The Council of Rural Research and Development Corporations has announced the formation of a new not-for-profit company to drive industry research, leverage private sector investment and target transformational innovation.
In a historic move all 15 Rural Research and Development Corporations (RDCs) have come together to create Agricultural Innovation Australia Ltd, heralding an exciting new era for the farming sector.
Chair of the Council Mr John Woods said the new company would target opportunities with greatest potential to deliver impact across multiple industries.
“Australia’s agriculture, fisheries and forestry industries are world class thanks to the efforts of the RDCs over the last three decades,” Mr Woods said. “But we are facing increasingly complex challenges that require new approaches, new ways of working and new strategic responses.
“This new company, Agricultural Innovation Australia Ltd, gives us a new tool through which we can prioritise and streamline co-investment to tackle hard to solve cross-sector problems and drive greater impact for industry and the broader community.
“The RDCs have a long history of effective collaborations and I’m excited to see what we can achieve through this next iteration. As we have seen throughout the pandemic our rural industries are essential to the nation, and as the economy rebuilds there has never been a more important time to accelerate sustainable growth across the sector.
“As a single point of contact for cross-industry strategies, AIA makes it easier for investors to navigate and partner with the Australian agricultural innovation system. Its agile investment framework will attract contributions from a range of sources, enabling large-scale investment on issues of national importance.
“The Council acknowledges the strong support of Minister Littleproud for this new initiative, and welcomes the contribution of $1.3 million in seed funding from the Australian Government to fast-track action on the ground.”