More innovators needed in agritech space — Innohub CEO
THE Executive Director for Innohub, Nelson Amo, has said there is an urgent need for more innovators to step into the agritech space, as the country seeks to address key challenges in agriculture through technology and innovation.
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He explained that although the sector is still in its early stages, it holds significant promise for enhancing food security across the country.
“We are still in the early stages of agri tech development in the country, the opportunity is huge and we need a lot more innovators to fill that space.
Currently, there’s an opportunity for information for farmers - commercial spraying, pest control, food security and food processing. So there’s that room for a lot of innovators that would fill the space and help contribute to what’s occurring in the country,” he said.
Mr Amo was speaking with the media on the side-lines of a bootcamp for some 33 selected GreenTech entrepreneurs in agric value chains last Thursday in Accra.
The training organised by Fidelity Bank Ghana in partnership with Innohub under the bank’s GreenTech Innovation Challenge (GTIC) seeks to empower and scale entrepreneurs with innovative GreenTech ideas and businesses within the agricultural sector.
He said the importance of innovators in food security cannot be overemphasised as they help bring about efficiency in farming and post-harvest management adding that “the technical and financial assistance provided to the beneficiaries would enhance agric mechanisation and boost productivity.”
Sustainable growth
The Head of Partnerships and Sustainability at Fidelity Bank Ghana, Nana Yaa Afriyie Ofori-Koree, said “as a bank, one of our primary focuses is offering solutions to nationwide challenges, and we anticipate some stimulation and support in these efforts.
From a sustainability perspective, it's crucial for us to contribute meaningfully to local economic growth.”
She said the GreenTech Innovation Challenge is designed to support entrepreneurs by providing both financial assistance and mentorship.
“Recognising the importance of agriculture, we've specifically allocated a GH₵1 million grant from this fund, which will be awarded to 15 deserving entrepreneurs in the sector by the end of the challenge,” she said.
Grant
The GTIC is structured to empower innovators at three various stages of development.
The Ideation Tier is designed for innovators with new, groundbreaking ideas that can tackle specific agricultural challenges. 10 ideation agritech businesses will receive GH₵60,000 each to turn their concepts into actionable solutions, laying the groundwork for impactful GreenTech solutions.
The challenge is expected to provide GH₵100,000 each to four businesses under the Scale Up Tier which targets businesses with established GreenTech solutions that have already demonstrated success.
Here, the focus shifts to supporting the expansion and elevation of these solutions, maximizing their positive impact.
Finally, the Commercialisation Tier caters for an established business with market-ready GreenTech products seeking to amplify its reach with an amount of GH₵200,000.
This would help the business navigate the commercial landscape and ensure the GreenTech solutions achieve both commercial success and widespread positive impact.