SproutX’s Accelerator program, the nation’s first ag-tech-focused program of its kind, offers ag-tech start-ups the chance to develop “world-class growth companies”.
Last year’s 11 SproutX Accelerator program start-ups were supported in developing and commercialising a diverse array of farmer-friendly innovations, from a water-saving device to a handy farm app to a compact, aeroponic vertical garden.
The SproutX Accelerator program 2018
Backed by SproutX’s $10m venture fund, its Accelerator program for 2018 is offering ag-tech start-ups across-the-board support in the form of:
- AU$40,000 in capital funding;
- mentoring from some of the world’s leading ag-tech experts;
- six months’ office space in SproutX’s ag-tech co-working space;
- introductions to influential members of Australia’s key agricultural institutions, including the National Farmers’ Federation (NFF), Meat and Livestock Australia (MLA) and Rural Industries Research & Development Corporation (RIRDC);
- nationwide access to media and PR via SproutX’s partners and supporters; and
- distribution opportunities with some of the nation’s largest agriculture brands, including Ruralco and Findex; and
- ongoing venture-capital backing to program alumni.
Participating teams may use their $40,000 funding as they see fit, provided they reach milestones agreed upon beforehand with their Accelerator program mentors.
In exchange for the capital funding, services and support, SproutX is seeking eight percent of each start-up that enters the program.
SproutX Accelerator program participants must:
- have a company domiciled in Australia;
- reside in Australia for the duration of the program (six months); and
- include at least one founder of each team able to work fulltime, either from SproutX head office in Melbourne’s CBD, if Melbourne-based, or from the team’s home town/city/region in Australia.
SproutX will fly remotely-located teams to Melbourne every five to six weeks for workshops with customers, corporates and investors.
With backing from partner Artesian Ventures, the SproutX Venture Capital Fund provides follow-on investment for start-up companies once the Accelerator Program ends. The fund will match angel investments of up to $1 million, providing ongoing support to its alumni over successive rounds of funding.
For inspiration, take a look at the pitches from SproutX’s most recent Demo Day in Melbourne in December 2017.
Apply now for the 2018 SproutX Accelerator program
If you’re a start-up company and believe your ag-tech idea can advance the future of Australian farming, SproutX encourages you to apply for a place in its 2018 Accelerator program.
“We’re after start-ups with great technology, talented teams and, of course, traction in the market,” SproutX says.
“Team and technology are obvious, however traction can come in the form of pre-sales, sales, consumer interest, active customers and even letters of intent.”
To familiarise yourself with best practices and start-up concepts prior to applying, take the SproutX Pre-Accelerator Course online.
Applications for this year’s Accelerator program are open now; and be quick, submissions close 23 February 2018, with SproutX seeking to start the program in March.
More information on SproutX
For more information about the SproutX hub, visit the official website.