Agroye has brought an exciting opportunity for young agribusiness enthusiasts with the My 500K Agribusiness Idea Competition 2024.
This competition aims to push young minds towards transforming their agribusiness ideas into actionable business plans and turning them into successful ventures.
If you have a passion for agriculture, this could be the perfect opportunity to bring your vision to life
What Is Agroye?
Agroye is an AgricTech startup focused on improving agriculture across Africa and beyond.
It works to empower farmers by promoting modern farming methods and providing in-depth agricultural information.
Agroye also connects experts, enthusiasts, and promotes nutrition education globally.
With these core beliefs, Agroye is creating paths for everyone involved in the agriculture sector to grow and thrive.
What Is the My 500K Agribusiness Idea Competition?
The My 500K Agribusiness Idea Competition encourages young entrepreneurs to take their agribusiness ideas to the next level.
It helps you develop your idea into a fully detailed business plan.
Whether you are just beginning or already have a small agribusiness, this competition could be your first step towards scaling up.
Prizes for the Winners
The prizes for the winners are quite rewarding.
- 1st Place will receive ₦500,000.
- 2nd Place will receive ₦300,000.
- 3rd Place will receive ₦200,000.
Who Is Eligible?
The competition is open to young individuals between 18 and 35 years.
You must either have a fresh business idea or be running a business registered no later than 2 years before 2nd September 2024.
If your business is already registered, its annual revenue must not be more than ₦1 million.
What Judges Are Looking For
Your submission will be judged based on several key criteria.
Business Relevance and Feasibility
The judges will evaluate how well your business fits into the agricultural sector and whether it can be realistically developed.
Resource Management and Financial Projections
A solid plan for managing resources and practical financial projections are essential for your idea to succeed.
Community Impact
How will your business positively influence the community?
The judges want to see the value your business adds beyond profit.
Technology Use
How effectively can your business make use of technology?
Efficient use of tech is crucial in modern agriculture.
Unique Solution to an Existing Problem
The panel will also focus on how creative and unique your solution is for an existing challenge in agriculture.
How to Apply for the Competition
To enter the competition, you need to prepare a business plan or pitch document for an investment of ₦500,000.
You can use a guide template if you prefer, but it’s optional.
Create a 1-minute video where you and your team introduce your business idea.
Post this video on a social media platform, use the hashtag #500kagribusiness, and tag Agroye’s official social media account.
Then, head to the competition entry form available on the Agroye website.
Submit the link to your video and upload your business plan.
All entries must be submitted by 11:59 PM WAT on 12th October 2024.
Late entries will not be accepted, so ensure your submission is on time.
Apply Now
If you’re ready to apply, head over to the official registration page.
This is a fantastic opportunity for anyone with a promising agribusiness idea to gain both recognition and support.
Let your passion for agriculture shine and give your agribusiness dream the best chance to flourish.
More Information
To learn more, visit the My 500K Agribusiness Idea Competition page.
Embrace this opportunity, and let Agroye guide you on the journey to making your agribusiness vision a reality.