Africa AgTech & Inclusive Insurance Challenge 2022 (up to $25,000)

The Africa AgTech & Inclusive Insurance Challenge 2022 is now accepting applications.

The Challenge aims to recognize and encourage young entrepreneurs who are trying to enhance resilience for smallholder farmers by combining agriculture, insurance, climate change, and gender.

Businesses should either have an existing insurance product for rural farmers or be working on developing one as a new product or service offering.

The Africa AgTech & Resilience Challenge will provide one-on-one support to five finalists as they polish their business models, investment collaterals, and prepare to pitch to investors.

Three cash awards will be given to three winners to help them develop, enhance, or launch new insurance solutions.

Thematic Areas

Businesses should operate in one of the following topic areas:

Data & Analytics: Companies that are using cutting-edge technology to innovate by:

  • Improving crop output and weather data gathering, and/or assisting with forecasting
  • Collecting data about crops or livestock using cutting-edge remote sensing and imaging technologies
  • Using machine learning, artificial intelligence, or blockchain to boost efficiency

Agriculture Productivity: Businesses that help small-scale farmers become more resilient by:

  • Providing agronomy assistance
  • Providing climate-aware consulting services
  • Chatbots or platforms can be used to connect peer-to-peer learning.
  • Pest control methods might help you cut your losses.
  • Early warning detection systems can help with livestock or crop management.

Financial Inclusion for Agriculture: Businesses that help small-scale farmers gain access to capital by:

  • Providing loan underwriting assistance
  • Credit or asset-based financing services are provided.
  • Providing insurance services
  • Technology is being used to assess creditworthiness.
  • Providing peer-to-peer lending and crowdfunding services

Benefits

If you are chosen, you may have the option to:

  • To grow or launch an insurance product, win a cash prize.
  • The winner of first place will get $25,000 in prize money.
  • Second place receives $15,000 in prize money.
  • The third-place finisher will get $10,000.
  • Receive personalized investment preparedness assistance to help you enhance your pitch and investment ask, as well as your investment collateral.
  • Insurance technical professionals from the IFC can provide advice.
  • Pitch your idea to a prestigious Grand Jury and get feedback.
  • Make your company model available to international investors.
  • Meet a worldwide network of investors, donors, and entrepreneur support organizations at the Sankalp Africa Summit 2022 (online and in-person) in Nairobi.
  • Use specialized display space to boost your company’s visibility and generate leads.

Requirements for the Africa AgTech & Inclusive Insurance Challenge

  • Owners of businesses must be under the age of 30.
  • Businesses in Sub-Saharan Africa must be operating;
  • Applicants must have a for-profit, registered firm that is profitable;
  • Run a high-impact business that focuses on rural areas, kids, and/or women;
  • AgInsurance, AgTech, FinTech, Gender & Inclusion are just a few of the industries where you can work.
  • Have a well-defined for-profit company concept with strong growth potential;
  • Have a focused and experienced promotional team;
  • Are asking for investment of between $10,000 and $1,000,000.

How to Apply for the Africa AgTech & Inclusive Insurance Challenge

On February 16, 2022, at midnight GMT, applications will close. Applications received after the deadline will not be considered.

To apply, go to this link.

Deadline for application: February 16, 2022

Visit the AgriTech & Inclusive Insurance Challenge for more details.

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