Featured CED Case Study: BioResource International, Inc.
BioResource International (BRI) develops innovative solutions to address agricultural and industrial challenges in a way that is economically and environmentally sustainable. Our first product is a poultry feed additive that helps chickens grow bigger and healthier by improving the digestibility of the nutrients in the feed. Future products under development include next generation enzymes and natural products designed to improve animal and human health and nutrition.
We funded BRI through some seed investment from angel investors and some overseas institutional investors. We also applied for and received Small Business Innovative Research (SBIR) grants from the US Department of Agriculture. When noted that the agricultural biotechnology industry was not a large market for venture capital, president Giles Shih said that the company"focused on raising funds from individual investors and institutional funds that invested more based on personal relationships."
A large breakthrough moment for BRI occured in 2008, with the signing of a distribution agreement with Novus International, a leading global animal nutrition company based in St. Louis. Novus has rolled out BRI's products all over the world, including rapidly growing markets in Brazil, India and China. This has been critical for the expansion of BRI products in these markets and helped BRI grow in the years since the agreement.
What would you like to tell aspiring entrepreneurs?
Shih provides this advice to aspiring entrepreneurs: "Inertia and momentum are your friends - start moving forward with your entrepreneurial venture and keep moving forward. Don't get caught up too much on analysis or the opinion of others. It is okay to change course, pivot, or make small adjustments as you go, but the true entrepreneur must always keep focused on moving forward."
For more information on BioResource International, please visit their website or review their blog.
More CED Case Studies:
Precision BioSciences, Inc.