The American Farm Bureau Federation, in partnership with Farm Credit, is accepting applications through July 31 for the 2021 Farm Bureau Ag Innovation Challenge. Micheal Clements has more.
Clements: The Farm Bureau Ag Innovation Challenge showcases U.S. startup companies addressing challenges faced by American agriculture. Dana Mohr from HydroSide won the 2020 Ag Innovation Challenge and says winning has transformed his business.
Mohr: It’s hard to place a value on relationships and credibility. And so, for us, the money was fantastic. Really, of even greater value was relationships that flowed out of the challenge because the credibility we gained was something that’s hard to quantify.
Clements: Mohr says the challenge improved his business beyond just the prize money.
Mohr: We had just completed a redesign of our product. And that demanded that we really reassess our business plan. Really, the process and the competition demanded that we look at that through a fresh lens. And, it really allowed us to put it under some great scrutiny specific to the industry, which was amazing.
Clements: The award for the Farm Bureau Entrepreneur of the Year has increased to $50,000 for 2021. Farm Bureau will award a total of $145,000 in startup funds to ten businesses. Mohr encourages rural entrepreneurs to apply.
Mohr: It forces you to really put a business eye to a great idea is why I would encourage anyone with a good idea to even apply. I strongly encourage it because you’re put into a great position to keep success just by virtue of applying.
Clements: Find competition rules and apply at fb.org. Micheal Clements, Washington.