
- July 8, 2022
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What is it?
AgriTech Challenge Pro is an acceleration programme developed in collaboration with the Kosmos Innovation Center (KIC), and aiming at equipping existing early-stage teams or AgriTech startups with the right tools, funding and support to bring their business ideas or products to market and prepare them to scale.
The programme was developed to create opportunity for teams that are already formed and looking to take their business to the next stage. AgriTech Challenge Pro takes an inclusive approach, offering its services to all agricultural business teams with the objective to develop talent and advancing innovation in Ghana.
AgriTech Challenge Pro is a 5-7 months programme. It starts with orientation and business diagnostics, market research, pitches and then an investment announcement and onboarding into the KIC Incubator. There are a series of capacity building sessions, business activities, feedback sessions, industry talks and team-by-team meetings throughout the programme.
The programme targets young entrepreneurs aged within 20-35 years, majority of whom are first-degree holders. It focuses on existing teams or businesses with 2-4 co-founders. There is a focus on ensuring a sizeable percentage of women-led teams and female entrepreneurs. Teams from across Ghana are encouraged to apply and participate.
How does it work?
122 teams applied to Agritech Challenge Pro, among which 43 teams, for a total of 137 beneficiaries, were selected to enroll in the programme. 24 % of the selected businesses are led by a woman CEO and 30 % of the total number of entrepreneurs are women.
Participants benefited from 28 capacity-building sessions during which they became familiar with all aspects of entrepreneurship. The training sessions were open to onsite participants and virtually on Zoom, to welcome participants from Accra but also from 5 other regions.
AgriTech Challenge Pro promotes an inclusive approach, strongly connected to real-life experience. As such, beneficiaries had the occasion to participate in market research tours so as to learn more, directly on the field, about the value chain they were interested in. In total, 233 organizations in 15 different regions were visited.
Enriched from theoretical knowledge and field experience, the participating teams put the lessons learnt into practice by strengthening their business idea and developing bankable, sustainable business models. They then participated in trial pitching sessions: In front of judges, the young agripreneurs practiced their sale speech, getting feedback and advices on how to best attract and convince potential investors to get involve in their business.
The concluding point of Agritech Challenge Pro was a pitching event, where finalists from the programme meet with potential investors in the country. Cargill and MasterCard Foundation invested between 10’000 and 50’000 USD in the different businesses, for a total of 250’000 USD. Other startups benefited from in-kind investments and were provided space to locate their business.