This conclusion emerged during the panel discussion on ‘Accelerating innovation: Accessing scale-up finance opportunities for agri-food tech’ at the Asia-Pacific Agri-food Innovation Summit in Singapore.
“I see three low-hanging fruits in the region. First, precision agriculture – using drones, satellite imagery, and AI to track soil and climate conditions for better food and agricultural outcomes,” said Zachery Lee, venture partner at The Radical Fund, Singapore.
“Second, ensuring farmers have access to technology through financial inclusion measures, such as microloans and crop insurance. With climate change causing unpredictable weather patterns, crop insurance is critical to protecting smallholder farmers.
“Lastly, reducing food waste is a big opportunity. Climate issues mean a lot of energy and resources are wasted when food doesn’t make it to the consumer’s table.”
Lee was part of the panel, which also included Sopoong Ventures CEO Max Han from South Korea, Yara International Singapore SVP Marisa Soares, and Agrocorp International CEO Mishal Vijay from Singapore.
The session was moderated by Australia’s Tenacious Ventures co-founder Sarah Nolet.
The discussion highlighted a mix of technological, financial, and sustainable approaches needed to scale solutions effectively in the agrifood tech space.
While Soare agreed that promoting financial inclusion for farmers should be a priority, she issued a “friendly challenge” to Lee by pointing out the complexities involved.
“Financial inclusion is important, but to achieve it, you need data – historical and real-time data about farmers and their fields. Scaling solutions in the smallholder space isn’t possible without solving the challenge of cohesive data that links farmers, fields, and crops. That’s the real struggle,” said Soare.
Along the same vein, Han emphasised the role of advanced technologies like IoT, AI, and biotechnology in achieving profitability.
“IoT and AI should come first, followed by biotechnology – these are conversions with impact. These days, governments and public sectors are struggling, particularly due to geopolitical tensions like the global trade war.
“Of course, achieving sufficient domestic production levels is mandatory, but it’s tricky—especially for private sector buyers like us. Without precision agriculture, profitability becomes unattainable. Adopting high-tech solutions like IoT, AI, and biotechnology is essential for the future,” said Han.
Vijay, on the other hand, focused on managing market expectations, pointing out that consumer pushback has reshaped the industry’s priorities.
“Consumers now prioritise price and nutrition over sustainability,” Vijay explained, attributing this shift to high sodium levels and perceived nutritional inadequacies in many existing alternative protein products.
However, Vijay expressed optimism about the emerging wave of plant-based products, describing the current developments as “just the tip of the iceberg for innovation in the agri-food tech sector.”
For example, to address concerns about the nutrition value and cost of alternative protein, Agrocorp is developing third-generation plant-based products with improved nutritional profiles and competitive pricing.
“We’re building a protein extraction plant in Malaysia and introducing plant-based cheese products that use fewer than 10 ingredients. These will be priced competitively against dairy cheese while maintaining reasonable protein content.
“This allows us to offer consumers a good nutritional proposition alongside the sustainability factor, but we don’t really emphasise the sustainability aspect,” shared Vijay.
Apart from consumer trends, the session highlighted key areas of concerns that could affect the scalability of agri-food innovations.
Key challenges to scaling agri-food innovation
Differing expectations around timelines was a key issue that could hamper collaborative efforts. This is especially the case between MNC and start-up partnerships, as both parties often operate at different paces.
“It’s important to set clear objectives and expectations right from the start. One major challenge is that corporates and startups speak different ‘languages’ – our KPIs and measures of success often differ.
“For example, in agriculture, the timeline is further complicated by crop cycles. Unlike the typical 12-month startup cycle for going from proof of concept (POC) to minimum viable product (MVP) to scale, agriculture often involves seasonal cycles. A single season can take three months, and then you might have to wait another 12 months to iterate.
“This lengthy process can strain a startup’s resources, making it difficult for them to sustain their part in the partnership. That’s why it’s crucial to acknowledge these timing challenges upfront and set realistic, clear milestones. Overpromising with sky-high, long-term visions can break trust, so it’s better to focus on achievable, short-term deliverables,” said Soares.
Additionally, Han highlighted how geopolitical tensions, such as global trade wars, complicate scaling efforts. He emphasised that government support – through grants, subsidies, or favourable policies – is critical to fostering innovation and mitigating these challenges.
