National agtech innovation hub SproutX, a joint initiative between financial services group Findex and the National Farmers’ Federation, has opened what it says is Australia’s first co-working space dedicated exclusively to agtech startups and bolstered itsservices with new international expertise.
The move comes as SproutX announced Michael Dean, co-founder of global agtech platform Agfunder, had joined its board to provide international expertise to Australia’s newest agtech startups.
SproutX says opening of the co-working space bolsters the agtech industry.
According to Sam Trethewey, general manager of SproutX, the space — which is free of charge for eligible startups — is the centre of agtech in Australia, designed to help foster new startups in Victoria and “continue boosting the country’s $60 billion agriculture industry and support the next innovation boom through agtech”.
{loadposition peter}“We’re really excited to have finally opened our doors to some impressive startups in the agtech space,” Trethewe says.
“Australia’s biggest natural advantage lies in agriculture so this co-working hub is designed to connect innovators, investors and the agriculture community to help bring these new ideas to fruition.”
Trethewey says Dean will bring more than 20 years of experience in the agtech space to SproutX.
Dean previously helped develop agribusiness opportunities in Africa through his business SeedRock Africa Agriculture, and has helped major Australian agriculture businesses develop and structure in the industry.
Dean says that after spending four years overseas building AgFunder and sourcing thousands of agtech deals, he has returned to Australia to focus on helping new agtech startups.
“Australians have a unique cultural and historical passion for agriculture. Our farmers are among the best in the world, yet the industry isn’t getting the support and funding that it needs to drive technology innovation to boost farm efficiency and productivity.
“On a per capita basis, Australia spends 32 times less than the USA on agricultural venture capital. SproutX is the initiative Australia needs to address this imbalance and drive our nation's next innovation boom."
Dean says he will be using his expertise to mentor Australia’s newest agtech startups and help drive the industry forward through technology, innovation and sustainability.