Got an Innovative Food Idea? The European Union Wants to Know (AgFunder)
- The EU have started an initiative to boost innovative entrepreneurs in the AgriTech sector, which has been lagging in investor attention as of late. Only EUR1bn of venture capital was invested into agrifood tech in 2018, versus EUR5.5bn in fintech, EUR6bn in health and EUR5.4bn in enterprise software.
- The “pre-accelerator” AgriTech program has been launched by the European Institute of Innovation & Technology (EIT) in the hopes of attracting more innovators to the sector.
- The EIT provides a number of other programs, such as the SIT Food Accelerator Network, FoodSparks and Rising Food Stars. These programs supply a network of investors, a venture fund, and other capabilities.
Analysis & Comments
- This has been an issue that I have been talking about for some time – why, given Europe’s strong agricultural bases, focused on smaller farms, is Agtech not a priority?
- Among the six issues that EIT Food has identified, I see four of them as offering real potential – including a focus on healthier nutrition (for instance the threat around diabetes growth) and enhancing sustainability.
- EU needs to work more on this topic which could make our “small parcels” model profitable.
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