A NEW opportunity for WA’s up and coming agricultural start-up companies is on the horizon, after the success of the inaugural HARVEST AgTech Accelerator program which wrapped up in Perth recently.
Eight companies involved in the initial round of the program presented their final business pitches in front potential investors on Thursday, where three innovative start-ups – Grubs Up, MALDIID and ScientificAerospace – were rewarded with business development opportunities.
Run by Agristart, the nine-week program was developed to help late-stage start-ups working within the agtech space prepare for commercialisation and investment, with the help of a team of more than 40 industry experts.
Strategic expansion planning, export pathways, new technology applications, investor readiness, pitch coaching and media training were topics covered throughout the program, which Agristart co-founder and managing director Tash Ayers said was a great success.
“We’ve been so excited by the eight companies that have been with the HARVEST program,” Ms Ayers said.
“Technology companies are doing amazing things, but they need to understand the farming processes and what farmers are looking for.
“It’s all about that gap, we need technology companies talking to farmers, that is so critical.
“The start-ups involved have gained so much from the program because they’ve given everything to it.”
With more than 100 inquiries and 42 applications for the first AgTech Accelerator program, Ms Ayers said Agristart had decided to continue with another round.
Applications for HARVEST 2.0 will open in June, with the second round to kick-off between August and October.
“We want to run a regional version of the program, it will be a residential boot camp, so we’re really excited about that and we’ll also run the Perth-based program again,” Ms Ayers said.
“This program will feature more regional tours and get more farmers involved, because we really learnt in this program that the tech companies need to connect to farmers as much as possible.”
Meanwhile, the three start-ups awarded with prizes at the pitch event will continue their business development journey over the rest of the year.
The Atomic Sky Regional Innovator prize was awarded to Coolup-based insect farm Grubs Up, which was given six months access to a Perth workspace and business mentoring to further develop the enterprise.
Grubs Up produces, processes and manufactures high protein insect products – including whole-roasted crickets and mealworms, cricket hazelnut dukkha and cricket powder – for human consumption.
The company is also working to commercialise its animal feed product line.
Grubs Up founder Paula Pownall said participating in the HARVEST program had been a rewarding experience that had allowed the business to focus on key areas for improvement.
“It has really given us permission to concentrate on a few key aspects on our business, and more importantly the networks that have opened up to us have been huge,” Ms Pownall said.
“We’re very grateful for the award – there’s two partners in the business and we’re nearly two hours apart from each other so the six months use of the tech hub means that we can make the time to come together and work on the business, so we can really make the time to get some of our strategies and things in order for commercialisation.”
ScientificAerospace received the Triangle Capital Export Market prize, which will give the company access to free consultation to develop export markets in China.
With extensive experience in the resources, energy and defence sectors, the aerial surveying company is working to expand its services to the agricultural industry.
The well-developed start-up is hoping its technology will be able to assist horticultural and broadacre cropping systems, and is exploring its potential to identify frost damage.
ScientificAerospace director and chief technology officer Josh Portlock said the program had given the company invaluable networking opportunities.
“We’ve been able to network with potential farmers but also foster potential business collaborations so that we can work together and combine technologies,” Mr Portlock said.
“We’re already in discussion with some of the other participants, as well as other people who are in the agtech business and we can see complementary synergies.”
The AgWorld Agribusiness Leadership prize was awarded to bacterial identification service MALDIID, which has turned the legume expertise of researcher Sofie De Meyer into a commercial product designed to help farmers improve crop production.
The company offers testing services to legume and pasture growers, which quickly and efficiently identifies nodule bacteria and provides customers with the information needed to make better decisions around inoculation.
Coming from a researcher background at Murdoch University, Dr De Meyer said the nine-week program had allowed the MALDIID team to enhance its business skills.
“We come from a research background so we’re not business people, so having an opportunity to talk to different people that either already have gone down that pathway to give you the dos and the don’ts was great,” Dr De Meyer said.
“Also learning from fellow companies and all of the participants and what their issues are sometimes makes you look differently at your own business.
“I would definitely encourage others to get involved.”
