Agritech firms pursuing a tech-first approach benefit from a number of growth opportunities, including rising internet penetration and a welcoming climate from regulators and various stakeholders
Global food consumption is increasing as the world's population grows, while automation in the twentieth century enabled farms to function more efficiently with fewer human resources. However, with accessible acreage shrinking, traditional methods can no longer match the output need. Using modern technologies to transform agriculture is a successful technique for overcoming hurdles.
Technological advancements in agritech startup systems provide an extraordinary chance to create innovation within the traditional industry. To address the issues, artificial intelligence, robots, sensors, the internet of things, biological technology, and sophisticated hydroponics research are being used. This vibrant community of Agritech businesses contributes to efficiently preparing the world of tomorrow.
Obstacles to the Irrigation Agritech Startup
1. Capital scarcity
Agritech startups, like any other firm, require funding to survive. With the progress of farm technology and operations, the fundamental role of capital is becoming increasingly important. As starting cash is tied up in equipment, land, or stocks, the enterprise is forced to borrow more financial resources to restore agricultural output pace.
2. Restrictive local and international government policies
Although governments at the local and global levels made a simple shift in rules linked to agritech startups, in contrast to the ground level, agri-entrepreneurs still have a long way to go. While a few policies assist agritech startups for a limited time, nothing converges at the farm level.
3. Use of Technology is Limited
The abilities required to use the agricultural revolution and constantly-changing technology, innovations are more crucial than ever. Everyone involved in the business must be knowledgeable and understand how to use new agritech business tools.
Agritech Startup Innovation Trends
1. Artificial Intelligence (AI)
AI provides predictive insights for weather data, crop output, and pricing predictions, allowing farmers to make more educated decisions.
2. Sensors and Drones
Allocating funds for aerial imagery and landscape surveillance is essential. GPS technology is mostly used for analysing locations, graze monitoring, and animal tracking.
3. Data Science and Analytics
Analytical tools - that collect details pertinent to farm operations and help in identifying unsuspected patterns and links - aid in the discovery of patterns and linkages.
4. Greenhouses of the Present
Control systems automated to precisely adjust the growing environment are required.
5. Technology in Livestock Farming
Technologies can help farmers in managing dairy farms, cattle ranches, and other livestock-related agribusinesses.
6. The Internet of Things (IoT)
IoT assists in the management of duties such as temperature management and humidity monitoring, while gathering data and giving exact facts in real time via mobile apps or other ways.
7. Robotics
This facility aids in the automation of labor-intensive processes such as harvesting, fruit picking, planting, spraying, seeding, and weeding.
Use of Technology and AI in Improving Agriculture Value Chain
Agritech startups are at the forefront of using technology to solve and organise the fragmented agriculture industry. Over the previous five years, the rural sector has grown year on year and generated about half of the country's total GDP, but it has just scratched the surface in terms of prospective growth. Several enablers from the public and private sectors have developed strategic projects that have accelerated the growth of digital infrastructure during the last decade.
Agritech firms pursuing a tech-first approach benefit from a number of growth events or opportunities, including rising internet penetration and a welcoming climate from regulators and various stakeholders.
1. Market Connectivity- As part of the agricultural value chain development, creative methods of connecting producers to end consumers must be explored. Agritech entrepreneurs are developing seamless digital platforms capable of fully integrating value chains and assisting value chain operators in processing market links from small and marginal farmers more quickly.
2. One of the primary difficulties of farming in India is crop selection based on outdated and anecdotal data about which crops are believed to yield better at a specific time of the year. Agritech businesses are now analysing this data using technologies like sensors, drones, satellite imaging and soil condition to gain a more holistic understanding of the yield.
3. Post-harvest optimisation - Transportation, improper storage, and delay waste millions of dollars in agri-produce and processed food. Apart from connectivity obstacles, agribusinesses' export potential is frequently limited by a lack of traceability. This can be improved through increasing automation in agricultural operations and implementing technological solutions to eliminate manual errors.
Agritech businesses are tackling the most pressing issues confronting agriculture and assist it in growing. From boosting crop quality to re-designing the supply chain, agritech startups intend to remove further bottlenecks in the agriculture value chain, decrease waste, and increase turnaround time and efficiency. The digitalisation of agriculture and the establishment of an agriculture accelerator fund will open up new prospects for the country's enterprises and individuals, as well as for the global society at large. India has enormous potential for investment in the agritech sector, including agritech startups, digital infrastructure assistance and novel technology.
(Anjami Nayyar is an agritech expert.)