrics, focusing on the environmental and social impact of businesses, especially in the context of ethical business practices.
• 😀 Advances in tools to measure social and environmental impact make it easier for startups like Manani to assess and communicate their contribution to society and the environment.
• 😀 The concept of 'shared prosperity' is gaining momentum, with businesses seeking a different kind of capitalism that considers broader societal benefits, not just profit.
• 😀 Entrepreneurs raising funds should ensure clarity in their mission and business model, as investors will want to understand exactly what the company is doing and its value proposition.
• 😀 It's important for entrepreneurs to start conversations with as many investors and entities as possible early on, as raising funds is a lengthy process that requires ongoing engagement and relationship-building.
• 😀 Entrepreneurs should be proactive in networking with investors, impact agencies, and startup ecosystems both locally and regionally to broaden their chances of success in securing funding.

Q & A

What is the core mission of Miani?

Miani's core mission is to simplify the food supply chain in the Philippines by consolidating produce from smallholder farmers, offering them fair prices, reducing inefficiencies, and ensuring that food reaches consumers fresh, without premium pricing.

How does Miani address the inefficiencies in the food supply chain?

Miani addresses inefficiencies by eliminating unnecessary middlemen in the food supply chain, thereby reducing food loss, ensuring fair prices for farmers, and providing data-driven solutions to improve the entire process from farm to consumer.

What was Miani's funding journey like?

Miani started as a self-funded startup operating from a small garage. It later raised funding through angel investors, followed by a successful $1.7 million seed round led by AGFunder and other international investors.

What impact has the shift toward ethical and responsible sourcing had on Miani’s growth?

The shift toward ethical and responsible sourcing has benefited Miani, as investors are increasingly looking for businesses that not only focus on profit but also emphasize social and environmental impact. This has aligned well with Miani's values and mission.

How has the pandemic influenced investor behavior in terms of funding decisions?

The pandemic has accelerated the focus on social impact investing, with investors now looking beyond revenue metrics to include social and environmental factors. This trend has benefited companies like Miani, which align with these values.

What role does data play in Miani's business model?

Data plays a critical role in Miani's business model by driving efficiency and simplifying the supply chain. The use of data helps ensure that food is delivered fresh and of high quality, while also optimizing processes to prevent food loss and waste.

How important is it for entrepreneurs to be clear about their business mission when seeking funding?

Clarity about the business mission is essential for entrepreneurs seeking funding, as investors need to understand the company's goals and how it plans to create value. A clear pitch helps build trust and makes it easier to attract potential investors.

What is Jeff Barrero’s advice for entrepreneurs raising funds for a social impact business?

Jeff Barrero advises entrepreneurs to have clarity on their business and mission, polish their pitch, and start conversations early with investors and agencies. He also suggests widening the network to include regional and global connections.

What is the significance of social and environmental impact metrics for modern investors?

Social and environmental impact metrics are becoming increasingly significant for investors who are now looking for companies that contribute to positive societal and environmental change. This trend reflects a broader shift towards more responsible and sustainable capitalism.

How should entrepreneurs approach networking when trying to raise funds?

Entrepreneurs should initiate conversations early and engage with as many investors, firms, and agencies as possible. Building relationships over time is crucial, as funding decisions often take longer and require ongoing dialogue.