In an exciting development for the Australian agricultural sector, a delegation of local industry leaders is poised to attend the World Agri-Tech Innovation Summit in London on September 30 to October 1, 2024. This event, a significant networking opportunity for agtech stakeholders, aims to bridge the gap between Australia’s agricultural innovation needs and the burgeoning startup ecosystem in Europe. The delegation, spearheaded by Hort Innovation and supported by AgriFutures Australia, is focused on scouting early-stage innovations that could transform Australia’s horticulture and grains industries.
For over three decades, Australia’s rural research and development corporations (RDCs) have collaborated with traditional research entities to push the boundaries of agricultural innovation. However, as the challenges facing the industry grow more complex, there is a pressing need to tap into the startup ecosystem for solutions that can be implemented rapidly. “Investing in Australia is a huge North Star for us,” said a representative from AgriFutures Australia. The organization is investing an additional A$500 million over the next decade to capitalize on significant opportunities and deliver a diverse range of solutions that growers demand.
Jesse Reader, the Head of Investment, Growth and Commercial at Hort Innovation, emphasized the importance of establishing connections with European companies. “World Agri-Tech provides a platform for us to reach European companies and tell them, ‘we’re open for business,’” he explained. This sentiment reflects a broader strategy to fill a pipeline of investable companies that can be nurtured and developed to meet the evolving needs of Australian agriculture.
Harriet Mellish, General Manager for Global Innovation Networks at AgriFutures Australia, echoed this sentiment, highlighting the goal of fostering a robust global ecosystem. “We’re interested in creating a stronger global ecosystem where we can look to our international partners and how they are addressing challenges,” she noted. The AgriFutures growAG. platform plays a pivotal role in this initiative, promoting agrifood and technology opportunities from both Australia and abroad. By connecting various stakeholders, the platform aims to accelerate the commercialization of innovations that address shared agricultural challenges.
Hort Innovation’s unique model for agricultural innovation involves co-investment from the federal government and primary producers, which has been instrumental in driving industry-relevant research since 1989. To enhance its impact, Hort Innovation has introduced three co-leveraged investment pathways totaling A$500 million in uncontracted potential. These pathways include initiatives to support grassroots innovation, accelerate startups, and channel resources into high-growth early-stage companies, all aimed at developing practical solutions for growers.
Australia’s diverse climate and advanced adoption of technology make it an attractive testing ground for international agtech solutions. Partnering with an RDC like Hort Innovation offers significant advantages for startups looking to enter the market. Reader pointed out that the organization’s extensive network and deep engagement with a broad range of industry members provide critical insights for early-stage businesses. “There’s huge value in that,” he remarked.
Additionally, the collaboration between Hort Innovation and Artesian, a global alternative investment management firm, highlights a new model for venture capital in the agrifood sector. Artesian’s unique Venture Capital as a Service (VCaaS) platform enables organizations like the Grains Research and Development Corporation (GRDC) to invest strategically in emerging technologies while maintaining control over their investment mandates. This approach allows for a long-term vision that aligns with the needs of Australian grain growers and supports the growth of innovative startups.
As the Australian delegation prepares for the World Agri-Tech Innovation Summit, the focus remains on fostering international relationships and exploring investment opportunities that will drive innovation in agriculture. The collaboration between RDCs, startups, and international partners promises to create a dynamic environment for agricultural advancement, ensuring that Australian producers are equipped with the tools and technologies they need to thrive in an ever-changing landscape.