An exciting new competition to encourage and support companies fostering innovation in our natural world is being launched by Farm491, the Royal Agricultural University’s innovation hub focused on the future of farming and food systems.
Generously supported by Esmée Fairbairn Foundation, the three-year series of the Farm491 Challenge Prize will enable companies, which are developing innovative ways to solve challenges in the natural world, to invest in their business and develop their product.
Organiser Verity Payne, Operations and Events Manager at Farm491, said, “The aim of this exciting new series is to inspire innovators to develop ground-breaking solutions to pressing global challenges that we all face today.
“Entrepreneurs will have the opportunity to pitch their businesses as possible solutions to each year’s challenge with the winner receiving £50k, and the runner-up £25k, to advance their business.”
This is the first year of the Farm491 Challenge Prize series and the 2024 challenge is Mixed Land Use. Entries for this year’s competition are open now and will close on 27th September 2024.
Payne said, “Land is under unprecedented pressure in the UK and globally, to make space for carbon sequestration, biodiversity, food and energy production, and housing, and one of the possible solutions is to stack land uses, finding synergies that mitigate this resource competition.
“We are looking for companies that are developing innovative products and services to support nature friendly, multifunctional land use. These could include enabling agroforestry, regenerative and productive housing development, intercropping food and non-food crops, or co-producing food and renewables.’’
On the decision to back this project, Will Steadman, Funding Manager at Esmée Fairbairn Foundation, said, “Farm491 has supported more than 200 food and farming start-ups and SMEs over the last six years with its flexible incubation model.
“The Farm491 Challenge Prize has the potential to really amplify impact and we’re thrilled to be working with Farm491 on it. It pushes the boundaries of what’s possible with grant funding and focusses our support on where it can be catalytic.”
Companies who have been shortlisted will be notified by 9th October 2024 and this will be followed by an online pitching workshop for shortlisted companies which will take place in November.
The event will culminate in a Pitching Day held at Farm491 HQ in Cirencester on 5th December 2024 where the winner and runner-up of the 2024 Farm491 Challenge Prize will be selected by a panel of academics and industry experts.
Professor Peter McCaffery, Vice-Chancellor of the Royal Agricultural University (RAU), said, “RAU has been a university of purpose ever since its inception – as the Royal Agricultural College in 1845 – working with farmers, entrepreneurs, and innovators to make a practical difference on the ground.
“Cultivating care for the land is at the very heart of what we do and we are delighted to be teaming up with Esmée Fairbairn Foundation, which has an exceptional record of supporting changemakers, in establishing this new challenge prize.”