Life Sciences Entrepreneur Shares Unfiltered Journey to Success

During Life Sciences Week held in Edmonton, Matt Anderson-Baron, CEO and co-founder of Future Fields, spoke candidly about the challenges of building a life sciences company. His message was clear: success requires relentless determination. “You have to be relentless,” he stated, emphasizing that the journey is often messy and unpredictable.

Future Fields is a pioneering company that has developed a method to cultivate fruit flies for the production of proteins essential in both food and medical innovation. With approximately $30 million raised to date, the company recently expanded its operations by opening a manufacturing facility in downtown Edmonton, marking a significant milestone in its growth.

Finding the Path from Academia to Entrepreneurship

Anderson-Baron’s journey began almost serendipitously. In 2016, while pursuing his PhD in cell biology at the University of Alberta, he discovered New Harvest, a non-profit organization dedicated to funding research in cellular agriculture. Intrigued, he shared this discovery on social media, stating it was “some of the most important research being conducted today.” Initially, he envisioned a future in academia, but the potential of lab-grown meat sparked a desire to apply his expertise in a new arena.

In May 2017, Anderson-Baron and his co-founders met at Remedy Café in Edmonton to brainstorm ideas. They spent months developing their concept without external funding, operating largely in secrecy. When Future Fields made its public debut in January 2019, Anderson-Baron faced the harsh realities of entrepreneurship. He recalled his first investor pitch vividly: “My very first pitch was so bad that the investor started coaching me live on the call,” he said, underscoring the importance of perseverance in the face of failure.

Pivots and Adaptations: Key to Survival

One significant pivot occurred in May 2019, during a seemingly mundane moment while waiting in line at Tim Hortons with his wife and co-founder, Jolene. Anderson-Baron was grappling with a major hurdle: the high costs associated with producing the proteins necessary for lab-grown meat. He explained, “Without those signals, the cells don’t grow.” The breakthrough came when Jolene suggested using fruit flies as a protein source. This unconventional idea ultimately became a cornerstone of Future Fields’ innovative approach.

Shortly after, the company received its first external funding through the Grow Agrifood Tech Accelerator in Singapore, which provided $100,000 and essential business training. “I had no formal business background,” he admitted, highlighting the steep learning curve that followed. By November 2019, Anderson-Baron had fully committed to Future Fields, leaving his postdoctoral role to focus on the company.

Facing a cash crunch, the team participated in the inaugural Startup TNT Summit in February 2020. Though they did not win, the experience helped them integrate into the Edmonton startup community and change their approach to fundraising. Then, the COVID-19 pandemic struck, forcing Anderson-Baron to adapt once again. He set up a lab in his basement, borrowing equipment and conducting experiments at home, a decision driven by the fear of losing access to traditional lab facilities.

In July 2020, the team achieved a critical milestone by demonstrating that fruit flies could produce a common protein needed for cell growth, validating their concept. Soon after, Future Fields applied and was accepted into Y Combinator, a renowned startup accelerator. The program, conducted virtually due to the pandemic, connected them with numerous investors, leading to a successful $2.2 million pre-seed funding round.

As Future Fields expanded its workforce from seven to thirty employees, the challenges evolved. Anderson-Baron recognized the need for formal HR policies and a defined company culture to sustain growth. He advised fellow entrepreneurs that while scrappiness can help establish a startup, building a strong culture is essential for long-term success.

The company’s first products shipped in February 2021, supplying proteins to over 40 companies across 21 countries. However, as the market for lab-grown meat experienced a downturn, Future Fields was forced to pivot again, moving towards contract manufacturing to meet diverse market needs. This shift allowed the company to stabilize and grow in a challenging environment.

Today, Future Fields produces proteins for various industries, including agriculture and pharmaceuticals, and collaborates with Fortune 500 companies. The team has developed 14 proteins from 30 distinct strains, showcasing their adaptability and commitment to innovation.

Reflecting on his funding experiences, Anderson-Baron noted that not all investments are beneficial. He recounted a moment when faced with a potential investor during a funding crunch; he chose to decline their offer, prioritizing the need for compatible partnership over immediate financial relief. “Not all money is equal,” he stated, emphasizing the importance of finding the right investors who align with the company’s vision.

Anderson-Baron concluded with advice for aspiring entrepreneurs: “It doesn’t take a groundbreaking, Nobel Prize-worthy idea to get started. All you need is a half-baked idea and the will to learn and iterate.” His journey serves as a testament to the resilience and creativity required in the life sciences sector, both in Alberta and beyond.