Innovation and Farming: A New Generation Is Ready to Transform the Industry

The agricultural industry is changing and though change is painful, it’s also necessary. On traditional family farms, an aging workforce and ownership base have struggled to adapt to the modern global economy. Farmers who once would’ve passed their holdings onto their progeny are now more likely to sell the farm to provide for retirement – if they’re are able to retire at all.

A Struggle and an Opportunity

While critics rightly decry the way in which a globalized economy has made business more difficult for some farmers, it’s important not to lose sight of the big picture. Increases in global food demand not only need to be met, they will continue to drive prices higher for farmers who are able to keep up.

In a globalized world, farmers must succeed in gaining efficiency and capitalizing on both rapidly changing opportunities and new technologies. While there has been a widespread move away from independent family farms toward larger, corporate-owned farms, independent family farmers can still succeed. But they can’t stay rooted in the past. They must evaluate how they work and what they choose to invest in.

The Future Is Bright

Today’s farmers can succeed because there’s a demand for their products that will far surpass current supply. Moreover, there’s high demand for “premium,” independently sourced goods among an increasingly selective global clientele that finds it a point of prestige to avoid mass-produced or overly commercialized products. A global economy and the export opportunities it provides will push family farms to produce food smarter, cheaper, faster, and in ever larger quantities. To survive and claim their piece of the growing pie that is agribusiness, family farms are going to need to see dramatic productivity increases.

Adapt and Survive

Fortunately, the next generation of farmers has been much quicker to adopt advances in agri-tech than its predecessors. Many farmers have been able to access advances in agricultural research and development through both public and private investment. The internet has enabled this investment to be conducted on a global scale, with innovative farmers connecting with discerning investors around the world.

Both family farms and large producers stand to gain substantial benefit from innovation and emerging technologies. But it’s the next generation of family farmers that has the greatest opportunity to transform the industry. As long as they have the financial flexibility afforded by investment, family farms are poised to have the most potential for innovation, both in growing as well as production and distribution. The challenge is great, but by harnessing the power of technology and innovation through investment, farmers can not only meet the challenge, but exceed it and transform the industry itself.