14 February 2022, Australia: National accelerator SproutX has received funding from the state innovation agency, LaunchVic to boost agtech entrepreneurship in the state.
The Business of Agriculture Pre-Accelerator Program will attract new entrants to the agtech ecosystem with the long-term aim of converting science and technology entrepreneurs into Victorian technology businesses.
The $2.2 million in funding will be used to run a two-year project, with a target to foster 70 incorporated startups by 2024.
“We believe that increasing the volume of entrepreneurship at ideation stage will have the flow-on effect of increasing the number of startups that grow into investment-ready opportunities down the track.” said Maxie Juang, Community Manager, SproutX.
Running an autumn cohort and a spring cohort each year, the online workshops and farm tours will cater to individuals from tertiary research, academic, and corporate R&D participants to consider commercial opportunities through startup.
SproutX has built a strong reputation nationally since launching 2016 and has an active portfolio of 26 food and agtech startups, from pre-seed to Series A.
“With support from LaunchVic, we’re delighted to see the team join forces with the University of Melbourne to take 154 aspiring entrepreneurs through The Business of Agriculture Pre-Accelerator Program, a new initiative designed to engage non-traditional participants in the Victorian startup ecosystem.” said Kate Cornick, CEO of LaunchVic.
“SproutX’s Business of Agriculture Pre-Accelerator Program is an opportunity for the University of Melbourne to work with SproutX to create additional impact in the agrifood sector by leveraging our teaching and research translation, particularly that based at our Dookie Campus, as well as our NorVicFoods knowledge exchange activities. We welcome collaboration with investors throughout this vital sector and look forward to working with SproutX.” said John Fazakerley, Dean of Faculty of Veterinary and Agricultural Sciences, The University of Melbourne.