AgriTech In Need of Fund Subsidy to Accelerate GrowthOctober 20, 2016 8:50 am
The start-up scene has experienced a massive boom in recent years, mostly concentrated in the IT industry, but is now starting to find its way to Australia’s agriculture industry.
According to Startups Smart, the National Farmers’ Federation and Findex have decided to work together to launch the country’s first-ever national agricultural technology innovation hub, with a dedicated fund of $10 million for early-stage start-ups.
So far, SproutX has received a grant from the Victorian government, amounting to $1 million so it can begin growing the idea. Sources said that the grant was made possible in part because of Findex and Ruralco’s backing.
It will also have a co-working space that can accommodate up to 100 entrepreneurs, and will run two accelerator programs.
SproutX’s general manager Sam Trethewey said that the country’s agri sector has a great chance of succeeding in reaching its target of becoming a $100 billion industry by 2030 that can help provide opportunities for start-up businesses and entrepreneurs.
“Australia’s agricultural sector is really one of the only pillars that can double in the next 15 to 20 years. We have to be extremely efficient, we don’t have any more land, we don’t have any more water so we have to add more with innovative ideas.”
As a third generation farmer, Mr. Threthewey’s experience come with a wealth of inside knowledge and confidence when he claims the program will bring changes to the industry.
With the start-up scene finally sinking its teeth in the agriculture industry, expect it to experience a significant growth over the next few years. Agriculture has long been part of Australia’s industry and still plays a crucial part in the country.
Applying the new developments in the agri sector will be a challenge but with telecommunications technology such as the nbn satellite Sky Muster™ that was launched recently, they will provide a stable and reliable connection, not only to farmers, but citizens as well.
The nbn™ Sky Muster™ satellite brings better satellite internet connectivity to regional Australia. To get onboard Sky Muster, call Activ8me today 13 22 88 or visit: https://activ8me.net.au/internet/skymuster
image courtesy of tharsus.co.uk