Power Equipment Australasia

DROUGHT Preparing for the next drought now Beanstalk AgTech, in partnership with the Federal Government, has launched Australia’s first ever drought resilience commercialisation initiative, the Drought Venture Studio. Made possible through a $10 million investment through the Federal Government’s Future Drought Fund, the Drought Venture Studio aims to drought-proof Australian agriculture by developing drought resilience products and services for farmers, while delivering commercial returns for Australian farms, innovators and agrifood investors. The Beanstalk Drought Venture Studio will work closely with Australian producers and agribusinesses to ensure a focus on the most pressing challenges, while playing a hands-on role connecting farmers with innovators and early stage agrifood startup investors. Cal Archibald, Director at Beanstalk AgTech, said Australia can lead the world when it comes to drought resilience innovation. “Australia is the driest inhabited continent on earth, yet we have a vibrant agricultural sector that has constantly adapted to climate change challenges over time,” Mr Archibald said. “Necessity has made us amazing innovators. We want to capitalise on this knowledge and expertise to deliver real-world outcomes for our farmers, and commercial returns for those along the agri-innovation value chain.” Over the course of the initiative, the Drought Venture Studio will take eight start-ups to market and provide hands-on commercialisation support for nearly 100 other innovators. “We want to build business that deliver solutions for Australian farmers, have the potential to be scaled globally and deliver long term returns for investors,” he said. “Drought Venture Studio has the potential to unlock solutions for some of the most pressing and destructive agricultural challenges. “Imagine if we could perfectly predict the micro-climate of each paddock or utilise winter rain in the summer months or even increase our soil water holding capacity tenfold. “The time to start planning for the next drought is now that’s why this work is so important. We’re looking forward to getting on with it,” he said. A new initiative has been launched to help build drought resilience for Australian farms and farming communities A new initiative has been launched to help build drought resilience for Australian farms and farming communities “Perhaps you are a scientist working on new technology to better capture and store water on farms, or an investor that wants to back local farmers and local innovations,” said Mr Archibald. “We want to hear from anyone with a drought related challenge that needs solving or a drought-resilience solution. There is no time to waste.” Beanstalk Drought Venture Studio is currently hiring for key roles and will open expressions of interest to innovators from March 2024. If you would like more information or if you have an Agricultural product or service which may be suitable the program, contact Beanstalk via the website: www.beanstalkagtech.com/droughtventurestudio To bring the Drought Venture Studio to life, Beanstalk AgTech is calling on Australian farmers, innovators, agribusiness and scientists with new and exciting ideas to drought-proof Australian agriculture to put their ideas forward. 10 | POWER EQUIPMENT AUSTRALASIA | MARCH - APRIL 2024

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