About the Competition
Agroye, an innovative Agri-tech startup, invites young agripreneurs to apply for the 2024 My 500k Agribusiness Idea Competition. This competition is designed to inspire and empower young entrepreneurs to turn their agricultural business ideas into actionable business plans, with the opportunity to win substantial cash prizes and scale their ventures.
Host Country: Nigeria
Category: Competitions
Eligible Country: Nigeria
Prize Reward: ₦1 Million Total Prizes
- 1st Prize: ₦500,000
- 2nd Prize: ₦300,000
- 3rd Prize: ₦200,000
Application Deadline: October 12, 2024
Competition Details
Do you have a groundbreaking agricultural business idea? Are you leveraging technology in marketing, production, or sales? Whether you’re a budding entrepreneur or looking to scale your existing business, this is your opportunity to win big and bring your vision to life.
Eligibility Requirements
To participate in the My 500k Agribusiness Idea Competition, you must:
- Be a Nigerian citizen between the ages of 18 and 35.
- Have a new business idea or a registered business no older than two years (as of September 2, 2024).
- If your business is registered, it must have an annual revenue not exceeding ₦1 million.
Prize Benefits
The winners of the My 500k Agribusiness Idea Competition will receive the following:
- 1st Place: ₦500,000
- 2nd Place: ₦300,000
- 3rd Place: ₦200,000
Selection Criteria
The winning entries will be evaluated based on the following:
- Business Relevance and Feasibility: Is the business idea practical and relevant to the agricultural sector
- Resource Management & Financial Projections: Are the resources managed effectively, and are the financial projections realistic
- Community Impact: How will the business positively impact the community?
- Use of Technology: How does the business leverage technology to drive growth or solve problems?
- Innovative Solutions: How unique is the business in addressing existing challenges in agriculture?
Note: AI-generated or plagiarized proposals will be disqualified.
How to Apply
Follow these steps to submit your application for the My 500k Agribusiness Idea Competition:
- Prepare a Business Plan: Draft a business plan or pitch document detailing how a ₦500,000 investment will be used. A guide template is available for assistance.
- Create a 1-Minute Video: Introduce your team and business idea in a 1-minute video. Post it on any social media platform using the hashtag #500kagribusiness, and tag Agroye’s official social media account.
- Submit Your Application: Fill out the competition entry form available on Agroye’s official website. Submit your business plan and include the link to your video.
- Free Entry: There is no charge for submitting your entry.
- Deadline: Ensure your application is submitted by 11:59 PM WAT, October 12, 2024. Late entries will not be considered.
