Development of the market for agricultural innovations through the work of a macro-accelerator

Abstract

The article outlines trends in the development of agritech startups and the role of the public sector in this process. Global experience shows that government funding for research and development in the agricultural sector reaches 50-80%. The role of the state should extend beyond financial support for researchers to enabling corporations to engage in open innovation. The article highlights challenges in venture financing   and the role of the banking and corporate sectors in fostering innovation and supporting agritech startups. In 2024, a decrease in net profit was recorded for most of the studied agribusinesses. A shortage of financial resources is negatively impacting the development of corporate venture capital investment and support for agritech startups. The article describes the need to develop an innovative culture and a market for innovation consumption among agricultural producers in medium and large businesses. An algorithm for interaction between the state, business, and startups through the work of a regional macroaccelerator is described. The key element of the macroaccelerator is the innovation management department, which is established within the agricultural enterprise. It identifies and prepares startups for piloting and investment, enabling diversification, the creation of new products, and the development of a market for innovation consumption. The macroaccelerator’s primary objectives are: creating additional value for companies participating in acceleration programs; improving the quality of products or services; and increasing production efficiency through new solutions and product range expansion.