Velocity empowers innovators to develop solutions in bioinnovation, farmer-focused innovation and food is health; Registration deadline is January 24
AgriNovus Indiana, an initiative to grow the agbioscience economy, announced today the launch of Velocity, a six-month agbioscience accelerator to inspire the creation of tech-enabled businesses to address many of the toughest challenges facing the food and agbioscience economy.
In partnership with the Indiana Corn Marketing Council, Indiana Soybean Alliance, Elevance Health, Beck’s Hybrids and Ag Alumni Seed, Velocity challenges students, startups and existing companies to create solutions to fill research-defined gaps in three critical areas: bioinnovation, farmer-focused innovation and food is health. The entrepreneur who presents the top solution in each of these three gaps will receive $25,000.
“Bioinnovation, farmer-focused innovation and food is health are the top three forces of change that will shape the next chapter of our agbioscience economy,” said Mitch Frazier, president and CEO of AgriNovus. “Velocity creates a powerful new platform for innovators to explore these forces, identify unique approaches to address the opportunities they create and develop solutions to uniquely solve some of the world’s toughest challenges in agbioscience – from the future of food to improving farm profitability.”
Velocity’s central focus on addressing the three forces of change include:
BioInnovation
There is an unprecedented demand for bio-based innovation globally as many are increasingly look to replace petrochemicals with renewable solutions, such as alternative fuels, green chemistry and more sustainable and bio-based products – from packaging to cosmetics. Needed innovations may include:
- Developing technology focused on the use of novel microorganisms, biological transformations and biomolecules that unlock markets for bio-based products, sustainable bioinputs and biofuels and alternative energy;
- Accelerating commercialization of modern biotechnology products that identify domestic supplies of important materials; or
- Establishing pilot-sale biological innovation that bring novel technology to the agbioscience ecosystem.
Farmer Focused Innovation
Farmers face compounding risks – from weather variability and variable commodity markets to regulatory uncertainty and ever-evolving consumer preferences – adding uncertainty to a challenging business. Needed innovations may include:
- Consolidating financial, agronomic and credit program data to enable seamless access and management in real-time;
- Streamlining administrative processes to gain efficiencies in operational management;
- Automating labor scheduling, tracking time and task assignment based on real time operational needs and worker availability;
- Integrating robotics and automation to supplement human labor, addressing worker shortages while minimizing financial and logistical burdens on producers.
Food is Health
Fourteen percent of all households in the United States experience food insecurity, adults in those households are 15.3 percent more likely to have chronic illnesses and 19 percent of commercially insured patients over the age of 18 list access to healthy food as a health-related social need. Needed innovations may include:
- Accelerating technologies to increase access high quality nutrition;
- Improving middle-mile logistics to gain efficiencies post-farmgate and pre-dinner plate; or
- Unlocking the power of food at the production and/or molecular level to positively impact healthier human lives.
Velocity’s three tracks will be guided by research and strong mentorship throughout the six-month accelerator. The program will culminate with a demo day event and winning check presentations on June 18, 2025.
Companies, individuals and entrepreneurs who want to participate in Velocity can access more information and a registration link here. The deadline to register is January 24, 2025.
The launch of Velocity aligns with a recent report from EntreWorks in partnership with AgriNovus and the Central Indiana Corporate Partnership (CICP). The study, Unlocking IP: Leveraging Indiana’s R&D Assets to Boost Entrepreneurship, recommends continued growth of challenge series to further entrepreneurship and innovation across the state. Velocity is an evolution of AgriNovus’ previous Innovation Challenge Series focused on farmer innovation and food security.
###
About AgriNovus Indiana
AgriNovus Indiana, a branded initiative of the Central Indiana Corporate Partnership (CICP), is a non-profit organization focused on advancing the agbioscience sector by connecting and convening stakeholders to deliver innovative ways to inspire and attract agbiosciences talent, companies and innovation to the state. Learn more at www.AgriNovusIndiana.com.
