AGRITECH, BIOTECH AND FOOD PROCESSING
The most important action to implement is, therefore, increasing agricultural productivity and ensuring a climate-resilient agricultural system. More entrepreneurs and technology experts have joined the agritech movement in recent years, as the traditional approach of the food industry is undergoing a fundamental transformation. Investors also are showing greater interest in the Agrifood industry and its startups.
A wide range of solutions is being developed by Agrifood entrepreneurs. We analyze some relevant technological trends that will have a huge impact in the coming years, focusing on vertical farming, precision farming, alternative proteins, and agricultural biotechnology. In the second part of this series, we will explore each technology in detail and examine funding trends and startups by technology.
What is Agritech?
Agritech is the collection of scientific techniques that are used to enhance plants, animals and microorganisms, offering benefits to farmers, the environment and consumers. These techniques include:
- Classical plant breeding, which deliberately interbreeds related organisms to encourage desirable agricultural characteristics
- Marker assisted breeding, enabling breeders to map genes and screen populations for desirable traits
- Genetic modification, where genes are added or removed to produce desirable agricultural characteristics
- New breeding technologies (NBTs), enabling plant breeders to precisely and efficiently develop desirable characteristics in their crops such as tolerance to drought, disease or insects; improved nutrition; reduced allergens; and extended shelf-life
These techniques are used in plant biotechnology, animal biotechnology and biofertilizers to protect crops from pests and diseases, reduce the need for pesticides, lower the cost of food production and provide alternative fuel sources.
What is Biotechnology?
The wide concept of “biotech” or “biotechnology” encompasses a wide range of procedures for modifying living organisms according to human purposes, going back to domestication of animals, cultivation of the plants, and “improvements” to these through breeding programs that employ artificial selection and hybridization. Modern usage also includes genetic engineering as well as cell and tissue culture technologies. The American Chemical Society defines biotechnology as the application of biological organisms, systems, or processes by various industries to learning about the science of life and the improvement of the value of materials and organisms such as pharmaceuticals, crops, and livestock. Per the European Federation of Biotechnology, biotechnology is the integration of natural science and organisms, cells, parts thereof, and molecular analogues for products and services.
What is Foodtech?
Technological advancement, health-conscious consumers and preventative health for ageing populations drive the development of foodtech, including:
- Functional foods, which provide additional functions beyond basic nutrition, such as enhancements to naturally occurring benefits in conventional foods or ingredients added to foods during the process to promote optimal health
- Nutraceuticals, a type of functional food that is derived from food sources and taken as supplements to provide extra health benefits
- Medical foods, vital for people requiring special diets, such as gluten-free and lactose-free foods
The future of Business in Bangladesh:
Agritech, Biotech, and Food tech or food processing, Food security, climate change, and sustainability are increasingly shaping individual consumption choices and becoming important themes at a policy and social level. As a result, the Agrifood industry is being increasingly eyed by entrepreneurs and investors. A crop of new, promising technologies that have the potential to reshape agriculture is emerging.
* Collected from BVCL Forum
Requirements to get investment:
According to the investor eye, there are few characteristics of business that are lucrative for investors to invest in business.
- Companies must have experience and domain knowledge.
- If anyone is working with a product, they need to know the use and right solution system of that product.
- Must have working experience minimum 1 year and owned relevant products for work purposes.
- Serve the service minimum 10 different clients.
- Maintain and preserve client and other working documents.
- If invent device then patent and sell at least 2-3 clients for good client feedback.
- If needed maintenance warranty issues for customer satisfaction.
- Complete setup for relevant tasks. There are not only need a huge setup but also have setup at least do the job.