Agricultural technologies, known as AgTech, is a broad term that captures a range of technologies that help farmers and producers make faster and better informed decisions. The application of Agtech has the potential to enhance agricultural productivity, profitability and sustainability.

Characterised by the entrance of startups and venture capital investors, new business models (software-as-a-service), and new technologies (robotics and machine learning), AgTech holds huge potential for Australian agriculture.

Costs of technology dropping while performances increase is making complex new tech much more accessible across the board. Shifting consumer preferences to convenience and new heights of expectations in premium service here and now are putting pressures on the food and fibre system. These trends together with agricultural opportunities in both impact and commercial success are rapidly driving industry growth.

In Australia, the agricultural sector is a A$62 billion industry to the economy and considered as the fastest growing industry. Investors love big markets and entrepreneurs are drawn to the opportunity to build companies that can make an impact (improve environmental outcomes, bring resilience to farms in the face of climate change) and perform commercially well.

In 2018, the National Farmer’s Federation set out a goal to grow Australia’s agriculture to a A$100 billion industry by 2030. Technology and innovation are critical to achieving this, as is attracting both local and global capital and collaborators.