Many national as well as international companies have come up to support farming industry in a big flat-form to rise and be sustainable enough to feed the nation demands. The funds are been raised not only on technology and farming equipment’s but rooms are also given to encourage innovation.
In respect to this, the “innovation hub”, called Sprout, will see the National Farmers’ Federation NFF partner with superannuation firms and banks to fund agricultural start ups and new agri-technology.
Its launch at the weekend by Prime Minister Malcolm Turnbull followed the Federal Government’s $1.1 billion innovation and science agenda, which does not include new funding for agriculture specifically.
While Sprout will not open until next year, NFF chief executive Simon Talbot said the NFF wanted to “put a solution on the table from day one” in the wake of the Government’s innovation statement.
Sprout will invite applications from “the best and brightest” with ideas for technologies, such as farm robotics, sensor technology, or new services. At least 10 projects a year would be “incubated” from the early stages to market.
A spokesman for Agriculture Minister Barnaby Joyce said the Government had committed $200 million for rural research and development projects since 2013 and provided $250 million each year to Rural Development Corporations to match industry levies.An inquiry focusing on agricultural innovation was also under way.