By Marie Walsh

With farm incomes forecast to fall relative to 2025 levels, innovation and diversification are likely to be high on the agenda for many farmers.

Teagasc is forecasting an average family farm income of €33,600 in 2026, which marks a fall of around €20,000 on last year.

For dairy farmers, the forecast is even more significant, with average income expected to fall from €153,300 to €78,000.

So, for a farmer looking at the figures, there is an obvious question: "Is there another opportunity here?"

But there is another question that should come first: "Is it actually a good business idea?"

Don't fall in love with the idea

Irish agribusiness accelerator programmes were researched as part of a thesis for the MSc in AgInnovation and Entrepreneurship at University of Galway.

The research suggests that one of the most valuable supports that an entrepreneur can have is someone who is able to challenge the idea, while still actively listening in a supportive way.

Agribusiness founders, mentors, investors and technology-transfer professionals were interviewed during the research process, which found that mentoring was one of the most valued elements of accelerator programmes.

Questions

However, the best mentoring is not always about encouragement, but rather is about asking the right questions:

Who is going to buy it?
What problem are you solving?
What will they pay?
What evidence is there that the market actually wants it?

One mentor involved in the research described the process as encouraging entrepreneurs to "ask the market what it wants".

Agribusiness

For a farmer considering investing in a new business idea, that could be a valuable conversation to have before investing heavily in anything from buildings, machinery, processing capacity, or marketing website.

Agriculture and food businesses face specific challenges around production, regulation, supply chains, food safety, and routes to market.

Some participants interviewed as part of the research felt that programmes based heavily around technology start-ups did not always reflect those realities.

Mentoring

From the research, the message is straightforward: the right mentor matters.

A mentor needs commercial experience, but sector knowledge and an understanding of agriculture can be equally important.

The research found that the strongest agribusiness programmes combined experienced mentors with deep sector knowledge and a coaching rather than purely instructive approach

Innovation at agricultural shows

The timing is particularly relevant this summer as the Tullamore Show's Innovation Zone provided an opportunity to see new ideas and technologies being developed for agriculture.

In addition to this, the National Ploughing Championships will once again showcase Irish agri-tech at its Innovation Arena next month, providing a platform for innovators to reach farmers and wider markets

These events demonstrate the appetite for innovation in Irish agriculture; but innovation is not simply about having a new idea.

It is about finding an idea that solves a problem and has a customer willing to pay for the solution.

And that brings us back to the most important lesson from the research: Don't fall in love with your idea. Find someone who will challenge it.

The best mentor may not be the person who tells you your idea will work; they may be the person who tells you why it will not.

This an important question to answer before you spend any money finding out.