Saving Seafood

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 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

BP oil disaster might have hurt Bluefin tuna rebuilding, study says

October 3, 2016 — The release of 4 million barrels of oil in the 87 days following the BP Deepwater Horizon explosion in April 2010 occurred just as Atlantic bluefin tuna had returned to the Gulf of Mexico to spawn, and a small but significant percentage of the adult fish and their eggs and larvae were likely exposed to the toxic oil, according to a new study announced Friday (Sept. 30).

The study led by scientists with NOAA’s National Marine Fisheries Service and Stanford University concludes that the oil cumulatively covered 3.1 million square miles where fish, eggs and larvae were present in the weeks immediately after the accident.

When combined with other stressors affecting this species of tuna — including overfishing and warming seas caused by climate change — the addition of the oil’s impact “may result in significant effects for a population that shows little evidence of rebuilding,” the study published in Nature: Scientific Reports concluded.

The study, funded by the Natural Resource Damage Assessment for the BP spill required under the federal Oil Pollution Act, made use of computer modeling based on information gathered from 16 years of electronic tagging of 66 tuna that kept track of individual fish locations, temperatures and oscillating diving patterns. The information was compared with satellite observations of the breadth of oil from the spill on the surface of the Gulf to estimate the potential impacts.

Barbara Block, a Stanford professor of marine scientists and expert on Atlantic bluefin tuna, said in a Friday interview that the tagging program took advantage of earlier tagging information that indicated many of the Gulf-spawning tuna migrate back and forth from the Gulf of St. Lawrence in Canada. Researchers captured adult tuna in Canada and installed the tags. When the fish returned to Canada a year later, the tags dropped off and were collected, and their data was added to a long-term database on fish movements.

The information collected from the tags helped the scientists confirm their theories about the spawning habits of the huge fish, which can weigh as much as 1,000 pounds at maturity, and begin reproducing about 10 years after birth.

Read the full story at the New Orleans Times-Picayune

Entrepreneurs Pitch Sustainable Seafood Ideas. Investors Take The Bait

November 17, 2015 — When you’re trying to persuade investors to pour money into your new seafood startup, maybe don’t use the term maggots.

That’s the advice that Hoyt Peckham, president of SmartFish, Inc., offered to one of his fellow competitors last week at the Fish 2.0 competition at Stanford University in California. Think of it as a version of television’s Shark Tank – for the seafood industry: Competitors pitch a roomful of highly connected investors and venture capitalists. These are folks looking to put their money into projects that will modernize the decidedly stodgy and murky fish business – while also pushing sustainability.

Peckham, based in La Paz, Mexico, was one of 18 finalists (winnowed from 170 applicants) from around the world who spent a year preparing for the competition. And he offered the maggot advice to a rival, Frederic Viala, president of ENTOFOOD in Malaysia.

“During practice, I told him to avoid the term maggots — he didn’t realize that it was repelling to Americans,” Peckham said. And at first, Viala followed the advice, instead using the term “larvae” to describe his company’s plan to use black soldier flies to produce a protein feed for fish. The feed has the potential to reduce the aquaculture industry’s reliance on the world’s dwindling — and increasingly expensive — supply of anchovy and sardines needed to make fishmeal.

Read the full story from New York Now