The discussion focused on insights about the status of AgTech in Australia, what activities are underway across the ecosystem and what needs to be done for Australia to capitalise on the opportunity AgTech presents as an enabler to our Agriculture industry. Look out for subsequent communications with key video interviews with thought provoking panellists and presenters and highlights from the event.
At the IoT & AgTech Summit we also released Powering Growth: Realising the potential of AgTech for Australia, a StartupAUS report, co-authored by KPMG, and supported by the Queensland Government and the Commonwealth Bank of Australia (CBA) which makes 12 recommendations aimed to drive the AgTech sector forward in Australia.
Drawing on discussions with more than 60 stakeholders - including AgTech startups, farmers and agribusinesses, research bodies, government, and investors, the report identifies three key components necessary for Australian AgTech to reach its full potential - capital, connectivity and direction. Read Ben van Delden’s blog for a quick summary.
- Establish an independently-administered fund designed to make agtech more affordable to industry
- Develop a marketplace for AgTech products
- Establish a network of AgTech hubs
- Establish a joint R&D fund with leading global AgTech players
- Increase funding for the Accelerating Commercialisation component of the Entrepreneur’s Programme, including a specific pool of funds prioritising investment in AgTech startups
- Develop a nation-wide AgTech strategy
- Provide direction to university and RDC research via KPIs centred on commercialisation of technology and shorter grant periods that encourage agile testing.
It is clear that both the Australian government and corporates has a key role to build and grow a vibrant, world-leading AgTech ecosystem.