12 SOURCE | Spring 2022
Innovating from the Ground Up
A closer look at how GROWMARK is building on its commitment to deliver more new technology , products , and financial returns throughout the System
Chris Grogan , Publications and Media Relations Manager cgrogan @ growmark . com
Innovation can be a tough term these days . As a core buzzword for many organizations and industries , there ’ s a certain risk of becoming jaded to what the term really means . For GROWMARK ’ s first-ever Director of Innovation , the key is keeping all team members engaged , from idea generation to sharing the results of any investments .
“ Employees at all levels of the organization should be empowered to ask questions , solve problems , and anticipate future business needs ,” says Heather Thompson , who was promoted to the position at the beginning of this year .
“ Each of us is responsible for acting on opportunities to reimagine the future of our work and our System .”
Thompson says a key part of her role is to start those conversations and already has met with member companies , one on one with general managers , and their teams .
“ We ’ ve had some really broad conversations about ag retail , what are the opportunities and vulnerabilities ,” adds Thompson . “ FS cooperatives should be recognized as the cutting-edge
partner by the Farmer of the Future . Our brand should be leading the market with products and technologies customers didn ’ t know they needed but can ’ t imagine their operation without .”
A crucial part of this effort will stem from Cooperative Ventures , the joint venture with CHS to create a $ 50-million venture capital fund , which was announced last November . The premise is to take advantage of the startup ideas that were already flowing in to the GROWMARK System over the past few years through the AgValidity technology vetting program , as well as from other avenues , and allow GROWMARK and CHS to invest in a select few of these startups with the ultimate goal of seeing the fruits of that investment in significant financial long-term returns .
Heather Thompson , GROWMARK Director of Innovation
Thompson says along with a return for members , the long-term goal also involves being in on the ground floor of new ideas that will help employees and customers . This will ultimately come from a focused investment in beneficial , emerging technologies in three “ fields of play “: crop production , last mile supply chain , and sustainability .
“ There are so many changes happening in the ag industry along with potential disruptions ,” adds Thompson .
“ Cooperative Ventures is a way for us to see around the corner to emerging technologies and be proactive in our adoption and embrace of the winning technologies . By being in that early stage of investment , it could potentially give us two to three years of lead time over competitors and give members the opportunity to be the first to market . FS member companies can then position themselves as the leader in new products and technology , which allows us to be ahead of the curve .”
It ’ s a nimble group leading the charge on this for now , but one that is moving quickly . Thompson collaborates frequently