Bringing deeptech to the dinner table: insights from Enrico Costanzo

What does it take to reshape the agri-food industry in a way that’s truly impactful? According to Enrico Costanzo, Head of Innovation at Cereal Docks and member of Grey Silo Ventures’ Advisory Board, the answer lies at the intersection of long-term thinking, practical scalability, and a relentless focus on people, both inside the startup and out in the marketplace.

In this interview, Enrico shares the key lessons he’s learned during Grey Silo Ventures’ first three years of activity, covering everything from emerging tech trends and the growing role of predictive agriculture to how “taste is king” for any food innovation. He also sheds light on why “people-first” principles matter more than ever in a sector that balances scientific complexity with real-world consumer demands.

Read on to learn why Grey Silo Ventures believes in a measured, forward-looking approach to innovation, and discover Enrico’s vision for fostering strategic synergies that help build a more sustainable future for agri-food.

• Looking back on the last three years, what stands out as the most significant lesson Grey Silo Ventures has learned about investing in the agri-food sector?

I would say the following: agri-food is deeptech, and deeptech is hard, in the sense that it is “hardware”-based. As a startup aiming to innovate in this sector, you can have the brightest idea and even the brightest lab prototype, but what will set you apart from others is your ability to see the full journey. This includes scalability and CAPEX/OPEX management to provide consistent quality for your product or ingredient. Most importantly, when it comes to food, taste is key. If your “innovation” doesn’t taste good, it likely isn’t a real innovation because nobody would buy it.

• Innovation in food and ag-tech is evolving rapidly: which emerging trends or technologies do you believe will have the greatest impact on building a more sustainable food system?

We are tracking these trends in a series of deep dive papers (the GSV Position Papers series), some of which have been published by renowned, peer-reviewed journals (such as Nature Reviews Bioengineering and Trends in Biotechnology by Cell Press). Alternatives to existing dietary fats, especially tropical and concrete fats, are gaining momentum in foodtech. This is due to evolving customer behaviors and needs, particularly the demand for healthy and environmentally friendly foods. In ag-tech, we see the evolution of precision agriculture into what we could call “forecasting agriculture.” This involves not only acting with precision and environmentally sound actions but also being able to forecast various factors, from weather to diseases to production. A specific trend we are watching is soil tech, as soil is a non-renewable resource and is becoming scarce.

• Grey Silo Ventures was founded on a “people-first” vision. How do you see that principle guiding decision-making as you navigate the increasing complexity of the food-tech market?

“People-first” has at least two sides: the people within the company and the people addressed by the company (customers and stakeholders). Therefore, we always look at both sides. Within the company, especially for seed startups, people are key. We want to know the people behind the company well because they are the company, and their success (or failure) largely depends on them: their knowledge, character, soft and hard skills, and their interactions with each other and the outside world. For example, the way founders respond to emails is a key indicator for us, as it hints at how they will respond to customers and stakeholders. Additionally, we care about the people addressed by the company. As a startup, you are working on a solution for someone. Do they value what you are doing? Do they care about what you are doing? This is key, and we try to maintain a people-first vision when evaluating investment opportunities.

• With sustainability and resilience now more critical than ever, what criteria do you use to evaluate startups for both their business potential and their positive social or environmental impact?

I would answer with two words: “long-term.” When sustainability and resilience are genuinely considered, it is evident in the long-term vision of the business proposition, technology, design, and more. These elements aim to positively impact people and the planet. If everything is perceived as short-term, like a bubble, it is clear that sustainability and resilience have not been taken into account.

• Three years in, what do you envision for the future of Grey Silo Ventures? Which milestones are you aiming for, and what do you hope to achieve in the next phase of this journey?

Today, Grey Silo has a small but interesting portfolio of carefully selected companies. If we have been successful in selecting them, I would expect this portfolio to “beat the market” in deep tech venture capital, though we know that returns in this area are not as high as in software, for instance. Moreover, we want to see these companies grow and make a real impact, possibly leveraging industrial synergies with our parent company, Cereal Docks.