FarmSlate, an innovative startup focused on connecting smallholder farmers with financiers, has emerged victorious at the First City Monument Bank (FCMB) Agritech Hackathon 2024. The competition, designed to tackle pressing issues in agriculture such as credit access, infrastructure, and food security, saw FarmSlate leverage cutting-edge technologies like artificial intelligence, the Internet of Things (IoT), and geospatial analytics to create a solution that resonated with judges and stakeholders alike. As a result of their win, FarmSlate received N3.5 million and will now embark on a venture-building program aimed at refining their business model and expanding their reach.
The Agritech Hackathon, powered by Heave Ventures and supported by the Dutch Entrepreneurial Development Bank (FMO), attracted over 1,000 applications from across Nigeria and other African nations. A rigorous selection process led to the identification of the top ten solutions, with a panel of judges evaluating over 450 teams based on the innovativeness, scalability, and potential impact of their projects. Following FarmSlate in the competition, AgroGuardians secured second place with a tool designed to help farmers identify crop diseases, earning N2 million, while CarbonEx, which focuses on linking regenerative farming initiatives with carbon reduction funding, claimed third place and a prize of N1.5 million.
The venture-building phase that follows the hackathon is particularly significant, as it promises to provide winners with expert-led coaching and training on various aspects of business development, including customer discovery, Minimal Viable Product (MVP) design, and fundraising strategies. This phase will culminate in a Demo Day, where participants will pitch their refined solutions to a panel of judges for a chance to win a share of N16 million. Such opportunities not only enhance the startups’ business acumen but also play a crucial role in fostering innovation within the agritech sector.
Kudzai Gumunyu, Divisional Head of Agribusiness at FCMB, emphasized the bank’s commitment to agribusiness funding and capacity building, highlighting the critical role that technology plays in transforming agricultural productivity and food security. He called upon tech-savvy individuals to join FCMB in its mission to uplift rural economies, underscoring the potential for agritech solutions to create lasting impacts in underserved communities.
Ifeoluwa Olatayo of FarmSlate expressed gratitude for the experience gained during the hackathon, noting how the sessions helped articulate their problem-solution statement effectively and the value of remote participation. The validation of their solution through this win sets the stage for a significant launch and scaling opportunity.
Abiodun Lawal, a partner at Heave Ventures, remarked on the broader implications of the hackathon, stating that the initiative aims to deliver tangible value to underserved communities across Africa. By harnessing technology and innovative methodologies, the program aspires to unlock economic opportunities for millions, reinforcing the importance of collaborative efforts in addressing the continent’s agricultural challenges.
The success of the FCMB Agritech Hackathon not only highlights the entrepreneurial spirit within the agritech landscape but also signals a growing recognition of the need for innovative solutions to enhance agricultural productivity and sustainability. As these startups embark on their journey, the potential for transformative change in the agricultural sector appears promising, with the possibility of fostering a more resilient and inclusive economy.
