AgRIN and opportunities for AgTech
The AgTech Regional Innovation Network (AgRIN)
The AgTech Regional Innovation Network ( AgRIN) is a $15 million initiative, funded by the Victorian Government’s Agriculture Strategy to foster a Victorian agriculture sector that is strong, innovative and sustainable.
The AgRIN initiative involves partnerships with other government agencies, industry associations, service providers and industry to deliver programs and events that foster and develop a vibrant, successful and connected AgTech ecosystem in Victoria.
Key AgRIN programs include:
- The establishment of an AgTech sector engagement team to connect and grow the Victorian AgTech ecosystem including through the trial and validation of AgTech at Agriculture Victoria SmartFarms, and through delivery of an AgTech events and sponsorship program.
- Funding for three AgTech pre-accelerator programs (SproutX, Rocket Seeder and Farmers2Founders) to help equip Victorian entrepreneurs with the skills to translate their business ideas into innovative new, AgTech products.
- The AgTech Support Fund which provides industry development grants totalling $4 million to support AgTech company growth including through:
- Early-stage start-up grants – grants of up to $50,000 to support early-stage AgTech start-ups to move to the next stage of growth through acquiring new skills, equipment or people.
- Establishment of the Hugh Victor McKay Fund – the fund co-invests between $100,000-$200,000 in early-stage AgTech start-ups with the private sector. With every dollar of funding to be matched by two dollars of private investment.
- Delivery of AgTech focused CivVic Labs programs. This program will connect startups, industry and the public sector to help solve significant agriculture challenges. AgRIN funding covers start-up participation in the programs, and seed funding of up to $35,000 for the top two start-ups in each program. The program has been successfully used by VicHealth and the Energy Division in DEECA.
- Supporting research and commercialisation of key AgVic AgTech research projects including in the dairy and horticulture sectors.
- Optimising policy and regulation frameworks to ensure a supportive business environment for Victorian AgTech companies.
Opportunities for AgTech in Victoria
Victoria’s thriving agriculture industry is a major contributor to the state and national economy and food supply. This makes Victoria a great place to build and scale AgTech startups.
Whilst the sector has always been innovative and adaptive, agriculture faces challenges in climate change, trade conditions, lack of labour and more. Developing new AgTech solutions will play a role in Victoria’s agricultural future and is a key driver to fostering the creation of future jobs, businesses and industries.
Victoria has many elements to develop a vibrant AgTech ecosystem, including:
- Home to 25% of all farm businesses in Australia with about 20,000 farms.
- World class universities and home to more than 14 agricultural innovation and research centres.
- Home to AgriBio, a $288 million world-class facility for agriculture bioscience research and development – a joint venture between the Victorian Government and La Trobe University.
- Agriculture Victoria’s regional SmartFarms for co-developed and co-invested industry research and innovation using close-to and market ready technologies.
- Home to key accelerators, including AgTech accelerators SproutX, Rocket Seeder, and SVG Ventures.
- Strong government commitment and support through the Agriculture Strategy.
- Home to a dynamic, educated workforce. More than half of all Victorians aged 20–64 hold some form of post-secondary qualification, while almost 30% aged 15–74 have a university degree.