Canadian agricultural innovators could have an opportunity to turn new technology into commercial businesses through a competition offering a $150,000 prize and the possibility of up to $1.5 million in additional investment.
Calgary-based Carrot Ventures, an agricultural technology venture studio operated by Verdex Capital, announced the launch of its Food & AgTech Innovation Challenge on Oct. 20 in collaboration with XPRIZE Canada Hub.
The competition is seeking technologies designed to improve agricultural productivity, reduce resource consumption and strengthen resilience throughout Canada’s food and agriculture sectors.
For innovators working in Saskatchewan’s agricultural industry, the challenge presents an opportunity to develop technologies that could help producers improve efficiency while addressing some of the challenges facing modern farming operations.
“Some of the most exciting breakthroughs in food and agriculture never make it into the hands of the people who could benefit from them,” said Collin Phillip, CEO of Verdex Capital.
“We want to help change that. We’re looking for innovations that tackle real challenges on farms and across the food system, and innovators who are ready to take the next step.”
Two categories targeting agricultural challenges
The competition is divided into two categories, each focusing on different areas of agricultural and food innovation.
The first, Food Innovation, targets technologies involving food processing, preservation, packaging, safety, traceability, distribution, waste reduction and ingredients.
The second category, Produce More with Less, focuses on technologies that increase agricultural output while reducing the resources required.
That includes developments in agricultural biologicals, animal health, digital farming, robotics and automation.
For Saskatchewan producers, innovations involving precision agriculture, automated equipment, livestock health and more efficient resource management could have practical applications across grain and livestock operations.
Organizers say applications will be evaluated based on customer value, measurable benefits, technical innovation and the potential to develop a scalable business.
While the competition is open to applicants worldwide, submissions will also be assessed on their potential application to Canada’s agriculture and food industries.
