Saskatchewan Launches $1 Million AgTech Growth Fund
Applications are now being accepted for a new $1 million fund created by the Government of Saskatchewan to encourage development of agricultural technology.
The AgTech Growth Fund is the first program dedicated to accelerating development of game-changing agricultural technologies in Saskatchewan and one of several additional supports for the tech sector announced in Budget 2020-21.
Administered by Innovation Saskatchewan, the fund will drive private investment in transformative farming and help attract international agtech companies to Saskatchewan.
“Saskatchewan farmers feed the world and the AgTech Growth Fund will create new innovations and jobs in our province,” Minister Responsible for Innovation Saskatchewan Tina Beaudry-Mellor said. “Growing our ag economy is a key part of Saskatchewan's Growth Plan and by providing solutions in agtech, we add value to our rural communities, increase our sustainability and strengthen this province’s global leadership in food production and farming excellence.”
Agtech is the application of emerging digital technologies in solving challenges in the agricultural sector. The agri-foods industry has the potential to become Canada’s largest economic sector. With the proper investments in agtech, the Royal Bank of Canada forecasts $11 billion in new goods and services could be added to the national economy by 2030.
“Continued investment in agriculture technology will be a significant driver of growth in the industry,” Agriculture Minister David Marit said. “Saskatchewan is already an agriculture research hub and investing in farm equipment technology will complement our investments in crop breeding and production to bring us closer to achieving our Growth Plan goals.”
Saskatchewan’s tech sector contributes $4.7 billion per year to the provincial economy. The AgTech Growth Fund replaces and increases funding previously available for farm-centric technology through the Saskatchewan Advantage Innovation Fund.
Details about the Agtech Growth Fund and application forms are available on the Innovation Saskatchewan website at http://innovationsask.ca/research/agf.