An additional $500 million is set to be invested in R&D during the next decade to help drive Australia's $16.3 billion horticulture industry.
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Hort Innovation said the new Frontiers program would complement the existing levy-funded portfolio and will attract new investors and transformative innovation streams to Australian horticulture with the aim of seizing big opportunities and developing solutions for growers.
Hort Innovation chief executive officer Brett Fifield said the co-investment approach was designed to meet the needs of a rapidly evolving horticulture industry.
"Through Frontiers, Hort Innovation is not only setting an ambitious target, but we are also being very clear about where investments will deliver the biggest impact - which is where growers need our Frontiers investments the most," Mr Fifield said.
"We are looking at the big picture to find the big opportunities and have developed this new program with partners, innovators, industry representatives and some of Australia's most forward-thinking farmers."
We are looking at the big picture to find the big opportunities and have developed this new program with partners, innovators, industry representatives and some of Australia's most forward-thinking farmers.
- Brett Fifield, Hort Innovation
Five fresh investment themes have emerged in-line with the Hort Innovation Strategy 2024-26:
- Healthy living.
- Adaptation and resilience.
- Market growth and security.
- Disruptive technologies.
- Capability building.
Queensland producer, MacField Farms managing director Henrik Christiansen, South Yaamba, said a change in investment approach was needed.
"We need to do something different; industry is changing and the ways we approach investment into the longevity and profitability of Australian horticulture needs to evolve as well," Mr Christiansen said.
Bulla Park Mushrooms chief executive officer Georgia Beattie, Diggers Rest, Victoria, said the new approach has an unapologetic focus on commercial outcomes and impact for Australian growers.
"Frontiers now provides an internationally competitive co-investment model featuring a dedicated avenue for grower innovators to propel their ideas forward, partnerships with local and global venture funds and private equity firms, and options for start-ups and early adopters with viable solutions to industry's challenges."
Mr Fifield said four investment pathways would be rolled out during the next 12 months:
- Innovation partnerships: Delivered through proven procurement approaches, this ongoing stream encourages strategic collaborations, inviting stakeholders from all corners of the sector to join forces to advance industry innovation.
- Australian-grown innovation: Dedicated to growers and the supply chain, this stream nurtures grassroots ingenuity, empowering innovators to take their ideas from concept to reality through a competitive expressions of interest process.
- Incubate and Accelerate: Poised to serve as a launchpad for startup enterprises seeking to scale within the horticulture domain, budding entrepreneurs, researchers, and students will be equipped to thrive in the competitive landscape.
- Hort Innovation Venture Fund: Set to channel resources into high-growth early-stage startups, this stream will propel innovative products and services from inception to market readiness.
