The American Farm Bureau Federation, in partnership with Farm Credit, is reminding entrepreneurs to apply for the 2024 Farm Bureau Ag Innovation Challenge by May 12. Chase Hieneman, director of industry relations at AFBF, said there are many reasons for entrepreneurs to apply.
?The biggest reason that most people think about are the financing opportunities,? Hieneman said. ?We have $165,000 on the table for potential financing. There are some other great reasons, including the ability to interface with potential business contacts and potential investors. We have some workshops that allow our competitors to work on some of their business skills, to sharpen some skills, and to network with other entrepreneurs.?
Over the first nine years of the challenge, AFBF and Farm Credit have seen many business startups go on to different kinds of success.
?HydroSide Systems, the 2020 AG Innovation Challenge winner, manufactured an irrigation system that simplifies wheel lines and automates those rolls,? Hieneman said. ?And since winning the challenge, they have diversified their product lines and continue to grow their business. Another example would be Farmland Finder. And after several years of successful growth following their win in the 2019 AG Innovation Challenge, they were acquired by another company.?
Hieneman also talked about what makes the ideal candidate for the Challenge.
?Passionate entrepreneurs who have exciting, innovative ideas that can help farmers and ranchers meet the challenges that they face every day,? Hieneman said. ?We’re looking for folks from all different types of backgrounds, whether they are traditionally in the Ag space, or they just have an interest in the ag & food space and want to help farmers and ranchers meet those challenges. We want to hear about their ideas.?
For more information or to apply, visit fb.org/challenge.
