Frequently Asked Questions
What types of businesses are best suited for the Sprout agritech accelerator?
Sprout is looking for start-ups from New Zealand with value adding products and services in the agritech space e.g. technologies in livestock, agriculture, horticulture, food processing and packaging.
How will the final eight companies be chosen? What's the criteria?
Selection will be based on assessment of capability of people (such as communication skills, responsiveness, ability to listen, take advice) and assessment of idea/business (such as uniqueness, potential to have a competitive advantage, applicability to global market).
What happens if my company doesn’t make it as one of the top eight companies?
All applicants will be invited to attend the block courses. Those who are not selected will attend the block courses at their own expense (cost, travel and accommodation).
Do the eight companies that participate have to stay in Palmerston North during the accelerator?
No, it is expected that you will remain at your home base for the course of the accelerator.
Do the participating eight companies get office space?
No. However, if you need office spaces please talk to the Sprout team and we can talk to our regional partners regarding finding cost effective office space for you.
Will the information in my application be treated as confidential?
Please submit only non-confidential information in the application form. Once the top eight companies have been selected and contracts have been signed between Sprout team and companies, further information can be released and that will be treated as confidential.
Can the participating companies still apply for Callaghan Innovation R&D grants during the accelerator?
What type of investment capital do the participating companies receive?
The selected eight companies participating in the accelerator will receive $25,000 each, plus an opportunity to present at the Agribusiness Investment showcase during the NZ Agrifood Investment Week in Manawatu, with a goal to raise amounts in the range of, but not limited to, 350k to 600k.
What is seed investment?
Seed investment is the initial capital used to start a business or for pre-revenue making businesses, to get them started.
Who will be the investors in my business?
MIG, Enterprise Angels, Gallagher, Levno, K1W1, LIC.
What happens if my company is not able to raise investment at the Agribusiness Investment showcase at the end of the accelerator?
There will be reasons for not being able to raise investment. The Sprout team will work with the companies on those reasons equipping them to apply for other similar investment opportunities and also guide them to other funding avenues suitable for their businesses.
What costs have to be incurred by me or my company?
If your company is selected as an accelerator participant, your travel and accommodation for the block courses will be funded by Sprout. Any costs over and above that will have to be incurred by the company, including traveling to the Agribusiness Investment showcase.
What happens after five months?
The ideal situation is you will find some interest at the investment showcase. The Sprout team will continue on as your business advisor and help close the investment deals. After the showcase the goal will be to have your own team of expert advisors and directors who can support you on your growth path.
Can I apply for multiple businesses to be a part of the accelerator?
Yes you can apply to Sprout with multiple businesses and ideas. However, only one business per team gets selected as a participant.
What can the $25,000 be used for?
It will be up to the founder/team of the company to decide. This money can potentially be used for product development or towards obtaining Intellectual Property (IP). In other words, this money can be used for anything that adds value to the company. Part of it will get utilised for travel to the Agribusiness showcase event.