In the bid to push AgriTech start-ups to a new level of development, Milken Institute and Motsepe Foundation have launched the Milken-Motsepe Innovation Prize program.
The Milken-Motsepe Prize is a US$2 million global competition for startups with innovative solutions targeted at increasing economic value to farmers, from seed to sale.
The program, which is focused on innovators on the African continent, is a world-class initiative that targets innovators and entrepreneurs that are developing technological solutions to accelerate the progress towards implementing the United Nations’ Sustainable Development Goals (SDGs).
This program will include technology prize competitions in the areas of agriculture, energy, education, and health.
Dr Patrice Motsepe, Founder and Chairman of the Motsepe Foundation, informed the public that:
“Fourth Industrial Revolution (4IR) technologies have the power to solve complicated socio-economic, and human problems. In the hands of entrepreneurs, these technologies can turn Africa into a global economic powerhouse and transform the world.”
Milken Institute Chairman, Mike Milken, also noted that:
“The Motsepe Foundation’s leadership has been highly effective in Africa and inspiring to people around the world. I’m delighted that we will again join forces to encourage long-term technological innovation and enhance the human capital of farmers so they can play a greater role in sustaining a more dynamic regional economy.”
Registration for the program has been declared open for the first of these free-to-enter prizes. Teams have until December 8, 2021, to register and submit designs and business models.
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An independent panel of expert judges will work towards selecting up to 25 teams to each receive $10,000. The funds would be targeted at developing small-scale prototypes over the ensuing six months.
In the final round, teams will demonstrate their entries in field tests which will be evaluated by their ability to:
- Increase net economic value to the farmer.
- Increase productivity at harvest and/or decrease post-harvest loss.
- Reduce costs for farmers.
- Provide a viable and sustainable business model.
- Be implemented by small and medium-sized farms.
- Develop or integrate innovative technologies.
At the end of the program, the judges will award a US$1 million Grand prize. Additional prize money will be distributed among 2nd and 3rd place winners, as well as a prize for the most creative use of Fourth Industrial Revolution (4IR) technologies; and a People’s Choice Prize.
In addition to the prize money, teams will benefit from access to networking, training, and other resources.
To register and for more information, click here.
Registration is free.