Support for sector
New State Government grants will boost the Agtech sector with $1.3million available for entrepreneurs and investors to foster the next generation of innovation.
The grants are a partnership between Agriculture Victoria and the state’s start-up agency Launchvic, with a $1-million Agtech Grants Program.
Grants of $50,000 will offer 20 emerging Agtech start-ups the opportunity to move to the next stage of growth.
An additional $300,000 Agtech Angel Network Grant will support the establishment of Victoria’s first dedicated specified agriculture Angel Network to invest in Victorian Agtech start-ups.
The funding will help ensure early-stage Agtech founders get immediate access to capital, while also building Agtech start-up investment capabilities in the private sector.
The grants are part of the government’s $15-million Agtech Regional Innovation Network, AGRIN.
Agriculture Minister Gayle Tierney said with one of the world’s most exciting agricultural systems, Victoria was well placed to lead Australia as a powerhouse for Agtech innovation and entrepreneurship.
“Agtech startups are boosting efficiency and safety on farms while also helping the state better respond to a changing climate,” she said.
Launchvic chief executive Kate Cornick said the organisation was putting equity-free working capital in the hands of Victorian Ag innovators hungry for their next phase of growth.
To further support start-up business owners and entrepreneurs, $2.2-million has been provided to Victorian Agtech Entrepreneurs’ Initiative, Farmers2founders, Rocket Seeder and Sproutx.
The three programs will each receive $600,000 to run programs to equip aspiring entrepreneurs with the skills to turn an idea into a business reality.
Culture of collaboration
Agriculture Victoria acting executive director of agriculture policy, Julie Simons, said the culture of collaboration and investment in new and innovative ideas made Victoria successful.
“I was thrilled to see Farmers2founders, Rocket Seeder and Sproutx had been selected to guide up-and-coming Agtech entrepreneurs and I look forward to seeing them prepare the next generation of innovators,” she said.
Farmers2founders is a specialist agrifood tech service provider and will run their Hatch Ideas Pre-accelerator and a self-paced Online Journey Starter Program to reach founders in any pocket of regional Victoria. Rocket Seeder will assemble teams of entrepreneurs and researchers to solve some of regional Victoria’s biggest challenges with their new Agtech Seeds Pre-accelerator Program, bridging the gap between the agricultural industry and research.
Sproutx will join forces with the University of Melbourne to take aspiring founders through ‘The Business of Agriculture’ – a new program designed to support non-traditional participants in Victoria’s start-up ecosystem, such as farmers, STEM professionals and tech-curious entrepreneurs.
Cattle and sheep farmers Paul and James Diamond were supported by AGRIN to complete the Rocket Seeder and the Farmers2founders pre-accelerator programs.
Through the programs, the brothers developed a satellite mapping and farm safety app called Airagri to help farmers maintain their properties and better monitor farm activities.
The programs supported the brothers to refine their idea and develop their business skills.
More information is available via agriculture.vic.gov.au/agrin or to apply for new grants visit launchvic. org