AfDB’s Annual $140,000 Youth AgriPitch Competition Webinar Holds On Monday

Posted by Eric Ojo African News, Business News, Latest Headlines Sunday, October 16th, 2022

(AFRICAN EXAMINER) – The African Development Bank (AfDB) will on Monday host an online seminar to encourage African young entrepreneurs in the agriculture sector to enter for its 2022 edition of the AgricPitch competition.

AgriPitch is a platform where the continent’s top agripreneurs vie for a share of $140,000 in seed funding prizes, a slot in the competition’s business development boot camp, as well as receive mentoring and training.

The webinar, scheduled for 11am UTC, will present this year’s AgriPitch competition, designed to instill a culture of innovation and nurturing for technology-led agribusiness innovations, to create jobs and improve youth livelihoods.

The AfDB therefore invites youth agripreneurs across the continent to the virtual information session on how to win seed funding and training

The Bank representatives will explain the application process, take questions from prospective applicants and will introduce AgriPitch competition partners.

According to a statement made available to the media, the partners include; women-founded and led enterprise support advisory firm Private Equity Support; the Private Financing Advisory Network, a global network of climate and clean energy financing experts; and EldoHub, an education, innovation, and technology organization targeting youth and women.

This year’s edition of the competition which will be held under the theme, “The Role of African Youth within African Food Systems”, aims to support African agripreneurs by improving their business bankability and ensuring that they are “pitch ready” for potential investors.

It will also help competitors identify innovative solutions and develop ideas that contribute to strengthening Africa’s food systems, mitigate the effects of gender marginalization, and enhance sustainable nutrition across the continent.

Notably, the annual competition is a key activity of the Bank’s Enable Youth Programme and also provides technical capacity-building skills as well as facilitates youth access to financing.

AfDB’s Chief Financial Economist and Enable Youth Coordinator, Edson Mpyisi said with the increased effects of climate change and the resultant impact on food systems within the continent, this competition serves to showcase timely and scalable youth-led opportunities.

Similarly, the Bank’s Director for Agriculture and Agro-Industry, Martin Fregene noted that in response to the youth challenges facing the continent, the Bank developed its Jobs for Youth in Africa Strategy with the objective of creating 25 million jobs for young Africans and equipping 50 million youth with relevant skills by 2025.

“The Strategy aims to increase inclusive employment and entrepreneurship, strengthen human capital, and create durable labor market linkages – we’re proud to host the AgriPitch competition that contributes to the Strategy’s goals”, he further explained.

In his remarks, AfDB’s Division Manager for Agri-business, Damian Ihedioha said: “The Bank believes that entrepreneurship is a pathway to a secure job and viable socio-economic growth that is inclusive and promotes sustainable development. Therefore, Africa’s emerging vibrant wave of entrepreneurs must be supported and nurtured for the continent’s prosperity”, stressed,

Coaching and mentorship will be provided for the participants in an interactive and tailored virtual two-week bootcamp to applicants who advance in the competition.

AgriPitch 2022 semifinalists will also pitch their business plans to potential investors in the AgriPitch deal room, be eligible for one-on-one mentorship, and access to post-competition digital expertise.

The AgriPitch competition is open to African youth aged between 18 to 35 years who work within the agriculture value chain. It offers three competition categories: Early Start-ups (0-3 years of operation), Mature Start-ups (3 or more years in operation) and Women-Empowered Businesses (firms with at least 51 percent share of women ownership or founded by a woman).