Agroye, an Agri-tech startup with an aim of growing the number of farmers in Africa and beyond, is calling for submissions for its ‘My 500k Agribusiness Idea’ Competition.
The Agri-tech company calls on young agripreneurs who have a groundbreaking agricultural business idea or a business that leverages technology in marketing, production, or sales.
My 500k Agribusiness Idea Competition is designed to inspire young entrepreneurs to transform their agribusiness concepts into business plans and grow them regardless of scale into successful ventures.
Eligibility
- Participants must be between the ages of 18 and 35 at the time of entry.
- Participants must have a new business idea or a business registered no later than 2 years prior to the start date of the competition (2nd September 2024).
- For participants with a registered business, the annual revenue must not exceed 1 million Naira.
Selection Criteria
- Business Relevance and Feasibility: How viable and relevant is the business idea to the agricultural sector?
- Resource Management and Financial Projections: How well are the resources managed, and are the financial projections realistic and achievable?
- Community Impact: What positive impact will the business have on the community?
- Use of Technology: How effectively does the business utilize technology?
- Unique Solution to an Existing Problem: How innovative is the proposed solution to a problem in the agriculture sector?
- Note: Al-generated and plagiarised proposals will be disqualified
Selection Process
- The competition will run from 2nd September 2024 to 12th October 2024.
- The top 5 finalists will be announced on 21st October 2024 on Agroye’s official social media platforms and website.
- The top 5 finalists will be required to participate in an online pitch session scheduled for 26th October 2024.
- Winners will be selected by a panel of judges appointed by Agroye, based on the criteria outlined in the Selection Criteria Section.
- The selection process is not based on chance, luck, or any personal connections. All entries will be judged fairly and impartially based solely on their merit and the criteria listed.
Winning Prizes
The prizes for the competition are as follows:
- 1st Place – ₦500,000
- 2nd Place – ₦300,000
- 3rd Place – ₦200,000
How to Enter
- Participants must prepare a business plan/pitch document that requires a ₦500,000 capital investment. An optional guide template is available for use.
Create a 1-minute video with your team, introducing your business idea, and post it on any social media platform using the hashtag #500kagribusiness and tag Agroye’s official social media account.
Fill out the competition entry form available on the Agroye website, submit the link to your video, and upload your business plan/pitch document.
Entry into this Competition is free!
All entries must be submitted no later than 11:59 PM WAT on 12th October 2024. Late entries will not be considered.
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