Applications are now open for the My 500K Agribusiness Idea Competition 2024.
The 500k Agribusiness Idea Competition encourages young entrepreneurs to turn their agribusiness ideas into comprehensive business plans and scale them into thriving ventures, regardless of their initial size.
Agroye is an AgricTech startup that aims to transform the agricultural landscape in Africa and beyond.
Agroye empowers farmers, promotes modern farming practices, provides comprehensive agricultural information on a global scale, connects experts and enthusiasts, and drives nutrition education.
Prizes
The prizes for the competition are as follows:
- 1st Place – ₦500,000
- 2nd Place – ₦300,000
- 3rd Place – ₦200,000
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.
Application
- 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.
All entries must be submitted no later than 11:59 PM WAT on 12th October 2024. Late entries will not be considered.
Deadline: October 12, 2024
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