Agriculture is one of the oldest and most crucial industries in existence. Without it human existence would not survive. With current estimates suggesting the global population’s set to hit 9.7 billion over the next 30 years or so, agricultural technology is, by necessity, constantly pushing for new and innovative tools, methods and approaches.
Agri-Tech refers to the development and application of technology and technological innovation to improve the efficiency and output of agriculture. It boosts the efficiency of production, increases crop yield and drives profits in the sector. Technology and data can create opportunities and help solve problems with production, traceability, and the preservation of scarce natural resources. Despite its traditional image, agriculture is adopting new mechanical and robotic innovations, cloud utilisation, big data, and web-based solutions, to mention just a few, to increase productivity while protecting our environment.
Resources and farmland are finite, so the agritech industry will only rise in importance with time.
Qualifying activity in the Agritech sector can be products, services or applications derived from agriculture that improve various input/output processes. Examples include:
- The innovative use of “Smart Farming” drone and robot technology.
- The use of sensors in a new, improved or enhanced way.
- Utilising IoT in a way not considered before
- The use of automated irrigation in a new or improved way or to enable the introduction of new products to market.
- Advanced light and heat control to improve yield and reduce waste.
- The testing and introduction of new techniques for improving yield.
- The introduction of new agricultural products to the market relying on specific technical specifications.
- Intelligent software analysis for pest and disease prediction, soil management and other involved analytical tasks
- Development, testing and/or adaptation of existing or new technology to improve performance.
Farming and the agricultural sector is at the heart of what the R&D Tax Relief legislation was designed for. Investment and innovation in Agri-Tech is so important in a world that is increasingly reliant on technology and smart solutions, and those who don’t adapt may find themselves left behind. We would welcome the opportunity to discuss your business and can help you assess the potential benefits which might be available to you under the R&D Tax Credit regime. Please do not hesitate to contact us at info@jjmkconsultants.co.uk