Australia poised to harvest a rich return from AgTech
16/4/2018There are many technology companies from Australia that have made their mark in the market for business to business services. Corporations such as Aconex, Wisetech Global and Atlassian are already in the field, but there are so many sectors that could benefit from this as well.
There are many technology companies from Australia that have made their mark in the market for business to business services. Corporations such as Aconex, Wisetech Global and Atlassian are already in the field, but there are so many sectors that could benefit from this as well.With a well-established agriculture industry coupled with sophisticated export channels and an upcoming ecosystem, Australia is set to being an exceptional Agtech powerhouse.
With high-quality research coming out of Australian universities and the knowledge of the current generation around technology the dots can be joined smoothly for the most benefit.
This market has so far gone relatively untapped with sectors merely waiting for the technology, the money and the entrepreneurs to come along. With the amount of arable land running out all over the globe, technology can make it so that existing systems can work more efficiently and so that there can be a reduction in waste.
Availer was founded in 2016 by Remo Carbone and Andrew Grant. They advise and work with Agtech startups to commercialise research as they cater to the broader agricultural needs of the sector. They have a process driven model that allows them to engage with industry participants. Availer works to identify the pain points of participants so they can forumlate a solution for their particular problem/s.
“The start-ups we co-build share common factors: they solve a global industry problem, have groundbreaking IP from research, have co-created product with industry partners,” explained Grant.
Research completed recently shows that there is a global increase of 29% in year over year funding. In 2017 however, there has been a 27% drop in seed stage funding, there has also been a 28% decline in the number of companies that have been funded as well.
The data highlights the opportunity for Australia to make a global mark. Seed funding is drying up globally which is giving businesses in Australia a chance to leverage the natural advantages they have.
Grant notes that many technologies are currently being used that have a significant potential in becoming world changing commodities. The past 18 months have been used to scout out these businesses, but we need even more corporations and banks to come to the table.
James Tyler, a local startup with a direct to consumer business is looking into getting their produce directly to China. Then there is Farmbot the company providing plug and play sensors to farmers. Both these companies are both a part of the program.
The potential and the anticipation is that tech startups will be adding 540,000 jobs and increasing the Australian GDP by $109 billion by the year 2033. “The real value lies inside the mind of the farmer, and you can’t replace that with technology, so the opportunity is to support them, not supplant them.”