The competition launched by Westpac and start-up incubator Blue Chilli is open to "all kinds of ideas on how to reinvent agriculture", from the farm gate to the plate.

Winner of the challenge will receive a $40,000 cash prize and a six-month placement in the accelerator program at Blue Chilli, aimed at bringing their "idea to life".

According to a recent international report by the Boston Consulting Group called Crop Farming 2030, farming may be completely reinvented by 2030 with many new technologies already starting to appear.

The integration of data analytics, wireless connectivity, advanced equipment and molecular biology are all tipped to increase dramatically.

Sam Gaston, head of Westpac's Central West region taking in Dubbo, said an idea did not have to be "overly developed".

"Local residents can apply if they have an idea only, possess an early stage product in the making, or have recently introduced a new product or solution in market," he said.

"Together with Blue Chilli, we will help the winner take an early stage idea into a viable and valuable business."

Entries from across Australia will be accepted up until August 2 with the winner set to be announced on September 1. For more information and to enter the challenge visit www.bluechilli.com.