The AfDB has announced the AgriPitch competition for agricultural project promoters. The aim is to promote innovation and entrepreneurship in agriculture among young people in Africa. A grant of between $10,000 and $40,000 will be awarded to entrepreneurs.

To support innovation in the agricultural sector in Africa, the African Development Bank (AfDB) and the DealRoom financing network have launched the 2020 edition of the AgriPitch competition dedicated to agricultural project leaders. AgriPitch connects young agricultural entrepreneurs with investors to obtain financing in the form of debt, equity or grant.

The aim of AgriPitch is to promote innovation and entrepreneurship in agriculture among young Africans, to create jobs and wealth and livelihoods. The competition focuses on projects that operate in the areas of nutrition and gender mainstreaming.

The selection criteria include among others: value proposition and rationale for the innovation, ability to solve a problem related to agro-digitalization, job creation potential, sustainability and development potential, commercial and technique with high profit margins, etc. Projects that meet these criteria will be considered for pre-selection.

The AfDB will award the winners a grant of between $10,000 and $40,000. Qualified projects will also benefit from promotion with financing structures, in order to facilitate contact between entrepreneurs and investors. Investors interested in the competition can register their profiles to select the projects in which they wish to invest.

The shortlisted companies will participate in the AgriPitch virtual competition from November 16 to 20, 2020.

Aisha Moyouzame