The SME Stream

As business owners, you know how hard it is keeping up with your business, let alone the news. Join Wilhelmina O'Keeffe each week as she gives you a rundown of the biggest stories that could impact your business, so you can make informed decisions with expert advice. 

This week, The OCR holds steady and a ceasefire is called in the Middle East. Does that mean the economy is about to turn a corner? Business confidence takes another hit … plus how to make property investment work for you.

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Forget soy, pea, or lab-grown meat – the next frontier in sustainable food might just be hiding in plain sight. Specifically, in the leaves of everyday plants growing across New Zealand’s farmland.

In the latest episode of The Business of Tech podcast, I talk to Ross Milne, the CEO of Rolleston-based startup Leaft Foods, which has pioneered a breakthrough technique to extract and process Rubisco, a naturally occurring protein found in every green leaf. 

Scientists have long known Rubisco’s potential, calling it the “utopia protein” for its rich nutritional profile and low environmental footprint. What’s been missing until now is a practical way to isolate it for use in food and animal feed.

From milk to leafy greens

Milne, a former process engineer who worked for some of the world’s largest food companies, saw an opening for innovation back home in New Zealand, teaming up with Leaft Food founders John Penno (Synlait Milk co-founder) and Maury Leyland Penno. Leaft’s approach promises not just a powerful alternative to traditional protein sources, but a clever circular system where farmers can use the high-protein byproducts as feed supplements, boosting productivity while cutting emissions.

The engineering ingenuity allowing Leaft to extract sufficient quantities of Rubisco is what caught the eye of global investors in 2020, when Leaft raised US$15 million in a Series A round. Among Leaft’s backers is Khosla Ventures, the legendary Silicon Valley venture capital firm known for betting early on world-changing green technologies. 

Low-impact protein

Working mainly with alfalfa crops in the Canterbury region, Leaft harvests and processes the leaves, extracting the protein which is sold to food suppliers and which features in Leaft Blade, the company’s line of nutritional products. The leftover leaves are used by farmers for supplementary feed.

“The interesting thing about [Alfalfa] from a grower point of view is it regrows straight away,” Milne told me. 

“So about six weeks later, for example, we're back in that same paddock harvesting it again. And we just constantly do that. It's a perennial which stays in the ground for multiple years.”

As the world races to find scalable, low-impact protein sources, Leaft’s innovation could place Canterbury at the center of the solution. For Milne, it’s a mission to transform the food system from scratch.

Listen to the entire conversation on The Business of Tech podcast to find out how this Kiwi startup is redefining what we eat, how we grow it, and why the leaves in your backyard might hold the key to feeding the future.

Streaming on iHeartRadio, Apple, Spotify or wherever you get your podcasts.

Show notes

Developing a new plant-based protein - Science Learning Hub

An IPO could be on the cards for Leaft Foods one day - BusinessDesk

NZ green protein producer sprouts new deal with Asian food giant - RNZ

Leaft protein boosted from ground up - Farmers Weekly

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Principal Economist and CEO of Infometrics Brad Olsen unpacks the Reserve Bank's decision to hold the Official Cash Rate at 2.25%, and what’s happening with inflation and your mortgage. 

What has the Reserve Bank said about inflationary pressures, and the oil-driven price shocks hitting businesses and households? Brad walks through the longer-term wholesale swap rates already pushing fixed mortgage rates higher, and shares Infometrics' forecast for rate rises.

Plus, the sectors where investors might find relative shelter from volatility, and the power of diversification. 

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The Reserve Bank Governor says the conflict in Iran has materially altered New Zealand's outlook, even if yesterday's ceasefire deal leads to a de-escalation. 

The central bank's kept the Official Cash Rate on hold at 2.25%. 

It's forecasting inflation will hit 4.2% this quarter and says it's prepared to hike the cash rate if inflation becomes embedded. 

Governor Anna Breman told Mike Hosking even after the Strait of Hormuz reopens, economic disruptions will linger for some time. 

She says we're facing a severe supply chain disruption, affecting not just oil, but also the shipping of other goods. 

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NZ milk production was 7.4% up in February. Supply is running hot in other regions. Are there signs of a global slow down?

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Rabobank’s Senior Agricultural Analyst reviews last night’s GDT auction (down 3.4%) - WMP -0.7%, SMP -1.6%, BMP 0.7%, AMF -7.1%, Butter -8.1%, and Cheese -3.1%. Plus, we look at how the Middle East crisis is affecting red meat prices. 

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The Reserve Bank says it's still unclear what today's Iran ceasefire announcement - and resulting dramatic fall in oil prices - mean for New Zealand.

The central bank's held the Official Cash Rate unchanged, at 2.25 percent.

It's working off the assumption inflation will surge to 4.2 percent this quarter.

NZ Herald Wellington business editor Jenee Tibshraeny explained further.

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The Reserve Bank says there are still plenty of unknowns, after today's Iran ceasefire announcement and resultant oil price drop.

It's held the Official Cash Rate at 2.25 percent, but is forecasting inflation could surge to 4.2 percent this quarter.

Governor Anna Breman says that figure could be much lower if things settle in the Middle East.

But she says if not, fuel costs could rise more, pushing inflation even higher.

"The worst case scenario is that firms that are already squeezed feel like they have to pass these costs onto consumers, and that we see inflation getting embedded into the economy."

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Too many 'ifs' around the Iran war for our Finance Minister to guarantee all will be well down the track. 

There are differing reports as to whether the Strait of Hormuz is actually open following a ceasefire deal between the US and Iran.  

New Zealand has more than 60 days of petrol and 50 of diesel. 

Nicola Willis told Mike Hosking a sustained ceasefire and movement of ships paints a better inflation picture, but it all depends on if this happens.  

She's also conscious that even when the strait opens, major energy market disruption will persist. 

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NZ milk production was 7.4% up in February. Supply is running hot in other regions. Are there signs of a global slow down?

See omnystudio.com/listener for privacy information.