There is one organisation in this country who regularly challenge the Primary Sectors thinking, brings groups of industry leaders together to rank industry priorities and informs us of global trends in the Primary Sector.
This company is KPMG, who is focused on fuelling the prosperity of New Zealand, by inspiring confidence and empowering change and Sprout welcomes them to its family of Corporate Partners.
Global Head of Agribusiness Ian Proudfoot said that “KPMG is delighted to join the Sprout programme partners. We believe that it is critical the agri-food sector in New Zealand is driven by world class innovation that differentiates our farmers and their products in global markets. Sprout provides a pathway for innovators that see opportunities to disrupt the status quo in the global agri-food sector to develop a good idea into a commercial proposition.
At KPMG our purpose is to help fuel New Zealand prosperity and we are pleased to be extending our existing relationship with Sprout as a practical step we can take to support ambitious entrepreneurs to deliver game changing innovation that benefits our most important and most productive sector.”
Most will know that Ian and his team publish an Agribusiness agenda twice a year. The latest agenda stated that to ‘thrive in the fourth Industrial Revolution, New Zealand’s primary sector must constantly innovate and reinvent itself to meet the rapidly-changing needs of consumers. The future will look radically different within 5-10 years.’
In preparing the Agenda, KPMG sought input from over 150 primary sector leaders during a series of round table discussions.
Boosting the sector’s innovation capability was identified as a key priority, with ‘Innovate with customers’ ranking sixth. A priority that’s greatly aligned with Sprout’s emphasis on having a customer within your team.
‘Sourcing and utilising global innovation’ was also identified as a key priority ranking 22 out of 44 total priorities.
Programme Manager James Bell-Booth said “KPMG have their finger on the pulse of where the New Zealand Primary Sector need to move in order to create and maintain competitive globally advantages.
The message to our producers and primary sector innovators is to add value. That value can increase export revenue, grow margins on products and services and result in increased jobs and an increased standard of living for kiwis.
Sprout is totally aligned with this message and is excited to have KPMG on-board providing us and our companies, insights, tools and advice that can help us succeed globally."
The report also includes a list of statements, which respondents were asked to rank in relation to Industry Priorities. Here’s where innovation ranked:
#1. Implementing effective mechanisms to improve the extension of best practices and new innovative on farm practices
#2. Reducing debt levels and increasing cash flow to reduce constraints on investment in production innovation and technology
#7 Integrating innovation systems with customer businesses to supply products that are more tailored to the needs of the market.
#8 Incentivising investment in R&D so that as a country we spend above average international spending levels to foster a culture of innovation
#10 Partnering or licensing our products and solutions with global food companies to get innovations to market faster and at a lower cost
#29 Directing more R&D investment towards active monitoring and licensing of global innovations to secure world class technology for the Primary Sector.
#40 Producing Innovative food solutions designed to meet the needs of high value demographic niches in the global community (for instance religious groups, ageing consumers, urbanised consumers.)
If we are going to prioritise the above as an industry then the future of agritech in New Zealand is looking positive.
We’re looking forward to working alongside KPMG and its partners, to further grow agritech in New Zealand and doing our part to contribute to our industry's priorities.