As fruit, vegetable and nut growers face challenging economic conditions and a drop in consumption, grower-owned not-for-profit research and development company, Hort Innovation have announced it will activate $60M of investment into early-stage startups to drive positive change.
Through a partnership with Artesian, a leading alternative and impact investing firm, the new Hort Innovation Venture Fund will back promising startups whose concepts and prototypes have the potential to make a tangible impact for industry.
Hort Innovation chief executive officer Brett Fifield said now more than ever, it is important to improve productivity and elevate the profile and accessibility of Australian-grown fruits, vegetables, nuts, nursery products and turf locally, and worldwide.
Mr Fifield said “The Australian horticulture industry is facing unprecedented challenges - high production costs, labour issues, and extreme weather impacts to name a few,”
“On top of that, Australian fruit and vegetable consumption dropped by up to eight per cent to June 2023, compared to the year before.
Key Hort Innovation Venture Fund focus areas include:
Increasing productivity: Helping Australian growers to become more adaptable, resilient and financially sustainable. This may be in the use of AI to predict what to do and when to do it, new automation options, or the use of satellite technology to guide decision-making.
Sustainability: to deliver new innovations Australian growers of fruit, vegetables, nuts, turf and nursery plants can employ. For example, enhancing monitoring capabilities to optimise water use and viable options to reduce chemical use.
Consumption: to drive demand and meet changing consumer preferences and encourage healthy living. For example, naturally breeding produce that is nutrient dense, with a long shelf life while being aesthetically pleasing.
Workforce: Opportunities to upskill existing industry participants and expand local career opportunities in horticulture, particularly in the science and technology arenas.
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