SproutX launches next accelerator program cohort of Australian agtech startups

Edible Bug Shop founder Skye Blackburn thinks so.

And there could be credibility to the concept, as Ms Blackburn’s startup was the winner of a recent agtech pitch night in Melbourne.

Held by SproutX, an organisation working to bring more money and resources into Australian agtech, the event revealed the eight startups that are a part of this year’s accelerator program.

Each of the startups was given five minutes to pitch their business ideas, in a Shark Tank-styled format, and were then given feedback by judges Ruralco business development manager Tim Higgins, The Actuator head of programs Michelle Kleynhans, and lifetime farmer Robert Trethewey.

SproutX general manager Sam Trethewey said the launch of the accelerator program is a really exciting time for the company.

“There’s 15 people who are a part of these ag startups, and they’re all going to be working full-time, completely committed to creating disruptive innovation for Australian ag, and even global ag,” Mr Trethewey said.

It was potentially a plate of Ms Blackburn’s cookies, which each contained about three crickets, that won over the judges at the pitch night, who said they tasted like regular choc chip cookies.

Ms Blackburn said while eating insects might seem crazy, there are many benefits to the concept.

“Insects are high in digestible protein, and also contain lots of essential micronutrients, vitamins, and amino acids, which make them a highly marketable product,” Ms Blackburn said.

“We convert cheap, unused office spaces into operational farms, using less feed per kilogram to produce the same amount of protein, in a much shorter space of time.”

She said as well as supplying bulk ingredients to companies that manufacture their own insect products, they have their own retail range.

She said the insects can be made into pastes and powders, that can be put into ice cream, milkshakes, and even burgers.

There was an array of other agtech ideas pitched, including Zero Harm Farm, a mobile and paperless health and safety management system for farms, Platfarm, a system that utilises farmers’ devices to create a map of where tasks need to be completed, and Off The Table, an app that connects travellers with a vast network of food producers.

Each of the startups will receive $40,000 in seed funding for an eight per cent stake in their company, as well as six month’s worth of mentoring, training and support.

These eight startups join a cohort of 19 companies that have been supported by the accelerator program, and have made SproutX the most active agtech investor in the world, according to accelerator director Andrew Lai.

“I think there’s a habit in Australia to think we’re a very small population in comparison to the rest of the world, that surely we can’t compete, but we’re definitely becoming the centre of agtech within the world,” Mr Lai said.

“Some of the companies have done really well, already running profitable ventures.”