A recent survey conducted at the E Tipu Boma Agri Summit in Palmerston North has unveiled a strong desire among New Zealand agritech innovators to expand globally, with a significant focus on Australia as their primary target market. Out of 85 delegates surveyed, an impressive 64% reported that they had either considered or already launched their products in overseas markets. Notably, 68% expressed a keen interest in entering the Australian market first.
The survey was part of a session hosted by AgriFutures Australia’s growAG initiative, which aimed to gather insights on market expansion and perceptions of the agrifood and technology innovation landscape in both countries. The findings highlight the collaborative spirit and shared ambitions that exist within the agritech sectors of New Zealand and Australia.
Delegates identified several key challenges facing agritech startups and scaleups, including climate volatility, securing capital investment, finding collaborators for farm trials, and ensuring long-term sustainability. These challenges are not unique to either country, underscoring the need for cooperation and shared solutions.
New Zealand agritech representatives praised Australia’s innovation ecosystem, describing it as “well-funded, forward-thinking, and more accepting of new technologies.” This perception aligns with the views of Brendan O’Connell, CEO of Agritech NZ, who noted that Australia, as New Zealand’s closest neighbor, presents a natural market for innovation. He emphasized the importance of adapting solutions to fit local contexts, given that farming practices are inherently local.
The survey also revealed that 24% of the respondents had already launched their innovations in Australia, while others had ventured into markets such as the USA (10%), Singapore (6%), and China and the UK (5% each). Interestingly, 35% of the delegates had not yet considered international expansion, indicating that there remains untapped potential for growth within the agritech sector.
The implications of these findings are significant for both countries. Harriet Mellish, General Manager of Global Innovation Networks at AgriFutures Australia, highlighted that the high percentage of New Zealand innovators looking to Australia reflects the attractive incentives available for overseas tech firms to establish themselves. The similarities in agricultural environments between the two nations, combined with Australia’s larger population and agricultural industries, create ample opportunities for startups to expand their customer base.
Mellish also pointed out that both countries face common challenges, such as climate change, rising input costs, and skills shortages within the workforce. The need for innovative solutions in these areas presents a strong case for ongoing collaboration between New Zealand and Australian agritech entities. She expressed a desire to foster a dialogue that would allow both nations to leverage their strengths and work together to tackle shared issues.
Brendan O’Connell echoed this sentiment, emphasizing that the global perception of New Zealand and Australia as a unified agritech region enhances their attractiveness to international investors. He noted that many investors often consider both countries when exploring opportunities, making collaboration essential for presenting a cohesive front in the global market.
As the agritech landscape continues to evolve, the findings from the E Tipu Boma Agri Summit serve as a reminder of the potential for cross-border partnerships to drive innovation and growth. By focusing on shared goals and addressing common challenges, New Zealand and Australia can strengthen their positions in the global agritech arena, paving the way for a more sustainable and prosperous future for both nations.