FBSciences has charted an upward trajectory since pivoting to a more commercial focus from 2016, when Courtenay Wolfe became CEO and Chairman.
New AG Internationals Editor-in-Chief Luke Hutson sat down with Wolfe – virtually, of course – to find out about her career path, discuss her views on leadership, and the commonalities across different industries. She’s an advocate of being prepared, not letting fear drive decision-making, and when given the shot. Taking it.
One shouldn’t make a drama out of a crisis, but what about a career?
In many ways, Courtenay Wolfe, CEO and Chair of FBSciences has managed to do just that.
“Some say luck is the combination of preparation and opportunity, and sometimes that opportunity comes in the form of a crisis.”
And they don’t come much bigger than the financial crisis of 2008, although 2020 might give it a run.
At the height of the financial crisis of 2018, only days after the bankruptcy of Lehman Brothers, Wolfe became CEO of Salida Capital, a billion-dollar asset management firm reeling in the middle of the crisis. She was a female in her mid-30s in a peer group of mainly males in their 60s.
“In times of extreme stress or uncertainty, many people freeze, they become paralysed with indecision, because in that situation no decision is easy or comfortable. But you have to keep moving, you have to be decisive.”
Rather than run away, she chose to take on the challenge head on. This was her shot. And she took it.
Salida went on to make a miraculous recovery, scooping up global performance awards on the road to recovery. Since Salida, Wolfe has continued to take on pivotal leadership roles in companies where change was essential to survive or necessary to thrive. “I’ve built up a wealth of experience in effective change management and transformational leadership,” she adds.
Turning to FBSciences, Wolfe had been an investor and active board member of the company since 2009. “In 2016, FBSciences needed to do a pivot. It’s always been a science-first company with a strong proven performance, but it needed a pivot towards commercialisation.”
In late 2016, Wolfe was asked to take the helm as CEO and Chair. As well as asset management, the early part of her career was spent in technology, notably as head of Dell Canada’s e-commerce business.
Having worked across finance, technology and agriculture is something that Wolfe views as an asset in her career.
“I feel blessed to be involved in different industries and companies. It’s been a fast track to seeing what success looks like. I’ve been a leader, advisor and director. I’ve seen on a fast-forward basis the successes and failures, different companies at different stages. It’s a good portfolio of experience to draw from.”
Did she always want to work in agriculture?
In 2010, long before taking on the CEO role at FBSciences, Wolfe set up a foundation on agricultural sustainability and food security.
“It’s always been a passion of mine. No other sector parallels in terms of the potential to promote food security, nutrition, human development, combat our current climate crisis and drive sustainable economic growth.”
FBSciences is also working towards those goals. “We’re a market leader in the innovation and commercialisation of biologicals, both biostimulants and biopecticides, to improve overall plant health and nutrition. Our Why is harnessing the power of nature, using sustainable, renewable materials to transform agriculture and food production globally.
There’s a huge spotlight on sustainability,” continues Wolfe. “There are 3 pillars– social, such as food security, economic, and environmental. We have a positive impact in all these areas.”
And it’s been good for business too. Since Wolfe took the helm, FBSciences has become profitable and is growing at an annual CAGR of 40%. While continuing to innovate and maintain a science-based approach, with well over 1500 independent and university studies validating its strong performance in the field, the company is approaching a milestone of $100 million in commercial success and its products can be found around the globe in North America, Asia, Europe, South America, India and Australia.
How has Wolfe steered this growth? She would describe herself as a hands-on leader, while also looking to empower her team.
“I like to provide a vision, a direction. There are lots of paths to get there, but here are the goals and the milestones.”
For Wolfe two of her key touch points are consistency and safety.
Recognising milestones and celebrating success along the way is important but recognising mistakes and where correction needs to happen is also critical to effective leadership. “Mistakes are part of innovation and growth. People can’t be afraid to make mistakes. It’s okay to stumble along the way.
I believe being an effective leader is directly correlated to how many difficult decisions you are willing to make, how many difficult conversations you are willing to have and how frequently and quickly you are willing to do that.”
This is where many leaders stumble in Wolfe’s assessment - they delay or avoid having the tough conversations or making the tough decisions when needed. “You have to be decisive. You may not always make the right decision but what is wrong - is indecision, or waffling.”
Collaborative, flat, entrepreneurial is how she would summarise the environment that she tries to create. “I like to set goals, then be consistent with accountability and follow up.”
Working across different industries has also shown Wolfe the commonalities in leadership roles.
“I didn’t grow up in agriculture, but like in any industry, I surround myself with smart people, ask a lot of questions, listen, assimilate, and make the best decisions with the information I have. We were all given two ears, and one mouth for a reason and I try to use them wisely.”
For Wolfe, a broad range of experience can be a benefit. “You bring fresh knowledge, can look at things through a different lens, and can shake things up and innovate.”
“One of the things that I learned from years in finance is the essential tools to be fiscally responsible. I bring fiscal strategy and accountability - is this in the interest of the company both commercially and financially?”
Wolfe is clear in what she brings to the table. “I’m not going to be the lead chemist. I bring setting and selling clear goals. Empowering roles and accountability and leading with purpose.”
“You have to earn and build trust within your team to effectively lead. Managers are hired but leadership is earned,” states Wolfe as we move on to the details of leadership. Once the direction has been set, the strategy slide deck is done, how do you keep the momentum going within a team?
Although Wolfe cites the necessity for milestone, or status-based, monitoring, she is quick to point out that you have to keep it fun and maintain an element of humour.
“People like to be involved in transformation. Setting ambitious goals and achieving them is invigorating. Positive transformation can be contagious, and bring its own energy and momentum.”
This is where Wolfe stresses the importance of being consistent in goal setting and offers a note of caution. “People get fatigued if there’s too much change, or if the end-game is constantly changing, and that can be negative. Nobody likes to feel like they are just spinning their wheels.”
To maintain focus, Wolfe is keen on reinforcing what she terms ‘the why’ and the end goal. The path can change but the goal is consistent.
Wolfe is proud of the high number of leadership roles at FBSciences currently held by women.
She says she looks at the glass half-full when questioned on the difficulties for women to climb the career ladder.
“I’ve been in male dominated industries all my life - tech, finance, agriculture – where some people have underestimated me along the way. But if you do the work, you prepare, know your stuff, and you go in and wow them, you’re actually more memorable in the end. So being female can be an asset, as well as a challenge.”
Being prepared is something that Wolfe comes back to often. But she cautions here, too, quoting the expression of paralysis through over analysis. “Be prepared as best you can for any situation, but being decisive is one of the lessons she has learned from a range of management experiences. “Taking calculated risks and making decisions quickly and with limited information, comes with experience and is a practiced skill and important in order to move forward.”
Wolfe rates the ability to be calm and decisive under pressure. “If people are faced with limited information, and the need to make a decision, you can’t always wait for the next breadcrumb of information before making a decision…if you do that, the decision usually gets harder, and options become more limited and less attractive the longer you delay.”
When reflecting on what has prepared her for leadership roles and the dynamics of decision-making, Wolfe draws on a number of influences.
She didn’t grow up on a farm, like some agribusiness CEOs. But she did have a grandfather who bought a farm in Alberta, where she spent some of her childhood.
The influence here was less about the farm, but more his entrepreneurial spirit and zest for trying new things. He had a thirst for knowledge that Wolfe admired.
“My parents passed on an example of setting the belief that anything is possible with passion and perseverance, grit and tenacity. When I was very young, my dad told me if I wanted to be an Olympic athlete or the prime minister of Canada, then I could be. Regardless of how true that was, I believed him and that’s a huge gift of empowerment. I have lived my life that way. I control the outcome.”
Wolfe says she has taken snippets from different people along her career path.
Role models along the way have given her opportunities and taught discipline and consistency.
“I had superiors early in my career, both male and female, that were great role models, saw my potential and let me run with things. I’m thankful for those people who gave me those opportunities.”
And it is something that Wolfe enjoys reciprocating. “I love giving people a shot to stretch beyond their comfort zones, sometimes seeing their initial fear, then rising to the challenge, seeing them build confidence, and then seek out the next challenge.”
When it comes to the speaking circuit, Wolfe has done the rounds at schools and universities to talk about leadership and her career. She obviously thrives off the interaction.
“How did you get there? Is the most common question I’m asked,” she says.
And how do you answer? “It’s not any one thing, windows of opportunity that I climbed through. We all get them. You need to create them where you can, and take them when they present themselves. But for sure, I worked very hard.”
And the nuggets of advice that students want? “My advice - be bold, be brave, try different opportunities, ask for what you want, be persistent, and never talk yourself out of an opportunity or say no out of fear.”
When it comes to choosing an academic pathway, Wolfe is circumspect. Is it better to be a generalist or a specialist, for example? Wolfe cites the books ‘Range’ by David Epstein, which has the subtitle ‘How generalists triumph in a specialised world’, and ‘Outliers’ by Malcolm Gladwell, focused on the principle of 10,000 hours of specialised practice.
“Both can be effective. Some of it comes down to the individual. For myself, I believe in Range. Having and drawing on as many diverse challenges and experiences as possible. I thrive in it and they all teach you something,” she notes. “As long as you are reflective and can draw from the experiences.”
The one skill that Wolfe rates as essential is the ability to communicate effectively.
She observes that many smart and knowledgeable people find it hard to present a message and end up delivering the information as if sprayed by a fire hose.
“Knowing how to sell your message effectively, the story, your want, your need, the power of persuasion - it’s a massive skill. Both in life and in business.”
Everyone should learn how to speak in public according to Wolfe. “It usually presents windows of opportunity and it forces people to manage their fear. Over 75% of people are afraid of public speaking, it is the most common cited fear,” she says. It’s also a skill she believes can be learned and is helpful in practicing effective communication.
But where did she learn? Did she tread the boards in school theatre productions? Is there a showreel somewhere of her in a musical? Sadly not. Practice. And more practice, and being prepared for the opportunity, or crisis. No need for drama.
