Agroye is an Agri-tech startup with an aim of growing the number of farmers in Africa and beyond.
My 500k Agribusiness Idea Competition, 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.
How to Enter
Participants must prepare a business plan 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.
All entries must be submitted no later than 11:59 PM WAT on 12th October 2024. Late entries will not be considered.
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: AI-generated and plagiarized 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.
Winning Prizes
The prizes for the competition are as follows:
1st Place – ₦500,000
2nd Place – ₦300,000
3rd Place – ₦200,000
General Terms, Conditions, and Disclaimers
Intellectual Property and Originality: All entries must be the original work of the participants. Entries generated by artificial intelligence (AI) tools or plagiarized content will be immediately disqualified. Participants retain ownership of their submissions; however, by entering the competition, participants grant Agroye the right to use, reproduce, and publish their entries for promotional purposes.
Modifications and Disqualification: Agroye reserves the right to modify, suspend, or cancel the competition at any time without prior notice. Additionally, Agroye reserves the right to disqualify any participant who violates these Terms and Conditions or engages in conduct that is deemed fraudulent or inappropriate.
Privacy: By entering the competition, participants consent to the collection, use, and disclosure of their personal information for the purposes of administering the competition, in accordance with Agroye’s Privacy Policy.
Limitation of Liability: Agroye will not be held responsible for any technical issues, loss, or damage resulting from participation in the competition or from the acceptance or use of any prize.
Compliance: Participants must comply with all applicable laws and regulations while participating in the competition. Failure to do so will result in immediate disqualification.
Communication: Agroye reserves the right to communicate with participants at any time before, during, and after the competition for administrative purposes, including the provision of updates, feedback, and announcements.
Decision of Judges: All decisions made by Agroye and its appointed panel of judges are final and binding in all matters related to this competition. No correspondence or discussion will be entered into regarding such decisions.
Governing Law: These Terms and Conditions are governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
By participating in the “My 500k Agribusiness Idea Competition,” you acknowledge that you have read, understood, and agreed to be bound by these Terms and Conditions.
