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Ten semi-finalists announced for the 2019 Ag Innovation Challenge

November 12, 2018

The American Farm Bureau Federation (AFBF), in partnership with Farm Credit, has announced the 10 semi-finalist teams in the 2019 Farm Bureau Ag Innovation Challenge.

Three of the ten companies to make the semi-finals—Nebullam, Farmland Finder, and Continuum Ag—are based in Iowa. All three of the Iowa-based companies are alumni of the Agricultural Entrepreneurship Initiative at Iowa State University.

In addition, another one of the companies to make the semi-finals, AgHelp Corp, recently took part in the 2018 cohort of the Iowa Agritech Accelerator.

“It’s a pleasure to recognize these 10 outstanding rural businesses,” said AFBF President Zippy Duvall. “Recognition of the faith, courage and creativity these entrepreneurs have shown in starting their rural businesses is well-deserved. Startup funds provided to the semi-finalists through the Challenge will help them take their food and agriculture businesses to the next level.”

The 10 semi-finalist teams were awarded $10,000 each.

The final four teams will be announced December 5, will receive an additional $5,000 and will have all expenses paid to compete in a live pitch competition at AFBF’s 100th Annual Convention in New Orleans on January 13.

The final four teams will compete to win one of two awards:

  • Farm Bureau Rural Entrepreneur of the Year award and $15,000 (chosen by judges), for a total of $30,000
  • People’s Choice award and $10,000 (chosen by public vote), for a total of $25,000

This is the fifth year of the Challenge. In last year’s competition, 471 entrepreneurs applied, from which AFBF selected four to advance to the final phase of the competition. SwineTech, based in Cedar Rapids was named the winner for its ag technology entry to reduce pig mortality. Hawk Knob of West Virginia, a producer of craft beverages, won the People’s Choice Award.

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Ten semi-finalists announced for the 2019 Ag Innovation Challenge | Clay & Milk
A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.
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