The Province has announced $15 million to help develop new Agricultural Technologies.
The money will be invested through Innovation Saskatchewan in a privately-managed fund targeted exclusively at agtech companies
that require venture capital to move past the startup phase and scale up their business operations and manufacturing.
The Minister Responsible for Innovation Saskatchewan Tina Beaudry-Mellor says the proper support, combined with strong research
in agricultural innovation and the success of agtech startups, can make Saskatchewan a global force in agtech."
In 2019, deals worth $114 million were made, more than the previous five years combined, with most of those investments made in Saskatchewan’s tech sector.
Innovation Saskatchewan will issue a Request for Proposal (RFP) in the coming weeks to begin exploring fund options with the private sector.
Agriculture Minister David Marit says Saskatchewan is rising to the challenge of feeding a growing world population and innovation in agriculture technology plays an important role in meeting that growing demand.
"This investment will ensure producers have made-in-Saskatchewan technology that supports their efforts to grow high-quality, sustainable food."
With global demand for food anticipated to rise 70 per cent by 2050, Innovation Saskatchewan is helping farmers gain a competitive edge to meet the future by building upon a significant and historic economic driver.