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Victorian Government launches $2.2M initiative to support Agtech

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Victorian Government launched $2.2M initiative to support Agtech

The Victorian Government has launched the $2.2 million Victorian AgTech Entrepreneurs Initiative, partnering up with Agriculture Victoria and the state’s startup agency LaunchVic to support the development and adoption of new technology for the agriculture industry. 

“Accelerating the growth of Victoria’s AgTech startups will create jobs and growth, as well as opportunities for our farmers to use cutting-edge tools, data and technology which will drive efficiency, productivity and sustainability,” Minister for Agriculture Mary-Anne Thomas said. 

“With one of the world’s most modern and productive agricultural systems, Victoria is well placed to lead Australia as a powerhouse for AgTech innovation and entrepreneurship.” 

The Victorian AgTech Entrepreneurs Initiative is expected to boost the number of startups across Victoria and enhance the entrepreneurial culture and capability in the agriculture sector. 

“This is an exciting and logical partnership. We know we have great startups in Victoria, and we also know we are one of the largest food bowls of the country – building on the innovation in the sector makes perfect sense,”  LaunchVic CEO Kate Cornick said. 

The partnership for the Initiative is part of the Victorian Government’s investment in AgTech to revolutionise farming and drive significant productivity gains that will position the state as a world leader in digital agriculture.    

This initiative will provide eligible organisations with grants of up to $600,000 to run pre-accelerator programs. These programs will then provide support for early-stage startup founders who need help developing their product, honing their business model and connecting with investors. 

The state’s AgTech sector will be further strengthened by a series of regional events to connect industry, farmers, researchers and aspiring founders at each of Agriculture Victoria’s regional SmartFarms. 

“We’re supporting our next generation of entrepreneurs to break into AgTech because we know our startup companies create high-value jobs for Victorians across the state,” Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford.

The Victorian AgTech Entrepreneurs Initiative is part of the $15 million AgTech Regional Innovation Network, delivering on the commitment to modernise Victorian agriculture by boosting investment, innovation and future skills. 

It will also support broader Government programs such as the Victorian Startup Capital Fund, which enhances the venture capital sector, stimulate jobs and boost innovation. 

Eligible organisations with the capability to run a Victorian AgTech pre-accelerator program are encouraged to apply for this initiative. Applications close on 27 October 2021. 

SOURCE: VICTORIAN GOVERNMENT MEDIA RELEASE

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