As someone who feeds off the energy and enthusiasm of entrepreneurs who are trying to change the world, Derek Norman feels he is in a perfect position to tap into that passion at Syngenta Ventures.
A managing director at the unit, Norman has been with Switzerland-based crops company Syngenta for nearly seven years, joining shortly after its corporate venturing arm was established. Attracted by his interest in the agriculture industry following his PhD from Harvard University in chemistry after graduating in the subject from Stanford, Norman said: “There was the question of whether VC could have a meaningful impact in the agricultural industry.
“This was a question I was interested to explore. In 2009, when I joined, the agricultural VC sector was miniscule compared with today. I was leaving a healthcare-focused VC firm, and while there were many interesting parallels to the pharma industry, there was a dearth of agricultural investing relative to pharma. I think I am a contrarian by nature, so I found this disconnect compelling.”
Norman said working in corporate venturing has allowed him to learn a great deal about the industry, in particular that major strategic players do not necessarily have all the answers. He also said that one of the surprises he has had while working at a multinational, and one that he did not realise he would value so highly, was the opportunity to work with a range of nationalities and backgrounds.
Norman is particularly proud of how the unit has won the trust of senior management at Syngenta, which has seen its CEO leave at the time of writing after rejecting a buyout offer from peer Monsanto last summer but is expected to try again. He said: “Given what we do, we are compelled to take long-term, sometimes risky, stances about the evolution of the industry or a technology.
“Our industry can be affected by the cyclical nature of commodity prices, but we have more support than ever to do what we are doing.”
Capacity represents a challenge for Norman, who notes that the agriculture sector has taken off since 2012. Before then, the Syngenta team could keep an eye on all investment opportunities. The sector has become so big now, though, that they need to keep a focus and allocate time accordingly. Norman is director at Biognosys and chairman of AgriMetis. Despite this, Norman considers himself incredibly lucky to have found a metier that reflects his personal interests and intellectual curiosity and wants to continue having a powerful impact on the development of the sector.
Recognising the stronger position that corporate venturing finds itself in compared with previous years, Norman thinks that most of the negative preconceptions about corporate venturing are outdated and inaccurate.
“We as an industry should put forward as our first principle to always put the innovator companies first, whether they are in our portfolios or not,” said Norman. He added: “This is something I personally strongly believe in. I believe most, if not all, CVC groups do this, but it perhaps some public affirmation of this principle would be an interesting concept to consider.”