REPORT: Backing British innovation. Farming businesses are renowned for problem solving and innovative ideas, and some of the leading manufacturers of agricultural machinery and technology have succeeded because they have brought their practical experiences into the trade.
Getting an idea off the ground, whether you are a farmer, engineer or tech innovator is a costly and lengthy process, but there are numerous sources of funding, support and collaboration available. The UK government has identified agriculture as an industry which can benefit from funding at various stages of the innovation process.
The government agency UK Research and Innovation (UKRI) has been set up to develop enterprising ideas for industry, and its Innovate UK division supports business-led innovation by helping businesses grow through the development and commercialisation of new products.
Innovate UK points out that it is important for new companies to have a funding and finance roadmap, which should identify what is needed at each stage and milestone in the development of a new product.
This is also important for investors to establish how much money will be needed before the business is in profit; once the business is well capitalised and has income streams, asset finance and factoring can be used. Crowdfunding is another popular option, but requires plenty of work up front, including securing a percentage of the total investment.
The Farming Innovation Programme also runs thematic Investment Partnerships, which link grant funding with selected investors. Most recently, this included the Farming Futures: Robotics and Automation competition, which awarded £12.5m to 19 projects in 2023. Innovation rounds and competitions have set opening and closing dates by which ideas must be pitched and plans submitted. More information is available at https://farminginnovation.ukri.org.
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