By: Oliver Morrison
Syngenta Ventures’ managing director Michael Lee argues that agtech start-ups should abandon the pursuit of billion-dollar unicorn exits and instead focus on realistic acquisition outcomes, as most exits in the sector fall between $100m and $400m. He highlights that inflated valuations and excessive fundraising have distorted founder behavior, urging companies to keep burn rates low and seek strategic partnerships to extend runway and improve acquisition prospects. Lee identifies biological crop protection, robotics, and water management as key areas of opportunity, while noting that regulatory challenges and high costs favor larger incumbents over start-ups.