What are the most effective ways to reduce risks in plant breeding research investments?

1 Align with market needs

One of the most important ways to reduce risks in plant breeding research investments is to align them with the current and future needs of the market. This means understanding the preferences, demands, and challenges of the end-users, such as farmers, processors, consumers, and regulators. By conducting market research, engaging with stakeholders, and monitoring trends, you can identify the most relevant and valuable traits and products to focus on. This will help you avoid wasting resources on research that has low demand or acceptance, and increase your chances of generating income and impact.

2 Adopt agile methods

Another way to reduce risks in plant breeding research investments is to adopt agile methods that allow for flexibility, feedback, and adaptation. This means breaking down the research process into smaller and faster cycles, testing and validating assumptions and results, and incorporating learning and improvement along the way. By using agile methods, you can reduce the time and cost of developing new varieties, respond to changing conditions and needs, and avoid pursuing unfeasible or ineffective options. You can also leverage digital tools and platforms that enable agile collaboration and communication among researchers, partners, and customers.

3 Diversify your portfolio

A third way to reduce risks in plant breeding research investments is to diversify your portfolio across different crops, traits, markets, and stages. This means balancing your research activities between short-term and long-term goals, low-risk and high-risk projects, and established and emerging opportunities. By diversifying your portfolio, you can spread your risk exposure, hedge against uncertainties and shocks, and capture different sources of value and impact. You can also apply portfolio management techniques that help you prioritize, allocate, and evaluate your research investments based on their expected performance and potential.

4 Partner with others

A fourth way to reduce risks in plant breeding research investments is to partner with others who can complement your capabilities, resources, and networks. This means collaborating with other researchers, institutions, organizations, and sectors that share your vision and goals, and can offer expertise, funding, access, or support. By partnering with others, you can leverage synergies, economies of scale, and collective intelligence, and overcome barriers and gaps in the research process. You can also benefit from mutual learning, innovation, and advocacy that can enhance your research outcomes and impact.

5 Monitor and evaluate

A fifth way to reduce risks in plant breeding research investments is to monitor and evaluate your research activities and results regularly and systematically. This means collecting and analyzing data and information that can help you measure your progress, performance, and impact, and identify strengths, weaknesses, opportunities, and threats. By monitoring and evaluating your research investments, you can track and report your achievements, learn from your failures, and adjust your strategies and actions accordingly. You can also demonstrate your value proposition and accountability to your stakeholders and customers.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?