PARTNER CONTENT
Australia's agricultural sector has long played an important role in the nation's economy, contributing significantly to national wealth, exports, job creation, and community benefit.
As agricultural innovation expands, Australia is placed at a unique advantage to gain a larger market share by investing in new solutions that enhance farming production, productivity, and profitability.
Initiatives that fast-track innovation in the Australian agtech space are critical to agriculture becoming an absolute advantage.
Contribution to national wealth
Australia's agricultural sector is indispensable to the country's economic landscape.
According to the Australian Government's Department of Agriculture, Fisheries and Forestry's Snapshot of Australian Agriculture 2023, the sector accounts for 2.4 per cent of the country's GDP, 2.5 per cent of its jobs and fuels exports that are sought after worldwide.
Beyond economic significance, agriculture is important in Australia's rural communities, supporting regional economies and local businesses.
Competitive advantage in agriculture
Australian agriculture is globally acknowledged for its quality and competitive advantage.
The combination of environment-focused initiatives, vast environmental landscapes, a diverse climate, and well-supported and developed agricultural infrastructure has allowed Australian farmers to deliver high-quality produce to the global market for decades.
The road to absolute advantage
To transform this competitive advantage into an absolute one, Australia must not only foster, but fast-track innovation.
In an ever-developing industry, the nation has an opportunity to claim a bigger share in the growing demand for quality produce by investing in innovative solutions that focus on improving farming production, productivity and profit and fast track their development and commercialisation.
We need small and big, local and national initiatives dedicated to supporting this acceleration of innovation and ensuring agricultural success.
Investment-focused initiatives that incentivise backing inventors and their innovations are of high order in unlocking the untapped potential for growth across the sector.
Investors and innovators alike should get across the following recent and not-so-recent policies and programs aimed at backing investment in agtech:
- The Hugh Victor McKay Fund - launchvic.org/investment/the-hugh-victor-mckay-fund: Named after an Australian inventor, is a new sidecar fund supporting Victorian agtech startups. The fund will co-invest between $100,000 - $200,000 into at least five early-stage AgTech startups over the next 12 months. Every dollar of funding will be matched by two dollars of private investment, and through this scheme, more than $3 million in total capital for founders will be activated, building the future of on-farm productivity and sustainability.
- EvokeAg - agrifutures.com.au/agrifutures-evokeag: EvokeAg is an annual agrifood tech event that invites industry leaders, startups, and innovators to showcase groundbreaking technologies and foster collaboration in one location.
- Pitch to Paddock - agtechangels.com.au: The 'Pitch to Paddock' series delivered by the AgTech Angel Investor Network connects industry experts, farmers, and technology enthusiasts with agtech startups. It does this by holding pitch events at industry events like the recently held AgSmart Expo in Bendigo. 'Pitch to Paddock' offers the chance for startups to pitch their innovation to potential investors and customers.
- AgriFutures Agritech Event Sponsorship Program - agrifutures.com.au/opportunities/agrifutures-agritech-event-sponsorship-program: This program is designed to support and increase the Australian agrifood and innovation sector. It promotes Australian agritech and agricultural innovation and aims to elevate Australian agritech startups through commercialisation opportunities and investment.
- Agtech Grants Program - launchvic.org/grants: LaunchVic has partnered with Agriculture Victoria to increase support for early-stage AgTech startups. Startups will be provided with small amounts of working capital to help build capability and move to the next growth stage. In addition to this funding, the grant will provide business development services through tailored support and expert advice for founders to build and improve their businesses.
- Agribusiness Digital Solutions Grants Scheme - qrida.qld.gov.au/program/agribusiness-digital-solutions-grants-scheme: This scheme offers co-contribution grants of up to $100,000 to support initiatives and fund the trialling and implementation of digital technologies and recent innovation within the agricultural, fishery or forestry industries in Queensland.
These are all simple yet significant means by which we can foster and fast-track innovation in agriculture.
They are, however, a starting point.
Our success in turning agriculture into an absolute advantage requires greater imagination and investment by policymakers and industry.
