The American Farm Bureau Federation, in partnership with Farm Credit, is seeking entrepreneurs to apply online for the 2024 Farm Bureau Ag Innovation Challenge. Now in its 10th year, this national business competition showcases U.S. startup companies developing innovative solutions to challenges faced by America’s farmers, ranchers and rural communities.
Farm Bureau is offering $165,000 in startup funds throughout the course of the competition, which will culminate in the top 10 semi-finalists competing in a live pitch competition in front of Farm Bureau members, investors and industry representatives at the AFBF Convention in January 2024 in Salt Lake City, Utah.
Applications remain open through May 12, and the 10 semi-finalist teams will be announced Sept. 12. Each of the semi-finalist teams will be awarded $10,000 and a chance to compete to advance to the final round where four teams will receive an additional $5,000 each. The final four teams will compete to win:
· Farm Bureau Ag Innovation Challenge Winner, for a total of $50,000
· Farm Bureau Ag Innovation Challenge Runner-up, for a total of $20,000
· People’s Choice Team selected by public vote, for an additional $5,000 (all 10 semi-finalist teams compete for this honor)
Prior to the live pitch competition, the top 10 semi-finalist teams will participate in pitch training and mentorship from Cornell University’s SC Johnson College of Business faculty, and network with representatives from the Agriculture Department’s Rural Business Investment Companies.
Recent winners of the Ag Innovation Challenge include NORDEF, a company that developed technology to produce diesel exhaust fluid at the point of use (2023 Ag Innovation Challenge Winner) and Grain Weevil Corporation, a grain bin safety and management robot that improves farmer well-being by controlling risks and costs (2022 Ag Innovation Challenge Winner). Other examples of successful Ag Innovation Challenge participants, as well as detailed eligibility guidelines and the competition timeline, can be found at fb.org/challenge.
Entrepreneurs must be members of a county or parish Farm Bureau within their state of residence to qualify as top 10 semi-finalists. Applicants who are not Farm Bureau members can visit https://www.fb.org/about/get-involved#join to learn about becoming a member.
Applications must be received by 11:59 p.m. Eastern Daylight Time on May 12.