23 winners from the recently held 2024 AgriTech Challenge Pro have commenced the KIC Business Incubation Program, a two-year program that supports start-ups to strengthen their structures, grow, scale up and become investor ready. The businesses focus on eco-friendly solutions, applied technology that supports agricultural production, value addition, processing, post-harvest storage and marketing, as well as other sectors that are critical for the agricultural value chain.
At a virtual onboarding session for the participating start-ups, Kamil Nabong, Portfolio Manager at KIC, highlighted the significant benefits awaiting the businesses.
He emphasized the importance of the coaching and funding support that the program provides, including access to shared working spaces and offices designed to foster team collaboration and innovation. The incubation period is structured to offer comprehensive support to the businesses. This includes establishing robust corporate governance structures and providing essential business management services, all aimed at helping the start-ups scale up and become investor ready.
KIC Executive Director, Benjamin Gyan-Kesse, addressed the participants at the beginning of their training, underscoring the value of the incubation program in facilitating business growth. He reiterated KIC’s commitment to nurturing start-up businesses and helping them thrive in the competitive agricultural sector.
A notable highlight of the program is the financial support provided through KIC’s partnership with the Mastercard Foundation. This collaboration ensures that the participating businesses have the necessary funding support to develop their innovative solutions into viable businesses to promote employment opportunities .
As part of the program, some KIC Businesses who have been through the incubation program were invited to share their experience with the newly incubated businesses.
Dennis Asiedu Ababio, CEO of Agro Empire highlighted the need for teamwork, continued alignment on business strategy and focusing on taking active part in the marketplace by bringing products and services to the intended consumers. On his part, CEO of Complete Farmer Desmond Koney provided insights on navigating the entrepreneurship terrain and resolving some of the challenges that start-up businesses face.
The start-ups represent a diverse array of innovative ideas aimed at transforming the agricultural landscape. With comprehensive support from KIC and the Mastercard Foundation, these businesses are poised to make significant strides in the industry.
With the onboarding of the new start-ups from the just ended KIC Pro, there are currently 57 KIC supported businesses.