The American Farm Bureau Federation (AFBF), in partnership with Farm Credit, is seeking entrepreneurs to apply online for the 2024 Farm Bureau Ag Innovation Challenge. Now in its 10th year, this national business competition showcases U.S. startup companies developing innovative solutions to challenges faced by America’s farmers, ranchers and rural communities.
Farm Bureau is offering $165,000 in startup funds throughout the course of the competition, which will culminate in the top 10 semi-finalists competing in a live pitch competition in front of Farm Bureau members, investors and industry representatives at the AFBF Convention in January 2024 in Salt Lake City, Utah.
“The future of agriculture and rural communities depends on successful innovation,” said AFBF President Zippy Duvall. “Through the Ag Innovation Challenge, we’re pleased to recognize start-up companies that provide solutions to problems facing rural America and support farmers in their mission to provide the food, fuel and fiber we all rely on.”
Applications remain open through May 12, and the 10 semi-finalist teams will be announced Sept. 12. Each of the semi-finalist teams will be awarded $10,000 and a chance to compete to advance to the final round where four teams will receive an additional $5,000 each. The final four teams will compete to win:
- Farm Bureau Ag Innovation Challenge Winner, for a total of $50,000
- Farm Bureau Ag Innovation Challenge Runner-up, for a total of $20,000
- People’s Choice Team selected by public vote, for an additional $5,000 (all 10 semi-finalist teams compete for this honor)
Prior to the live pitch competition, the top 10 semi-finalist teams will participate in pitch training and mentorship from Cornell University’s SC Johnson College of Business faculty, and network with representatives from the Agriculture Department’s Rural Business Investment Companies.
Other examples of successful Ag Innovation Challenge participants, as well as detailed eligibility guidelines and the competition timeline, can be found at fb.org/challenge.
Applications must be received by 11:59 p.m. Eastern Daylight Time on May 12.