he Kosmos Innovation Center (KIC) Tuesday awarded a sum of $100,000 to the two winning businesses from the 2019 AgriTech Challenge at its concluding Investment Day event.
The KIC AgriTech Challenge is Kosmos Energy’s flagship social investment programme supporting young entrepreneurs to become business leaders, able to fuel Ghana’s growth and create jobs in the agricultural sector.
This year marks the fourth time the programme has run, delivering on Kosmos Energy’s mission to invest in Ghana’s future, one entrepreneur at a time.
AiScarecrow, producers of intelligent fully automated scarecrow that allows cereal farmers to effectively deal with pest birds from their farm lands and ProSect Feed limited, producers of organic science-based protein substitute in feed formulation for the local poultry industry with a cost saving of over 20% for farmers, both received $50,000 plus one-year incubation at the just-opened KIC Incubator.
The nine other business teams who reached the final will also receive a one-year business support package at the Incubator.
The businesses will benefit from ongoing coaching, mentoring and training to ensure they are able to grow and scale.
Senior Vice President and Head of the Ghana Unit at Kosmos Energy, Joe Mensah, said: “Our youth-led businesses are spread across the entire agricultural value chain – from increasing yields for farmers to getting products on to our dinner tables.
“Today we are adding 11 more businesses to the KIC Incubator, helping them go on to tackle some of the most critical challenges in the sector, create jobs and achieve food sustainability for Ghana.
“As a company that knows what it’s like to be a startup, follow a dream and build a business, we are humbled by the opportunity to leverage our skills to support and develop our host countries.”
The KIC AgriTech Challenge places young people with drive and ambition on an intensive 10-month capacity building process. It equips them with the skills and contacts needed to start a business, and includes market research tours, expert knowledge exchanges, training in specific business skills and three pitches, with only the best teams selected to move on to the next stage of the competition at each point.
Since its inception in 2016, the Kosmos Innovation Center has developed over 500 Ghanaian youth and nurtured fourteen of the most promising youth-led innovative AgriTech startups in Ghana. Some of these include Trotro Tractor Ltd, Complete Farmer, Growth Factor (INVOICIA), Kwidex, Techshelta and Profish.
Kosmos recently opened the KIC Incubator on 02 October 2019; a “Center of Excellence” where it will implement all the KIC programme activities.