The AOX chooses Farm491 to develop its online agricultural trading platform
PUBLISHED: 15:55 25 October 2016
Agri Innovation Den finalist, the AOX, has chosen Farm491 to help it grow and develop its online agricultural trading platform
Farm491 is an incubation space for agritech innovation. It helps to support businesses grow entrepreneurial ideas and test practical solutions for applying technology to agriculture. Based at the Royal Agricultural University in Gloucestershire, businesses can get involved on both a virtual membership basis as well as physically using the space. Recent Agri Innovation Den finalist, the AOX (Agricultural Options Exchange) utilises its resources and is one of its virtual members.
Agri Innovation Den is the brainchild of Briefing Media, whom with the support of The Co-operative Food offers agricultural entrepreneurs the opportunity for a £250,000 investment in their business. Facing the dragons this year was Farm491 member and Somerset farmer, Richard Counsell from the AOX. Richard’s business idea was described by the CEO of Briefing Media as ‘original, clever, scalable and doable’ - and he is now very keen to sit down with Richard with the ‘very possibility’ of investing in the company.
The AOX was test-launched in September, offering the chance to trade opinion on likely future prices of a wide range of farm produce, inputs and weather conditions. Everything on the AOX starts with a simple question about a future price or event; where the answer can only be Yes or No. Traders then buy shares in their answer, either Yes shares or No shares. This simple mechanism, matches a farmer looking to create a simple hedge to protect against a fall in price with speculators looking to make a profit from a price rise. Richard has developed a solution that could simplify and lower risks in the marketplace – making commodity markets accessible to farmers from every sector and size. After discovering Farm491 over Twitter, Richard soon joined as a virtual member and hopes to take up office space at Trent Lodge, the first phase of Farm491 to open its doors.
Richard Counsell, of the AOX says: “the exclusive access to farming data and support from academics is a major attribute of the enterprise hub. Farm491 is one of the UK’s most sophisticated and advanced facilities for pioneering agritech research and innovation.”
To learn more about Farm491 membership visit www.farm491.com or call Centre Director, Angela Simkins on 01285 652531.
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