Ever wondered how a seasoned executive from the oil and gas industry ends up leading a vertical farming startup? I sat down with Michael Oster, CEO of Saffron Tech, to explore this fascinating journey.
Michael's transition from the corporate world to the innovative field of vertical farming is a testament to adaptability in business. With decades of experience in oil and gas, real estate, and M&A, he brings a unique perspective to Saffron Tech. The company is pioneering the indoor cultivation of saffron, the world's most expensive spice, with potential applications ranging from culinary use to pharmaceuticals.
We delved into the challenges of scaling up startups, particularly in the agricultural technology sector. Michael emphasized the importance of careful planning, realistic financial modeling, and securing off-take agreements before major investments. He shared valuable insights on balancing ambitious goals with practical considerations, drawing from both successes and setbacks in his career.
Our conversation also touched on the geopolitical implications of saffron production, the potential for saffron-based pharmaceuticals, and the intricacies of building a commercial-scale vertical farm. Michael's leadership style, focused on leading by example and leveraging a small but highly skilled team, offers a blueprint for startup success in challenging industries.
Curious about the intersection of traditional business acumen and cutting-edge agricultural technology? Listen to this episode to gain invaluable insights from a leader who's bridging these worlds and revolutionizing saffron production.
Thanks to Our Sponsors
CEA Summit East - https://indoor.ag/cea-summit-east-2025/
Indoor AgCon - https://indoor.ag/
Key Takeaways
5:03 Board member roles and responsibilities explained
8:08 Saffron's unique properties and market potential
14:00 Challenges of scaling up agricultural startups
17:35 Balancing passion and practicality in business
21:42 Learning from failed real estate project
26:47 Mitigating risks in high-risk ventures
Tweetable Quotes
"Just to give you a perspective, you need 120,000 flowers growing to create £2 or a kilo of dry saffron. That's a lot of space. That's a lot of flowers."
"We're producing the highest quality of saffron if you compare it to the different bands. In all categories of the active ingredients, we're producing a higher quality than the top notch saffron."
"We're in a business that has high risk by design. The last thing you want to do is add to that with bullish assumptions. So we try to minimize them in a way that we'll have room for some failure and still be very successful."
Resources Mentioned
Website - https://saffron-tech.ag/
LinkedIn - https://www.linkedin.com/in/michaeloster01/
Connect With Us
VFP LinkedIn - https://www.linkedin.com/company/verticalfarmingpodcast
VFP Twitter - https://twitter.com/VerticalFarmPod
VFP Instagram - https://www.instagram.com/direct/inbox/
Popular Podcasts
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
Ridiculous History
History is beautiful, brutal and, often, ridiculous. Join Ben Bowlin and Noel Brown as they dive into some of the weirdest stories from across the span of human civilization in Ridiculous History, a podcast by iHeartRadio.