Beanstalk Agtech launches drought resilience venture studio with $10 million government backing
Beanstalk Agtech has announced the launch of the Drought Venture Studio, a world-first with $10 million backing from the Australian government.
Beanstalk Agtech has announced the launch of the Drought Venture Studio. According to the company, it’s the world’s first venture studio dedicated to drought resilience. This initiative, backed by a $10 million investment from the Australian Government’s Future Drought Fund, aims to support the development of products and services tailored for Australian farmers.
The studio plans to take eight startups to market and provide hands-on commercialisation support to nearly 100 others within the first two years. According to Beanstalk, no equity will be taken.
The studio is currently taking expressions of interest from researchers, farmers, entrepreneurs and corporate innovators in the space.
Cal Archibald, director at Beanstalk Agtech, emphasised the importance of this initiative in Australia.
“Australian agriculture faces some of the most extreme drought conditions in the world, and the industry here is world-leading. Our farmers and researchers have always found a way to survive and to thrive in an extreme climate,” Archibald said.
“Partnership with the Future Drought Fund allows us to offer unprecedented support for researchers and innovators, and to launch new drought resilience solutions that will help Australian farmers and share our knowledge with the world.”
The program will provide 12 months of hands-on support from a specialist team of venture builders and match successful innovators with experienced co-founders to aid in commercialisation and launch.
Jeremy Youker, head of venture building at Drought Venture Studio, highlighted the specific challenges of launching new ventures in agriculture, such as managing diverse stakeholders and navigating climate adversities.
“Our goal is to get the IP holders, the customers, the supply chain, and the investors all heading in the same direction. We want to chart a course towards the most impactful solutions for Australian farmers,” Youker said.
The first cohort will kick off in August, with expressions of interest for the second opening in early September. Archibald noted that there has already been an overwhelming response from innovators, indicating a significant need and appetite within the Australian ecosystem for drought-related solutions.
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