Bioworks, a Memphis-based biotech company focused on environmentally responsible agricultural inputs, has recently made strategic plays to further its involvement in the agtech space.

 

The company has announced the incorporation of the Ag Innovation Development Group into Bioworks. Focused on the commercialization of early stage agricultural innovation, AgIDG intends to, “bring new tools to farmers and near-term liquidation opportunities for the company’s investors,” by investing in technologies that, “will improve farm efficiency, lower agriculture’s environmental footprint, and assist agriculture in adjusting to new realities,” such as climate change, population growth, and changing consumption patterns, reports Venture Tennessee. AgIDG will be supported by local venture funds, such as Innova Memphis, a biotech-focused venture fund chaired by Bioworks CEO Steve Bares. Its incorporation with Bioworks is expected to finalize by early 2016.

 

In addition, AgIDG’s co-founder Pete Nelson has been nominated as Bioworks’ Vice President of Agriculture Innovation. Age 41, Mr. Nelson brings more than a decade of experience in the agriculture venture space, and will also be adding his consulting business to Bioworks’ offerings.

 

The merger with AgIDG will further align with Bioworks’ focus on agriculture innovation through programs it has undertaken earlier in the year. AgLaunch, a statewide business acceleration program developed by Bioworks, is a platform for launching high-growth agricultural companies- in the next five years, it aims to enable 200 entrepreneurs by starting 100 new agricultural companies and support 2,000 high-wage jobs.  AgLaunch will be housed at the Tennessee Department of Agriculture and supported by research undertaken at the University of Tennessee Institute of Agriculture.