5 ways to succeed in AgriTech – plus how to secure funding for your startup
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A selection of advice from AgriTech experts, plus news of the Funding Readiness Programme.
Here are some highlights from recently published AgriTech insights, as well as information on the Eagle Labs Funding Readiness Programme, powered by Capital Enterprise.
Seek support from your county
Are you concerned about the impact of Brexit, climate change and labour shortages? If so, contact your local authority. Many regional branches of government have set support mechanisms to help those working in agriculture.
The Greater Lincolnshire Local Enterprise Partnership (LEP), for example, recently launched the National Centre for Food Manufacturing—which advises on the role of automation and robotics in farming.
Focus on the opportunities
The UK produces around 60% of everything we eat, and with a global population expected to reach 9bn by 2050, AgriTech offers an opportunity to help farmers provide more food with less resource, in an environmentally sustainable way.
Now is the time to explore the uses of AI, selective cropping and drones to reach that larger market and secure your future success.
Collaborate to succeed
When developing a product, it is vital to work with potential customers – especially in the world of AgriTech, says Professor Simon Pearson, Director of the Lincoln Institute of Agri-Food Technology.
There are opportunities for startups at every stage of the value chain and working with food producers can be the key to success.
Be prepared to wear many hats
The life of a solo founder in AgriTech requires adaptability and a willingness to get your hands dirty in all aspects of the business.
You will have to take care of the day-to-day operations, plan long-term strategy, speak to potential clients, collaborators, run R&D programmes, and more.
Data is the future in AgriTech
Data, smart communications and automation are the trends changing the agriculture industry. Clive Blacker, Head of Business Development EMEA, Map of Ag, says farmers are starting to challenge the thinking around production processes and that the industry as a whole is embracing technological change more readily.
Consider crowdfunding and innovation funding
Covid-19 has slowed investment in some areas but there has never been a better time to seek innovation funding, says John Spindler, CEO of Capital Enterprise. And while angel investors are being cautious with initial investments, the crowdfunding market is set for exciting developments in the next 18 months.
Ensure your startup is attractive to investors and secure grant funding
Funding is a primary focus for many founders, but the right preparation and approach is vital to successful pitches and applications. The Eagle Labs Funding Readiness Programme, powered by Capital Enterprise, runs from September to November 2020 and founders can register their interest now.
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