Driving university entrepreneurship in ag and food technology
GRA's 'Greater Yield' initiative aims to launch, nurture and grow more startups
Georgia’s farmers and food producers have long had a friend in the state’s colleges and universities.
The University of Georgia is a great example. Scientists there have:
- developed new cultivars for peanuts and blueberries;
- engineered turf grasses that tolerate shade; and
- driven a host of other innovations to benefit ag and food businesses in Georgia and elsewhere.
UGA has not been alone in this effort. Georgia Tech, Abraham Baldwin Agricultural College and others have developed tools and processes to advance food and agriculture in our state.
But today’s poultry, livestock, dairy and crop farmers in Georgia need innovation more than ever. They face modern-day obstacles that Georgia’s universities can help overcome.
The challenge is connecting the two: Getting more university inventions out of the lab and into the hands of farmers and food-producing businesses across Georgia.
A new initiative from GRA is designed to do just that.
INTRODUCING: Greater Yield
A GRA initiative to launch, nurture and grow more university startups in ag and food tech
A shortage of available labor has required that Georgia’s poultry, livestock, dairy and crop farmers find more efficiencies in operations.
Georgia farmers and food producers also need new technologies to increase yields and ensure food safety. They need to promote the health of animals; make plant crops more resistant to drought and disease; and optimize the time and conditions for harvesting, processing and delivery.
University researchers are inventing new technologies to benefit Georgia’s ag and food businesses. But they need knowledge, guidance and early investment to launch companies and bring their inventions to market.
Many Georgians also want food that is locally sourced.
WHY WE’RE READY
Georgia’s universities have untapped potential in helping the state’s businesses in agriculture and food processing.
Researchers are developing new technologies that streamline processes, overcome obstacles, improve outcomes and improve the bottom line.
These are purpose-driven scientists who want to see their inventions put to good use in the world. And many of their technologies hold great promise in the marketplace — either through newly launched companies or licensing arrangements with existing industry.
The Georgia Research Alliance has a 20-year track record in turning discoveries and inventions at the state’s universities into successful companies. These startups bring in huge outside investment and create new jobs in the state.
Through the Greater Yield Initiative, GRA is initiating a special focus on university inventions that are both viable in the marketplace – and valuable to Georgia’s agriculture and food processing businesses.
Already, GRA has identified high-potential university technologies for sorting and grading onions, automating poultry processes, and evaluating the maturity of peanut crops. All merit GRA’s support. Several other university inventions are being evaluated as candidates for investment and guidance.
How the Greater Yield Initiative works
Through the Greater Yield Initiative, GRA’s venture development program serves as both a (virtual) incubator and accelerator to bring the most promising inventions in ag tech to market. This involves:
- Identifying and evaluating technologies at the universities
- Providing seed funding (phase 1 and 2 grants, phase 3 loans)
- Monitoring the progress of startup development through milestones
- Providing seasoned mentors to newly launched companies and their CEOs
- Sharing knowledge and making connections to potential investors and/or customers
- Staging an annual summit to showcase projects and companies
Initial funding for the Greater Yield Initiative comes from GRA’s venture development program.
To evaluate the success of the Greater Yield Initiative, GRA:
- Tracks the number of new companies started
- Tracks both venture capital investment and creation of jobs in the startups
- Tracks new licensing deals in ag tech between universities and existing Georgia companies
- Assesses the competitive advantage provided to growers, processors and other businesses