Two start-ups win Kosmos Innovation Center’s 2020 Agritech Challenge
Two new agribusiness start-ups have emerged winners of the Kosmos Innovation Center (KIC) 2020 Agritech Challenge, which aims at developing the next generation of young entrepreneurs in Ghana's agriculture sector.
OASAL Group - a new start-up that produces affordable ethanol from cashew apples and thereby enabling farmers to earn additional income, and Fruitflour - another new start-up that produces and packages nutritious ready-to-serve baby food from fruits and vegetables, were each presented with a cheque for $50,000 dollars as seed funding.
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The winners were also to receive up to four years of business training, mentorship, and incubation at the Kosmos Innovation Center Hub at Dworwulu in Accra, which will focus on helping them to turn their ideas into viable businesses.
Eight other finalists – Dairy Depot, Feed Haven, Kaltivo, Kuanijom, Faakolore, Kiayayo, FarmAsyst, and Bolstaar, who did not win seed funding, were eligible for coaching by the Kosmos Innovation Center to realise their dreams.
Moments ahead of the announcement of the winners, not only were the various start-up teams encouraged to consider themselves winners, they were also motivated to keep their focus and refine their acts so as to grow their businesses.
The High Commissioner of Rwanda to Ghana, Dr. Aisa Kirabo Kacyira, and General Manager of Citi FM and Citi TV, Bernard Avle, as well as a pioneer mentee of the AgriTech Challenge and now CEO of Trotro Tractor Limited, Kamal Yakub, impressed upon the mentees not to be afraid of failing as there were real growth lessons therein, and they should also learn to exploit opportunities and avoid wastage.
The Senior Vice President and Head of the Ghana Business Unit for Kosmos Energy, who is also Chairman of the Kosmos Innovation Center's Board of Directors, Mr. Joe Mensah, said the participants involved in the 2020 AgriTech Challenge deeply impressed with their determination to succeed despite the challenges posed by the Covid-19 pandemic.
He said the quality of the teams, their entrepreneurial spirit, and the potential of their business ideas were all testament to the work of everyone at the Kosmos Innovation Center, and congratulated the winners and wished them future success.
The 2020 AgriTech Challenge began in December 2019, with 150 young entrepreneurs selected from more than 1,000 applicants.
The AgriTech Challenge identifies young people interested in starting a business and provides them with a system of training, workshops and support.
The programme uses coaching and market research tours across Ghana to encourage participants to take a fresh look at the agriculture value chain and identify new areas of business opportunity, showing them what is possible, personally and professionally, if they're willing to put in the effort.
Business training and mentorship are delivered at key stages in the AgriTech Challenge programme and as part of a life-cycle of development and support. Individual competitors establish teams and participate in a series of pitch and elimination events, during which they present their ideas to a panel of judges. Seed funding is offered to the final high-potential teams who go on to enter the dedicated incubator programme.
Mr. Benjamin Gyan-Kesse, Director of the Kosmos Innovation Center, said "Kosmos Innovation Center will continue to support young entrepreneurs who are interested in transforming Ghana's agriculture sector. The newly introduced AgriTech Challenge Pro is currently accepting applications."
He said the KIC AgriTech Challenge Pro is an acceleration programme aimed at equipping existing early-stage teams or AgriTech startups with the right tools, funding and support to bring their business ideas or products to the market and prepare them to scale.
It was developed to create opportunity for teams that are already formed and looking to take their business to the next stage, he said, adding that KIC AgriTech Challenge Pro takes an inclusive approach, offering its services to all agricultural business teams in accordance with KIC's goal of developing talent and advancing innovation in Ghana.
Cocoa buying company, Cargill Ghana, donated US$100,000 to support the KIC AgriTech Challenge.
Since its inception in 2016, more than 600 young leaders have been trained in business skills and entrepreneurship through participation in the AgriTech Challenge and other KIC programmes.