Innovation and Entrepreneurship Case Study and Reflection
Innovation and Entrepreneurship Case Study and Reflection
Innovation and Entrepreneurship Case Study and Reflection
SM9715
Student Number
Word Count
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PART 1- Case Study of Bowery Farming
Table of Contents
PART 1- Case Study of Bowery Farming........................................................................2
Macro Analysis............................................................................................................................6
Micro Analysis.............................................................................................................................8
References..................................................................................................................16
References..................................................................................................................25
Appendices.................................................................................................................26
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Section 1: Critical Analysis of the Entrepreneurial Narrative
Bowery Farming is a new farming venture that cultivates greens indoors using
innovative technologies, including robotics, LED lighting, and data analytics. Bowery
creates high-tech indoor farms close to urban areas, where they cultivate Protected
Produce that is both pesticide- and chemical-free and boasts intense flavour all year
long. Thus, Irving Fain, David Golden, and Brian Falther established it in 2015 with
headquarters in New York (Forbes, 2021). However, Bowery uses its proprietary
organic products. Through its unique technology, it orchestrates and automates its
operation to grow fresher, pesticide-free vegetables and herbs near cities in a perfectly
also boasts 15% more efficient LED lighting (Pagan Research, 2021). To assure the
most significant level of food safety and quality, an innovative water recapture and
filtration system have been custom-built to ensure that even the water expelled from the
Through retail partners like Whole Foods Market and Albertsons Companies, the
farm supplies fresh produce to more than fifty million people within two hundred miles of
the farm (Wall Street Journal, 2018). Thus, Bowery's produce is available at a variety of
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speciality and independent grocery stores across the US via local wholesalers, like Four
Seasons Produce.
Irving Fain, a successful entrepreneur who, earlier in his career, had cofounded
CrowdTwist, which Oracle Corporation later purchased for $100 million, established
Bowery Farming in 2015. (Forbes, 2021). Cofounding the company with Irving were
successful businesspeople David Golden and Brian Falther (Wall Street Journal, 2018).
Henry Sztul became a member of the firm's founding team soon after its establishment
the company (TechCrunch, 2021). The venture capital firms Google Ventures, General
Catalyst, GGV Capital, and Temasek invested $472 million in Bowery Farming.
However, Fidelity Investments was the driving force behind its most recent round of
fundraising in 2021. (Reuters, 2021). Natalie Portman, Lewis Hamilton, Tom Colicchio,
Chris Paul, José Andrés, and Justin Timberlake are among the company's investors
(Pagan Research, 2021). Bowery built Farm X in Kearny, New Jersey, in 2021 as an
innovation hub for plant science to expand crop types and focus on indoor farming seed
development (NJ Business, 2021). The Bowery's Farm X allows consumers to enjoy
markets. In 2021, the company expanded into Bethlehem, Pennsylvania, with the
Bowery Farming maintains three commercial farms and two Research and
Development (R & D) sites in Kearny, New Jersey, where it grows its food in industrial
pesticides and with a minimum water footprint (Fortune, 2021). Furthermore, Bowery
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Farming delivers locally farmed food to Whole Foods Market, Giant Food,
Walmart, ACME and Safeway outlets, and Weis Markets (Fortune, 2021). Delivery
choices from Bowery Farming include Hungryroot and Amazon (Supermarket News,
2021).
robots, AI, and a unique operating system called BoweryOS that takes pictures of crops
and performs real-time data analysis (Wall Street Journal, 2018). Using Samsung's
former Chief Technology Officer, Injong Rhee, Bowery has accelerated the
in vine crops, was acquired by Bowery farming in 2022. (Ag Funder News, 2022).
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Section 2: Focused Business Environment Analysis
Macro Analysis
company's decision-making and growth. This section will assess Bowery's ecosystem
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Because of the technology involved in
its production, Bowery farming is
commercially viable since its products
are considered high quality. However,
Bowery farming will face challenges if
greenhouses adopt similar technology.
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Environmental Factors concern that could impact Bowery's vertical
farming; as the number of vertical farms in
cities increases, the existing vacant
buildings will no longer be empty.
Therefore, to accommodate vertical farms,
new skyscrapers will be constructed. Thus,
these high-rise vertical farms will cause
visual pollution in the city.
Micro Analysis
Bowery farming has gained popularity due to the rising demand for organic
veggies and the need to decrease waste production. Bowery is a pioneer in the vertical
farming industry, but its success is affected by internal and external influences. In light
of this, a SWOT analysis of the Bowery farming Market has been performed for this
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section of the report to detail its strengths, weaknesses, market opportunities, and
threats.
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preferable to the more traditional farming
system stations found in rural areas.
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crop cultivation. As a result, the excellent
quality of the crops and the increased
degree of food safety are advantages that
might contribute to their full potential. In
addition, Thus, Bowery farm's high-quality
goods may attract new customers.
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Section 3: Description and Critical Assessment of Bowery Farming
Business Plan
decreasing, and more people settling in cities, urban vertical farming has gained traction
(Pagan Research, 2021). However, accessible agricultural land is a crucial issue for
farming. If a region has difficulty obtaining sufficient agricultural land but wants to
improve its food security and decrease its reliance on imports, vertical farms may be an
appropriate solution. Thus, this business plan's strengths and limitations, and the plan's
business model canvas will be applied to analyse the value proposition presented by
Bowery farming. Nonetheless, the business model canvas, according to Pigeur (2014),
is a tool for "strategic management." The relevance of the business model canvas lies in
the fact that it enables organisations to undertake methodical, practical, and strategic
like Bowery Farming may use to manage their strategies or generate new development
customer relations, essential resources, key activities, key partnerships, core structure,
and income streams. The value proposition is the one component of a business model
canvas that stands out as being particularly important since it is the one that defines the
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position of the company in the market the most precisely (Ching & Fauvel, 2013).
In the most immediate sense, Bowery's farms deliver value to locals by providing
limited land utilisation for massive crop cultivation, the land remains for another
economic benefit. In addition, the controlled growing environments devoid of filth and
sickness.
Using less water than conventional farming, Bowery farming adds value to
society. According to the Association for Vertical Farming (2015), humans consume just
30% of the available freshwater because the remaining 70% goes to irrigate crops and
raise livestock. Therefore, more water will be available for human consumption if crops
Bowery Farming can produce a larger harvest each year; thus, their agricultural
goods are available to customers throughout the year rather than only during the
company's greatest strengths. That means year-round crop output consistency. For this
reason, Bowery Farming can grow crops regardless of the weather, as vertical farming
typically does not rely on the weather. Another strength of the Bowery Farming vertical
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system is that it does not necessitate enormous tracts of fully fertile ground. This farm
can be developed and constructed in any location and environment, and crops may be
In addition, the stacking growing technique allows for the production of more
crops in a limited space. Another strength is that the Bowery Farming vertical system
relies on a Hydroponic growing method that requires only 10% of the water required in
Nevertheless, the weakness of this system lies in the fact that the crops are
increased manual pollination costs for Bowery Farming. Another weakness is that this
business and environment. The practice of growing crops indoors on shelves has a
supplement outdoor farming, allowing farmers to supply their communities with year-
round access to fresh, nutritious vegetables. Bowery Farming broadens the scope of the
supply chains and strengthens the food safety of an area. However, one of the main
expensive or inaccessible for people living in places not well served by their food
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distribution networks. Another significant social impact of Bowery Farming is how it has
the potential to influence and even destabilise a group of people that are exclusively
Bowery's vertical farming system has less demand for resources like land or water, no
need for chemical pesticides, and less need to ship food long distances, thus, reducing
limited farmable land, and a lack of fresh water. To combat these issues, Bowery
Fluence LED grow lights, which allow for year-round, extremely efficient food
production.
The land and water necessary for agriculture are becoming increasingly scarce
that consumes 95% less water than conventional farms while producing one hundred
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References
Ag Funder News. (2022, March 13). The lowdown: Bowery’s strawberry bot buyout. Ag Funder
News.
Association for vertical farming (2015). That is good food sense: A look at horizontal
http://www.urbanorganicgardener.com/wpcontent/uploads/2016/12/FoodSense_infograph
ic_090615rev_AVF_FNL.png
Ching, H. Y., & Fauvel, C. (2013). Criticisms, variations, and experiences with business model
https://www.eajournals.org/wp-content/uploads/Criticisms-Variations-and-Experiences-
with-Business-Model-Canvas.pdf
Despommier, D. (2009). The rise of vertical farms. Scientific American, 301(5), 80-87.
Fortune. (2021, August 1). The war for your salad bowl: Is this Natalie portman’s favourite kale?
Fortune.
Mendelsohn, R. (2007). What causes crop failure? Climatic Change, 81, 61-70. Retrieved from:
https://linkspringer-com.ezproxy.library.wur.nl/content/pdf/10.1007%2Fs10584-005-
9009-y.pdf
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Osterwalder, A., 2010. Business model generation. Global: SlideShare.
https://paganresearch.io/details/bowery-farming
Pretty, J. N., Ball, A. S., Lang, T., & Morison, J. I. L. (2005). Farm costs and food miles: An
assessment of the total cost of the UK weekly food basket. Food Policy, 30(1), 1–19.
S0306919205000059?_rdoc=1&_fmt=
high&_origin=gateway&_docanchor=&md5=b8429449ccfc9c30159a5f9aeaa92ffb&ccp
=y
Reuters. (2021). Indoor vertical farming startup bowery Farm raises $300 mln. Reuters.
Supermarket News. (2021, August 1). Albertsons adds bowery vertically farmed produce".
Supermarket News.
The New York Times. (2021, August 6). No soil. No growing seasons. Just add water and
VentureBeat. (2021, August 1). Bowery CTO Injong Rhee on the grand challenge of AI for
Wall Street Journal. (2018). Tech companies to watch in 2018. The Wall Street Journal.
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PART 2- Reflection on the SM9715 Module
Table of Contents
References.........................................................................................................................25
Appendices........................................................................................................................26
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Section 1: Reflection on Diverse Learning Experiences
This module's content and delivery have been fantastic. As a result of this
course, I have learned things that I will use in the future, making me eager to contribute
I was nervous when I first saw that this module would require me to give a
presentation or speak in front of my peers. Despite this, I was impatient to get started on
this journey after attending the first class and listening to my lecturer further break down
The value of reflection is one of the most valuable lessons I have taken away
from this course; this has always been a challenge for me, but after finishing this
we can gain a more comprehensive understanding of our inner workings and their
our thoughts and keep making the same mistakes without self-reflection. Self-reflection,
I have found, can be quite a test of mental fortitude. Confronting our flaws and
accepting that we have room for improvement is not always easy. Despite this, taking
stock of one's actions and thoughts is essential because this is the only way to
I have learned much about communication from this module, which has been
informative. The ability to listen to others' points of view without passing judgement, to
put their points of view in context, and to provide something of value to the conversation
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presentation layout and delivery skills. For instance, I helped design our presentation,
something I find fascinating, as part of a group activity with my fellow students (i.e.
group 4). As a result of this opportunity, I learned a great deal about Microsoft
PowerPoint and improved my design skills, which will be helpful to my future employer
and career. As a whole, I am delighted with this module and would suggest it to anyone
This lesson has taught me a great deal about the communication and
to find my voice, connect with my audience, and produce educational and enjoyable
I have gained knowledge regarding academic writing and analysis skills in this
has improved. However, the most significant learning from this module was the value of
asking questions. Despite its importance in all curricula, its impact on students' personal
growth struck me the most. In conclusion, I am pleased with my progress and optimistic
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Section 2: Reflection on Implementing Successful Teamwork
MY TEAM- Group 4
significant outcomes, and the performance of the other members compensates for the
The method of teamwork that I have mastered begins with establishing goals and
As a group (in this case, group 4), we face challenges and opportunities regularly
(Pakmer, 2017). As a team, we got off to a great start, but as time passed, we started to
crack under the weight of all the pressure. The optimum way of education is an
independent study, but it takes discipline and the capacity to communicate coherently
(Messersmith, 2015). Our team determined a suggested guideline for who would be
responsible for particular sections and when these sections ought to be ready for
compilation and editing. Microsoft PowerPoint fascinated me, so I developed the team's
presentation. The group initially had trouble staying on task, but after the first two
Tuckman posits that for a group to collaborate successfully, its members must go
through a series of stages in which they learn to work together and share information
group, followed the instructor's instructions, and included the proper citations and
references. By the project's completion, we had a firm grasp of our team expectations,
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why we needed to communicate effectively with one another, and how effective
leadership and team communication were crucial to our ultimate success. We made an
effort to check in more frequently, acknowledge when mini-assignments were due, and
meeting deadlines, team members must allow extra time for compilation, editing, and
peer review. Still, we could not meet the deadlines because most team members did not
approach was to meet all project objectives with the deadline in mind to minimise
negative feedback. Further, I ensured the meeting of the project's goals and final
deadlines.
To guarantee that everyone engaged in the final stages of our project, our team
determined that all team members must provide their last feedback on the presentation
before the leader submitted them to the instructor to secure unanimous team
provided each other with feedback, preparing us for the main display. As I realised, the
majority of us feared unfavourable feedback. Though there were initial concerns that
team members would not get along, it was essential to keep an optimistic outlook.
Moreover my expectations for the group were met and exceeded, and we completed the
presentation.
Most people lack the humility required to take an objective look at their lives,
complex undertaking. Since the beginning of the semester, I have made considerable
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progress in this activities-heavy curriculum. Understanding my skills and limitations and
areas. I have watched my communication skills progress from a shyness level to a more
while managing time properly. My teammate in our presentation group points out my
diligence as I will poke into every piece of literature a member presents to ensure they
align with our assessment guidelines. Usually, I would use questions as responses to
feedback given to me. However, this module has changed as I now keep an open mind
first to assimilate the information provided, put it into context and work towards
improving rather than fighting it. Moreso, despite my mistakes, I can grow and learn
from them.
Before enhancing this element, I realised that feedback aims to improve the receiver,
not destroy it. This mindset enables me to welcome every input I receive. Thus, I took
time to assimilate the feedback and map out a strategy to improve on them; this would
include writing out my presentations and properly scoping the essential points that add
value to the context in question, asking others what they thought about it and finally
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I always speak my mind on giving feedback, but sometimes my views may affect
the receiver mentally or break our friendship as coursemates. For this reason, I mostly
hold back. Through consulting my tutor for help in this area and doing research, I have
learnt there are better ways to convey feedback to avoid confrontation; being direct is
not one of them; instead, using examples to direct the receiver's attention to the main
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References
Messersmith, A. (2015). Preparing Students for 21st Century Teamwork: Effective Collaboration
Pakmer, P. (2017). Successful group work: 13 activities to teach teamwork skills. Branford,
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Appendices
This is an example of our "Uni Group" WhatsApp group chat. Through our
conversation, we set meeting times for our presentation project; this enables everyone's
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