Apply For FCMB Agritech Hackathon 2024 (Win Up To N23 Million In Prizes)
First City Monument Bank (FCMB) has teamed up with the Dutch Entrepreneurial Development Bank, FMO, to launch an exciting agritech hackathon.
This initiative aims to develop innovative solutions to address challenges in Nigeria’s agricultural sector.
Overview of the FCMB Agritech Hackathon
Facilitated by Heave Ventures, this comprehensive program includes:
- A 48-hour hackathon
- A four-week venture-building residency
- A stakeholder conference
Participants will have the opportunity to win up to N23 million in prizes and gain exposure to growth opportunities.
The Importance of Nigeria’s Agricultural Sector
Agriculture is a fundamental part of Nigeria’s economy, playing a critical role in its overall stability. It contributes 21.09% to the country’s Gross Domestic Product and employs about 70% of the population, according to the National Bureau of Statistics.
The hackathon aims to tackle persistent challenges in the sector, turning them into profitable opportunities for innovators.
Goals of the Program
The FCMB Agritech Hackathon is designed to provide high-impact innovative AgriTech startups with essential business and product development tools.
These tools are crucial for developing solutions to agricultural challenges and attracting follow-on investments.
Key Details of the FCMB Agritech Hackathon and Venture Building Program
- Application Deadline: September 5, 2024
- Prize Value: N23,000,000
- Funding Type: Partially Funded
- Eligibility: Entrepreneurs
- Sponsor: First City Monument Bank (FCMB)
- Gender: Open to both men and women
Benefits of the Program
The top three teams will receive significant rewards designed to support their projects’ further development. The prizes include:
- Monetary Prize: Each winning team will receive a substantial financial reward, totaling 23,000,000 Naira, to advance their innovative solutions.
- Venture Building Opportunity: Winners will engage in a 6-week Venture Building program, utilizing top-notch product development methodologies and business advisory to expedite growth and market readiness.
- Trophy: Winning teams will receive a special plaque, recognizing their exceptional contributions and excellence in the field of agriculture.
Eligibility Criteria
Applicants need to fulfill these criteria to qualify for the FCMB Hackathon and Venture Building Program 2024::
- Idea Maturity: Your business concept should be in its initial development phase.
- Team Composition: Your team should possess a mix of skills and experience relevant to building an agritech business, including expertise in agriculture, technology, business development, and marketing.
- Love for Agriculture: You should be deeply passionate about agriculture and driven to make a meaningful difference in the industry.
- Commitment: You should be fully committed to participating in the program and working hard to develop your venture.
- Legal Requirements: You must be a legally registered company, either as a business name or limited. They also welcome applications from individual teams of hackers.
Selection Process and Thematic Areas
The hackathon focuses on various thematic areas, including:
- Funding the Future of Agriculture
- Credit Where Credit is Due
- Infrastructure Innovation
- AgriTech for Productivity
- Market Access for Smallholder Farmers
- Empowering Farmers through Training
- Securing the Food Supply
- Scaling Smallholder Farms
- Agribusiness for Economic Growth
- Data Management for Smallholder Farmers
How to Apply
For more details and to apply, visit the Heave Ventures website. Make sure to gather all required documents and ensure you meet the eligibility criteria before applying.
The application deadline is September 5, 2024, so don’t miss out on this incredible opportunity to innovate and make a significant impact in Nigeria’s agricultural sector.
By participating in this FCMB Agritech Hackathon, you can contribute to solving real-world problems in agriculture, gain valuable experience, and potentially secure funding to bring your ideas to life.
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