SproutX bolsters agtech industry with start-up work space
14/2/2017
SproutX is a joint initiative between financial services group Findex and the National Farmers’ Federation. It seeks to be Australia’s first co-working space dedicated to agtech start-ups. Along with the launch SproutX announced Michael Dean, co-founder of global agtech platform Agfunder, had joined its board to provide mentor-ship to Australia’s newest agtech start-ups.
SproutX is a joint initiative between financial services group Findex and the National Farmers’ Federation. It seeks to be Australia’s first co-working space dedicated to agtech start-ups. Along with the launch SproutX announced Michael Dean, co-founder of global agtech platform Agfunder, had joined its board to provide mentor-ship to Australia’s newest agtech start-ups.
General manager of SproutX, Sam Trethewey, describes the space as the centre of agtech in Australia designed to guide new Victorian start-ups and boost country’s $60 billion agriculture industry and develop the next innovation boom through agtech”.
“Australia’s biggest natural advantage lies in agriculture, so this co-working hub is designed to connect innovators, investors and the agriculture community to help bring these new ideas to fruition.”
As well as the Agfunder platform Michael Dean brings international expertise to the project having previously helped develop agribusiness opportunities in Africa through his business SeedRock Africa Agriculture.
Dean says that after spending four years overseas building AgFunder and sourcing thousands of agtech deals, he has returned to Australia to focus on helping new agtech start-ups.
“Australians have a unique cultural and historical passion for agriculture. Our farmers are among the best in the world, yet the industry isn’t getting the support and funding that it needs to drive technology innovation to boost farm efficiency and productivity.
“On a per capita basis, Australia spends 32 times less than the US on agricultural venture capital. SproutX is the initiative Australia needs to address this imbalance and drive our nation's next innovation boom."
This article originally appeared in iTWire
