In an effort to jump-start innovation in the agriculture industry, Cargill Inc. and Ecolab said Monday they will launch a program to fund entrepreneurs and startups beginning in early 2018.
The companies are working with Techstars on an initiative called the Farm to Fork Accelerator. The focus will include business ideas with potential to affect all areas of the food system, including food security, sustainability, ag tech and consumer goods.
The first round of the three-year program will fund 10 promising startups. The application process begins in January.
"It's going to bring a level of idea infusion and talent infusion into our ecosystem," said Justin Kershaw, Wayzata-based Cargill's chief information officer. "We're already doing this internally at Cargill. This is going to help us bring the outside in a little more."
Those selected will take part in a 13-week boot camp in the Twin Cities through Techstars, a Boulder, Colo.-based company that helps get promising ideas more rapidly into the marketplace.
Entrepreneurs will learn how to build their businesses, develop technology and secure capital.
Executives from Cargill and St. Paul-based Ecolab will serve as mentors as well as provide access to their companies' market expertise, global connections and investment capital.
Techstars also will support the budding companies through its own network of entrepreneurs, mentors, investors and other partners. This is the first project in the food and agriculture industry for Techstars, which has done the bulk of its investing in the retail space, including partnerships with Target Corp. and Amazon.
