Australia’s First Agtech Start-Up Support Program Launches

Australia’s first agricultural technology start-up support program, first of its kind, is a joint initiative between Findex and the National Farmers’ Federation.

SproutX has been designed to make the most of Australia’s agtech innovation boom and includes a $10 million venture fund and $1 million in Victorian Government backing.

The initiatives include Australia’s first agtech “pre-accelerator” program designed to unearth and test start-up ideas in agriculture, as well as a $10 million accelerator fund to back the best ideas.

SproutX general manager Sam Trethewey said the scheme was a program for very early start-ups.

“It’s for those who have got a very early stage idea and want to learn the principles of lean start-up and better understand how viable their business idea is and whether it will get market traction — and what are the chances of it being developed into something they can potentially commercialise,” Mr Trethewey said.

Programs

SproutX has two key initiatives — a pre-accelerator and a full accelerator program.

The SproutX agtech pre-accelerator will help to collate start-up ideas that can go on to commercialisation and will accept 100 applicants from across the country.

Successful applicants will be equipped with basic business skills and start-up principles, as well as access to mentors and a support network.

At the end of the eight-week program, the graduates will receive a cash grant and in-kind services to help them pursue their venture.

Those that show promise will also be invited to join the full accelerator next year.

The second program is the SproutX agtech accelerator and venture capital fund, which will be launched next year, backed by a $10 million venture capital fund that will invest in start-ups across a range of agtech areas of interest including “internet of things”, remote sensors, farm management, robotics, biological control, biomaterials and agricultural marketplaces. 

Source: Weekly Times