Wanna follow Bruce Rastetter's net worth? I don't view it as being a kingmaker. This story appears in the April 13, 2014 issue of Forbes. "I think he has been an effective leader. You ought to feel good about that success. Rastetters friends are quick to dismiss his critics, many of whom they argue are simply deeply and irrationally opposed to the kind of large-scale agriculture Iowa has mastered. ". Rastetter said it was unfortunate that the deal unraveled. The secret to Stines golden corn? News coverage has rarely featured his private life. Many people ask this question about the money Bruce Rastetter makes from Facebook. In the early 1930s, prior to the Dust Bowl, 7,000 corn plants per acre were grown in the U.S., yielding about 27 bushels per acre. ICCI plans to protest Rastetters corporate ag summit next week. But while genetic modificationusing biotechnology to insert a genetic trait into a seedgrabs headlines (and stokes health fears, despite overwhelming scientific evidence of safety), traditional breeding programs by seed developers have done just as much to raise yields. Two of his company's facilities, Shell Rock and Menlo, were sold in 2010 to Koch Industries. As he faced that loss, Rastetter was often embroiled in local controversy. He is careful," Lang said. There has never been a Bruce Rastetter bill in the Iowa Legislature that has benefited me. "Professors even discouraged us from talking about it because it was too sensitive," said Angie Carter, a graduate student in sustainable agriculture. He also founded Hawkeye Renewables, which became one of the countrys largest pure-play corn-based ethanol producers, and FS Bioenergia, a Brazilian low-carbon biofuels and energy platform that owns the largest biofuels production plant in South America. He's bringing in young people like Summit President Eric Peterson, 29, who used the same phrase as a longtime employee in voicing appreciation that Rastetter "calls a spade a spade. He says he has no regrets. Meet Bruce Rastetter, the man behind the Iowa Agriculture Summit, which is drawing 11 presidential hopefuls to Iowa March 7. In his younger days, he had a fleet of jet skis that he and his brother Brent took out on the Iowa River with friends. And when we were after change in policy, he was a tiger.". "All those words fit him to a T. It seems like anything he touches turns to gold.". Then theres Stine. Buffett left a permanent mark with his music and he began his . It also might work to throw in the magic Iowa words work ethic that are so ingrained in Rastetter's DNA. Knowledge of those diagnoses was all but nonexistent at the time. After breeding many descendants of the seeds with that genetic makeup, the company has developed corn that can be planted in much narrower rows12 inches or even pairs of rows 8 inches apartincreasing the number of plants per acre to as much as 80,000. Were going to be able to double corn yields very easily, says Stine. He stated, "Mergers like this have the potential to put into motion irreversible damage to agriculture."[9][10]. It seems like a huge opportunity, he said. "We were fortunate on the timing of it. Rastetters hands-on experience in global agricultural and renewable energy sectors, matched with his strong focus on strategic business development, has been key to building successful companies and advising government leaders on policy matters. After seven years of genetic tinkering hes won plenty of converts. Stine, the 72-year-old founder and owner of Stine Seed, the largest private seed company in the world, built this tower back in 1987 so he could get a good view of his empire, some 15,000 acres of frozen Iowa farmland. Bruce Rastetter CEO Ames, Iowa, United States 9K followers 500+ connections Join to view profile Summit Agricultural Group University of Iowa Company Website About Born on farm near Alden, Iowa. In 2013, Rastetter was elected president of the Board of Regents. He also has given money to the University of Iowa and University of Northern Iowa, and has an exhibit building named after him after a $1 million contribution to the Iowa State Fair. Ultimately, the university backed away from assisting with the plan, but only after an uproar. I dont see extremely quick adoption, but I do think theres an early-mover advantage to doing it and learning to do it well., Stine is hardly alone in his beliefs. "He was even quieter back then. Rastetter defends his charitable donations, noting, for starters, that he's given $3.1 million to the University of Iowa, $2.3 million to Iowa State University, and $50,150 to University of . Stine founded the first private soybean research and development firm in the U.S. in 1968. Mr. Rastetter is the founder and CEO of Summit Agricultural Group, a leading agribusiness and renewable energy firm with operations in North and South America. Hes kidding, of course. "In the farm crisis days in Iowa, it was almost life-threatening for some people because they took it so hard that they didn't have success.". A friend once described a gathering for a well-known Texan who went bankrupt. "Bill Knapp is a friend of mine," he said of the influential Democratic donor from Des Moines, "but I don't often see him get written about as a mogul or a real estate baron, compared to an ethanol baron. Now people from all walks of life have started evaluating his merits. Rastetter counters that students should be happy. Bruce L. Rastetter is an American agribusinessman, agricultural entrepreneur, and former president of the Iowa Board of Regents, which governs the state's three public universities. In 2011, Rastetter jetted off with six other influential Iowa donors and activists to court New Jersey Gov. Language links are at the top of the page across from the title. The personal attacks he faced bothered him, but solidified his views on change. Monitor your investments 24 hours a day, around the clock from around the globe. From media and technology to finance and real estate, leagues and. In addition, he makes $671,980 as Independent Chairman of the Board at Neurocrine . "Bruce is the kind of individual that doesn't necessarily fill the room. Stine noticed that corn plants hadnt changed much in generations. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Many people ask about the amount of money The Kentucky Headhunters makes from Instagram. With the world adding 800 million to 900 million bushels of corn demand each year, Fraley says corn seed still needs more innovation, and he buys into Stines vision: We absolutely think its possible to double yields.. And then well negotiate.. Bruce L. Rastetter previously occupied the position of Chief Executive Officer of Hawkeye Energy Holdings LLC and President & Chief Executive Officer at Hawkeye Renewables LLC (a subsidiary of Hawkeye Energy Holdings LLC), Chief Executive Officer for Summit Agricultural Group, President & Dean at State of Iowa, Strategic Limited Partner at Rural Stine Seed was first in line to get its top-performing varieties patented. Harrys breeding for it, says Van Wiebe, an agronomist with Hefty Seed in Buhl, Idaho, who has seen a 30% difference between Stines seed and those of his rivals in his experimental fields. Save my name, email, and website in this browser for the next time I comment. 6. State legislature | He needed to diversify. Growing up on a 300-acre family farm near Alden, Iowa, Rastetter started his career with his own feed management business. Rastetter's name is synonymous with fights as a leader in three tender subject areas in Iowa large-scale agriculture, ethanol production and education funding. He couldn't stop hog and ethanol prices from plummeting, he said, but he could make sure his employees were paid through it all. How to vote | Bruce Rastetter, chief executive officer of Summit Agricultural Group, based in north-central Iowa, said this week his ethanol plant in Mato Grosso, Brazil's largest agricultural region, is. Bruce Rastetter is not amused by the "kingmaker" label often thrown around by the press. And I think we need principled leaders, which is one of the reasons I encouraged Branstad to run again. Follow live coverage Saturday from the Iowa Ag Summit at DesMoinesRegister.com/AgSummitLive. [1] Rastetter was also helped by Nick and Jill Ryan, the former runs the American Future Fund, a 501(c)(4) that "pulled in more than $13 million from Koch-backed Freedom Partners in 2012. Tall has always been sexy for corn, even though less than half of the plant is actually harvested. "What we were doing was more environmentally sound than what we were doing on the small farm I grew up on. Its an event designed to promote farm policy in a state where pigs outnumber voters 10 to one, but its also a bold display of the political power Rastetter has amassed and a reminder to candidates that his endorsement would be a big get ahead of the Iowa caucuses. He recalls Bruce came to town and made a lot of promises to the community about good jobs and economic growth. Says Stine: Im having too much fun., I cover the .1%: got my mind on their money and their money on my mind. [1], Bruce Rastetter began his career in 1990 with Summit Farms, then, four years later, he established Heartland Pork, a pork farm, which, by 2004 was a $1.2 million pig operation. It takes a minute and a half to learn what there is to learn about plant breeding., At the time public universities dominated breeding, and for good reason: Profits were limited, since intellectual property rights for soybean plants didnt existand wouldnt for another 30 years. What I would say is that over the past several years and cycles hes certainly become more active. "Those things really make you think why that is and how that certainly could have been the other way instead of how it turned out," he said. A prolific political donor, Rastetter has spent millions on federal, state, and local politics over the past two decades. With $30 million from J.H. "This isn't K-12 where everything is alike. Rastetter was front and center of the fight. So how did he come out of the hog market downturn smelling so good? Overnight on Wall Street is morning in Europe. J.D. He attended the University of Iowa, studying political science. State and local courts | It's actually a myth about how to make money on Facebook Bruce L. Rastetter is an American agribusinessman, agricultural entrepreneur, and former president of the Iowa Board of Regents, which governs the state's three public universities. But Rastetters moves over the past decade look like a how to guide for becoming a political power player, with far more influence than other wannabe Iowa kingmakers. The agribusiness entrepreneur and president of the Iowa Board of Regents, who has given more than $1.1 million in state political contributions since 2003, is not the sort to chuckle. Currently, he holds the position of Chief Executive Officer of Summit Group, Chief Executive Officer & Director at SCS Capital LLC (a subsidiary of Summit Group), Chief Executive Officer at Summit Agricultural Group and Senior Advisor at Tiger Infrastructure Partners LP. A DuPont Pioneer study from 2012 concluded that for most of the Corn Belt narrow rows do little to increase yields. Hes upped his disclosed political and philanthropic giving, including more than $2 million to Iowa State University to found an eponymous professorship and entrepreneurship center, $1 million to the state fairgrounds to land his name on the 4-H building and $5 million to the University of Iowas football facilities. "He is a real entrepreneur and innovator," said David Meisinger, who worked for him then and today is director of sales at Urbandale's Validus, which certifies the practices of food companies and producers. U.S. Congress | USING POLITICAL CLOUT TO 'MAKE A DIFFERENCE'. A lot of business success revolves around timing.". For farmers the Roundup Ready soybean seed would be an industry-changing innovation that reduced time and labor battling weeds. Check Background Get Contact Info This Is Me - Edit @MarcoBattaglia Everyone needs to start refusing to use ethanol blends. Hes currently the CEO of Summit Group, a diverse company that operates in corn, soy, cattle, international farm real estate and private equity. The governor personally called Bush who has not been to Iowa since declaring his intention to mull a 2016 run and also Perry to convince them to attend. "No matter what endeavors, Bruce always supports his friends.". Sure, there were odors associated with it. After graduating from McPherson in 1963, he did two quarters of graduate work at Iowa State, then went home to work on his fathers modest farm. ", Sweeney lined him up with friends for dates, she said, but "I can see him not taking the time to iron out a relationship.". Its an insight that will revolutionize the corn industry, says Dermot Hayes, a professor of agribusiness at Iowa State University. He managed additional start-up companies that merged into Heartland Pork, a Midwestern pork production company acquired by Christensen Farms that has since become one of the largest pork producers in America. If the politicians heading to Iowa to be part of his summit should know anything, it's that he wants them to do their homework. Like one of those for your desk? Its very simple. Rastetter was unhurt. Public policy. [6] In 2015 Rastetter announced the inaugural Iowa Agriculture Summit to address the political initiatives and interests of farmers and agriculture in the state, such as GMO's, nutrition labeling, food waste, and biotechnology. I don't give to get access. "I've never been jealous of other people's success. But no research thus far has shown that ultrahigh populations combined with narrow rows significantly increased corn yield., It is an interesting story and a great conversation piece, adds Tony Vyn, professor of agronomy at Purdue University, but a sideline to the real drivers of corn yield and economic efficiency gains that are needed most for this decade., For farmers theres a sizable capital risk in switching. [7] Mike Huckabee, Chris Christie, Donald Trump, Ted Cruz, Rick Santorum, Scott Walker, and Jeb Bush attended the event, located within the Iowa State Fairgrounds. Bruce Rastetter heads the Agriculture Summit. Its going to be the way of the future., Not everyone buys what Stine is selling. "He wants us to do something rather than be something.". "Bruce is like I am. He floated the concept to Rastetter last fall when the two were at a Hawkeye football game: We were tailgating and talking politics, he recalls, pointing out that Iowa hosts lots of forums for presidential candidates, but theres never been one focused on agriculture despite the sector representing a third of the states economy. The acquisition comes after Telepharm in 2014 closed a $2.5 million venture capital fundraising campaign led by Iowa Board of Regents President and agribusiness pioneer Bruce Rastetter; Adam. Bruce Rastetter, an Iowa agricultural heavyweight and the force behind a proposed $4.5 billion carbon capture pipeline, says the massive project could spark a renaissance for the renewable fuel . JET SKIING ON RIVER, LIFE TAKES TRAGIC TURN. Rastetter took all the business leaders out to dinner at the country club in Bloomfield, Iowa, to help sell pork expansion as a great thing for the community, he said, but Davis County remains among the poorest in the state. His was the first company in the industry with soybeans to structure licensing agreements so that when companies took a contract with him they could not breed, says Philippe Dumont, a lawyer and seed industry veteran who has spent the past decade working for Bayer. After all, one year he allowed Branstad to take his private jet from a governor's conference in Milwaukee to his summer party, held on his $537,440 country estate near Hubbard. So why should he have any greater voice in choosing our elected officials than the regular Joe? But, even more, they see Rastetter as a symbol of the intensive, increasingly consolidated agriculture industry that rules and too often pollutes Iowa an issue thats come to a head recently as Des Moines water utility pledged to sue three ag-heavy counties over allegations farm runoff has overloaded the citys water supply with dangerous nitrates.
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