Australian agricultural startups just got a big boost. On September 16th, Minister for Agriculture, Jaala Pulford, announced the new agri-tech accelerator program SproutX. It is a joint venture involving the National Farmers Federation, the financial services firm Findex and the Australian government. 

A free pre-accelerator program is available through SproutX to 100 applicants. They receive 6 weeks of classes that teach the basics of entrepreneurship. It introduces the applicants to mentors and helps them build strong support groups. Applicants also have the opportunity to pitch their product or service to potential investors. Successful graduates receive $1000 dollars and $10,000 dollars worth of services.

Applications for the actual accelerator open November 16th. The accelerator will offer participants up to $50,000 dollars, mentoring, office space, and access to distributors. The open floor co-working office space has access to meeting rooms and to the input of other entrepreneurs and mentors.

Findex, the National Farmers Federation, and the Australian government are not the only groups involved in this $10 million dollar plus venture. Artesion, an alternative investment firm and Ruralco, an Australian owned agribusiness group are premier partners. The Herald and Weekly Times, Marcus Oldham, AG Funder, Crowe Horwath, and Allens – Linklaters are also partners in the incubator. They offer services in-kind.

The Australian agricultural sector is worth $60 billion today and by 2030 it is expected to be worth $100 Billion. No matter what size your business is, or the sector it is in, we at Folio1 will help your business grow. For more information about Folio1 or to speak with a representative directly, feel free to contact us.