AgDNA head Paul Turner to share insights at 400M forum

AgDNA founder and CEO Paul Turner will be sharing some of his insights on how he turned a software idea for precision agriculture into an internationally acclaimed business at the 400M AgInnovate Investment Forum in Toowoomba on May 18.

Founded in 2012 and based in Brisbane, AgDNA is now valued at over $10 million with 18,000 users in 176 countries.

AgDNA® has evolved from its humble beginnings as a free record keeping app into a global precision farming platform for large scale crop producers who want to increase yield and farm profitability. By automating the flow of data from in-field machinery to the cloud, the company can automatically analyse field variability and maximise crop performance across every hectare.

Mr Turner said access to cloud computing, web technologies and API data access to the major machinery manufacturers have created “numerous opportunities” in the current investment climate for his business and others like it which have the ability to improve farm efficiency and productivity.

“All major equipment manufacturer’s now offer online connectivity to their machinery and the data they generate. This is a market trend being seen across all industries that has enabled AgDNA to become a world leader for IoT (Internet-of-Things) solutions in agriculture. It’s a game changer for both us and our customers because we can focus on delivering real-world value from the data and not get distracted with the costly support of the underlying hardware and sensors,” Mr Turner said.

Mr Turner’s presentation will help businesses identify their status as start-up or SME, and criteria for selecting funding and financing options.

“Building an AgTech start-up isn’t easy and it requires absolute focus on product, distribution and delivering clear economic value to your customers. We are winning business from much larger and better-funded international competitors because of our superior technology and unique business model. Having cool technology and being mentioned in all the right magazines does not build an enduring business. Offering your customers compelling value with clear return on investment is key,” Mr Turner said.

Mr Turner will also be asking businesses to think about their long-term strategy, and encouraging agtech investment decision-makers to be critical about the steps they take to make their businesses consolidate or grow.

“That includes weighing up buy-outs against partnerships, and whether B2B or B2C is right for your business. You need to listen to what your customers are telling you and determine if you should pivot or persevere with your current strategy over the long-term” Mr Turner said.

Mr Turner attributes part of AgDNA’s success to its ability to adjust and adapt, and to be spurred on by competition.

“To give your business value, you must be solving big problems with innovative proprietary technology, and have a proven team with defensible IP that can achieve a clear competitive advantage. You need to develop your own “secret sauce” that will provide a solid and enduring foundation to grow your business. It also helps to minimise churn and maximise recurring revenue streams that are an absolute must in today’s software market, particularly if you’re looking to raise capital,” Mr Turner said.

Mr Turner is one of 12 speakers representing Australian and international businesses, research and venture capitalists who will be taking part in this inaugural AgInnovate forum.

Described by organisers as a “fire-starter” event for the convergence of diverse technology solutions and investment to drive the next level of productivity and sustainability for agriculture, the forum has been modelled on similar events held in the United States and Europe.

The forum has been organised by Toowoomba and Surat Basin Enterprise's (TSBE) Food Leaders Australia (FLA) initiatve, in partnership with the University of Southern Queensland’s (USQ) Institute for Agriculture and the Environment.

“This is a unique event in that we are bringing together for the very first time in Australia innovators, venture capital investors, agribusiness leaders and policy makers to generate global investment interest to upscale the Asian AgTech sector to achieve greater agricultural productivity and sustainability in the Asia-Pacific,” TSBE chief executive officer Dr Lyons said.

The event will be held on Wednesday, 18 May at the Toowoomba City Library. For more information regarding the forum visit www.400mForum.com.au. For the very latest in the lead up to the event follow FLA on Twitter @FoodLeadersAus and keep an eye out for #400mAg.