Description
Early-stage technology and intellectual property often face a steep climb toward commercialization in the Canadian agriculture and food sectors. A new initiative aims to bridge that gap by offering innovators both prize capital and venture support to turn viable concepts into operating companies.
Carrot Ventures AgTech Studio has partnered with XPRIZE Canada Hub to launch a food and innovation challenge. Colin Phillip with Verdex Capital joined RealAgriculture’s Lyndsey Smith to discuss the global call for applications and what it offers to prospective ag tech and food ventures.
Participants in the challenge have the opportunity to win a $150,000 challenge prize, with selected applicants eligible to potentially receive up to $1.5 million in follow-on investment from Verdex, Carrot Ventures, and other venture partners. The initiative features two distinct tracks: one dedicated to on-farm and ag production technologies, and another centred on food innovation.
Phillip says the organizers are looking for innovators with intellectual property that is either pre-commercial or in the earliest stages of its commercial journey.
"It could be a global company, someone from outside the country, but it has to tie back to our purpose of advancing Canadian agriculture," Phillip says. "It needs to be a company that's far enough along this tech journey that it's sort of proof of concept, but not necessarily an established business because we're looking for that company formation, early stage model."
Submissions remain open online through the end of the year via the Carrot Ventures website, with reviews and potential prize announcements scheduled for early next year.
Website: https://www.realagriculture.com/
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