Competition Doubles Top Prize for Innovative Rural Entrepreneurs
American Farm Bureau Federation Annual Ag Innovation Challenge
Innovation drives progress and pushes the boundaries for what’s possible in agriculture and farming. (photo by Virginia Farm Bureau)
WASHINGTON—Innovation drives progress and pushes the boundaries for what’s possible in agriculture and farming.
That’s the mission behind the American Farm Bureau Federation Annual Ag Innovation Challenge, a business competition that showcases innovative agricultural entrepreneurs who address issues facing America’s farmers, ranchers and rural communities.
AFBF, in partnership with Farm Credit, is seeking online applications for the competition through June 15. Farm Bureau will award a total of $145,000 in startup funds throughout the course of the competition.
Now in its 11th year, the contest identifies top rural entrepreneurs and startups that tackle both traditional and new challenges, including access to labor; optimizing yields; reducing operating costs; and supporting farmers and their communities.
The overall winner will receive $100,000 to fund their business—double the prize amount from last year. One runner-up will be awarded $25,000, and two additional business owners who advance to the final round will receive $10,000.
“The decision to double the prize comes from the realization that everyday entrepreneurs are working to address the challenges facing the agriculture sector,” said Chase Heineman, director of industry affairs for AFBF. “Farm Bureau wants to ensure they have the resources to continue that great work, and so by doubling the prize money, AFBF hopes to double the impact.”
Last year’s winner manufactured autonomous robots that support small and midsize farms by assisting in planting, soil sampling, weed control and spraying. And the runner-up from last year developed a new autonomous system that improves sanitation and enhances milk flow as dairy cattle are milked.
After the application period closes, 10 semifinalist teams will be selected and announced on Sept. 3. The 10 teams will pitch virtually to compete for a spot in the final round of the contest. The final four teams will be awarded $10,000 each and will compete live in front of Farm Bureau members, investors and industry representatives at the AFBF Annual Convention in January 2025 in San Antonio, Texas.
Entrepreneurs must be Farm Bureau members to qualify as top 10 semifinalists. Applicants who are not Virginia Farm Bureau members can join. Visit vafb.com/membership-at-work/membership/join-now to learn about becoming a member.
Interested applicants can view eligibility guidelines, the competition timeline and profiles of past winners at fb.org/challenge.
–Virginia Farm Bureau
