Monday, 31 October 2016

Alltech partners with Dogpatch Labs for a new Agritech Accelerator

Alltech has partnered with Dublin-based startup hub Dogpatch Labs to deliver ‘The Pearse Lyons Accelerator’. 10 leading agritech startups from across the world will participate in a three month programming offering space, mentoring and the opportunity of investment. The accelerator is focused on innovative and disruptive science and agritech startups that with a proven technology and a big market opportunity that can be realised through Alltech’s global network. A particular focus may include disruptive technologies and innovations in areas such as nutrigenomics, nutritional sciences, robots, sensors, 3D printing, artificial intelligence, gene editing/cRispr, ag-science and drones.

“Thirty-six years ago, I founded Alltech in my home with just $10,000 in my pocket, and that investment has grown into an international business with revenues of more than $2 billion,” said Dr. Pearse Lyons, founder and president of Alltech. “Alltech’s roots are in entrepreneurial innovation, and it’s an exciting time to be in agriculture. Personally, I am looking forward to supporting and empowering rising entrepreneurs in making tomorrow’s innovations a reality.” 

The agricultural industry is starting to be disrupted by new technologies and agritech investment is growing at an exponential rate, with $9.65BN invested in agritech startups since 2013 and $2BN invested the first half of 2016 alone. A clear route to market remains a challenge in the industry and this programme seeks to accelerate startups’ access to this global market, with a comprehensive package of supports helping them navigate the challenge of scaling their operations to service large corporate customers.

Each startup will be provided with free space for three months in Ireland’s leading startup hub, Dogpatch Labs, centrally located in the heart of the Dublin Docklands and will receive a €15,000 stipend to cover day to day expenses. Mentoring will cover a range of areas from product development, to go-to-market strategies and international expansion. At the end of the programme startups will pitch to the Accelerator Investment Committee for potential equity funding. Additional benefits include software perks worth over €300,000 from companies such as Google, Facebook, Softlayer and Amazon.

Startups participating in the accelerator will also get the opportunity to present on the main stage of one of the world’s biggest and most prominent agribusiness conferences. More than 3,000 attendees from 80 countries around the world converge each year for ‘ONE: The Alltech Ideas Conference’ in Kentucky, USA in May 2017 and this high profile showcase will afford a once in a lifetime opportunity for the startups to present to future customers and investors.

Patrick Walsh, Managing Director of Dogpatch Labs said, “We're excited to team up with a world leader in agri-business to drive innovation in the agri-industry and in Ireland. This program will provide a unique environment for agri-tech startups to drive sales and secure investment, and is proof of Dogpatch Lab’s ability to provide mentoring and resources for founders as we are uniquely connected to the startup ecosystem in Europe."

Aidan Connolly, Chief Innovation Officer at Alltech said "Collaborating with new partners enables us to build on our own efforts to develop new, innovative ways for our industry to develop by tapping into the creativity and thinking taking place all around us. The Pearse Lyons Accelerator aims to discover the brightest ideas in agriculture, food and technology, and we want these future entrepreneurs to be fully equipped to develop successful, sustainable businesses. Alltech is one of the few truly global companies positioned to assist in opening doors, such as routes to market and global market access.”

The deadline for applications to the Pearse Lyons Accelerator program will close on Sunday 11 December 2016.