The Lilongwe University of Agriculture and Natural Resources (LUANAR), through its Africa Centre of Excellence in Transformative Agriculture Commercialisation and Enterprise (TACE), in collaboration with Synergy and NextGen Labs, held the grand finale of the Agtech Challenge on the night of Thursday, 3rd October, 2024 at GIZ’s Head Offices in Lilongwe.
The event saw promising agribusiness innovators walk away with millions in prize money after successfully pitching their business ideas.
Sponsored by GIZ, ATVET and Save the Children, the challenge offered a total prize pool of MK16 million, which was awarded to various youth entrepreneurs who underwent comprehensive agribusiness training as part of the incubation program.
In her remarks during the grand finale, the Centre Leader for TACE, Dr. Sera Gondwe, emphasized the importance of the initiative in tackling unemployment and promoting youth-led enterprises in Malawi.
“This MK16 million is out there to support these young people who can make a difference in our economy. Unemployment can be reduced if we grow such enterprises," she said.
Dr. Gondwe applauded the winners, highlighting that the prize money would help scale their businesses, with the top five winners being selected by a panel of judges and additional awards for the best pitches.
Joan Thaundi, co-founder and CEO of Nthambi Farms, took home the first prize of MK4.5 million and two additional awards. Speaking in an interview, she shared her excitement about the impact this win will have on her commercial rabbit farming enterprise.
“This award is going to help us increase production by improving our housing facilities and breed stock, which are key challenges in rabbit farming,” Joan said.
She also acknowledged the importance of networking and training offered during the incubation program, which exposed her to valuable business opportunities.
Emmanuel Banda, from Noble Agriculture Technologies, secured the second prize of MK3.5 million and an additional award for the Best Pitch. Banda’s company, which focuses on greenhouse manufacturing and hydroponic systems, has been making waves in the agriculture technology sector.
“We plan to invest this money into our 3D printing factory, which will enable us to produce some of the parts we currently import,” Banda said.
He also shared plans to mass-produce backyard hydroponics kits, aiming to enhance agricultural productivity through modern technology.
The Agtech Challenge is a testament to TACE's commitment in advancing agribusiness in Malawi. The Centre continues to work with partners like Synergy and NextGen Labs to support youth entrepreneurs in transforming the agriculture sector by providing them with the skills, knowledge, and financial backing necessary to succeed.
The winners are set to use their prize money to scale up their innovative businesses, with hopes that these enterprises will contribute significantly to Malawi’s agricultural growth.