Apply For Agroye 500K Agribusiness Idea Competition (Win Up To N500,000)
Do you consider yourself an agripreneur, and do you have a revolutionary idea regarding the agricultural industry? Wherever your vision originates—from new technologies to the disruption of existing methods—the Agroye 500K Agribusiness Idea Competition is your ticket to success and potentially secure significant funding!
Overview of the Agroye 500K Agribusiness Idea Competition
Agroye is an innovative agri-tech company that aims to raise more farmers across the continent and the global community. Their 500K Agribusiness Idea Competition is designed to encourage young people to embrace entrepreneurship.
This contest is aimed at enabling you to translate your agribusiness concept into an articulated business model and possibly scale it to a profitable venture. Unlike applying for a job or to a certain organization, it is wise to thoroughly review the Terms and Conditions before engaging in the actual application process. Understanding these terms is essential before submitting your work to the relevant authorities.
Eligibility Criteria
To participate in the Agroye 500K Agribusiness Idea Competition, applicants must meet the following criteria:
- Age Requirement: Participants should be between 18 and 35 years old at the time of entry.
- Business Status: You must have either a novel business idea or an established business that has been in operation for no more than two years as of the competition start date (September 2, 2024).
- Revenue Cap: For those with a registered business, the annual revenue must not exceed 1 million Naira.
How to Enter
Entering the competition involves several key steps:
- Prepare Your Business Plan: Develop a detailed business plan or pitch document that outlines how you would utilize a ₦500,000 capital investment. A template to guide your preparation is available, though it is optional.
- Create a Video Introduction: Produce a one-minute video where you and your team introduce your business idea. Share your video on any social media platform with the hashtag #500kagribusiness and make sure to tag Agroye’s official account.
- Submit Your Entry: Complete your entry by filling out the competition form found on Agroye’s website. Include the link to your video and upload your business plan or pitch document.
- Pay the Entry Fee: A non-refundable entry fee of 3,000 Naira is required for each submission. Details for payment will be provided on the Agroye website.
- Deadline for Submission: All entries must be submitted by 11:59 PM WAT on October 12, 2024. Late submissions will not be considered.
Selection Criteria
Entries will be assessed based on several factors:
- Business Relevance and Feasibility: How relevant and feasible is your business idea within the agricultural sector?
- Resource Management and Financial Projections: Are your resource management strategies and financial projections realistic and well thought out?
- Community Impact: What positive impact will your business have on the community?
- Use of Technology: How effectively does your business incorporate technology?
- Innovative Solution: How unique and innovative is your solution to existing problems in agriculture?
Note: Any proposals generated by artificial intelligence or that are plagiarized will be disqualified.
Selection Process
The competition timeline is as follows:
- Competition Period: September 2, 2024, to October 12, 2024.
- Announcement of Finalists: The finalists will be revealed on October 21, 2024, through Agroye’s official social media pages and website.
- Pitch Session: Finalists will participate in an online pitch session on October 26, 2024.
- Judging: Winners will be selected by a panel of judges appointed by Agroye, based on the criteria outlined above. The judging process is impartial and based solely on the merit of the entries.
Prizes
The competition offers the following prizes:
- 1st Place: ₦500,000
- 2nd Place: ₦300,000
- 3rd Place: ₦200,000
General Terms, Conditions, and Disclaimers
- Intellectual Property: All entries must be the original work of the participants. AI-generated or plagiarized content will result in immediate disqualification. Participants retain ownership of their submissions but grant Agroye the right to use, reproduce, and publish their entries for promotional purposes.
- Modifications and Disqualification: Agroye has the right to alter, pause, or end the competition at any moment without giving advance notice. Disqualification may occur for violations of Terms and Conditions or any inappropriate conduct.
- Privacy: By entering, participants consent to the collection, use, and disclosure of their personal information according to Agroye’s Privacy Policy.
- Limitation of Liability: Agroye is not responsible for any technical issues, losses, or damages related to participation or prize acceptance.
- Compliance: Participants must adhere to all relevant laws and regulations Non-compliance will result in disqualification.
- Communication: Agroye may communicate with participants for administrative purposes, including updates and announcements.
- Decision of Judges: All decisions made by Agroye and its judges are final and binding. No further discussion will be entertained.
- Account Registration: By entering, participants agree to create an Agroye account as part of the process.
- Governing Law: These Terms and Conditions are governed by the laws of the Federal Republic of Nigeria.
By participating in the Agroye 500K Agribusiness Idea Competition, you acknowledge that you have read, understood, and agreed to these Terms and Conditions.
Deadline: October 12, 2024
Click HERE to Apply
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