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John Harnett, Founder and CEO of accelerator THRIVE,
joined the Virtual Precision Agriculture Conference
from Silicon Valley in California. He explained that the
worlds of agriculture, technology and innovation were
not all naturally connecting together, the industry was
very fragmented, which is why he created Thrive.
Hartnett believes controlled environments or vertical
farming will be an important area for agriculture in the
future, he does not believe it will replace traditional
farming, but feels that it will likely incrementally solve
some agriculture problems in the future. Solving labor
issues in some cases.
Why is there an ag tech revolution happening?
Hartnett says because, “We must produce more with
less.” Also, he says there are greater challenges to
the ag community: water, cost of labor, arable land
shortages, feed safety issues. “All are significant issues
the industry is facing.”
According to Harnett, another important factor
is changing demographics. 50% of the global
population is Generation Y and Z; where 42 % of that
demographic say they will stop relationships with
business that negatively impact the environment. They
are very aware of health and nutrition, and their top
concern is climate and the environment.
Harnett says consumers want to know where their
food is coming from, they are looking for trust, quality,
health, and sustainability when they make their food
purchases.
COVID has accelerated key areas such as digital
marketplaces and online buying. It also uncovered
many challenges in the food supply chain.
How can Innovation solve some of these problems?
Harnett says, “We can’t keep doing the same thing, we
have to innovate. It has to be transformative.”
What are the top investments being made in the agri-
food industry? Harnett shared his research that large
investments have been made in Biotechnology ($3.6B
US), Next Gen Foods ($1.9B US), Data Analytics &
Internet of Things ($1.7B US), Controlled Environment
Ag ($1.1B US), and $0.5 billion in Robotics and
Automation.
Big tech showing more interest in agriculture
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INNOVATION ADVANCING
THE FUTURE
OF AGRICULTURE
DENISE FAGUY
FARMS.COMNext Gen
Foods
Data Analytics &
Internet of Things
Controlled
Environment Ag
Robotics &
Automation
Biotechnology
$3.6B
$1.9B
$1.7B
$0.5B
$1.1B
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