The Milken Institute and the Motsepe Foundation have partnered to launch a US$2 million agri-tech aimed at supporting innovative solutions in the farming space.
The agri-tech prize is part of the wider Milken-Motsepe Innovation Prize programme, a multi-year initiative to focus global innovators and entrepreneurs on developing technological solutions that accelerate progress towards implementing the United Nations’ Sustainable Development Goals (SDGs), with a spotlight on the African continent.
The programme will include multiple technology prize competitions in the areas of energy, education, and health, but will begin with agriculture. The Milken-Motsepe Prize in AgriTech is a US$2 million global competition for innovative solutions to increase economic value to farmers, from seed to sale.
Developed through rigorous and inclusive consultations with more than 50 experts from a variety of disciplines, representing academia, industry and government, to define the competition guidelines and evaluation metrics, the competition will select up to 25 teams to each receive US$10,000 to develop small-scale prototypes over the ensuing six months.
In the final round, teams will demonstrate their entries in field tests, and judges will award a US$1 million grand prize, with additional prize money distributed among second and third place winners, a prize for the most creative use of Fourth Industrial Revolution technologies, and a People’s Choice Prize. Teams have until December 8 to register and submit designs and business models.
“Fourth Industrial Revolution technologies have the power to solve complicated socio-economic and human problems. In the hands of entrepreneurs, these technologies can turn Africa into a global economic powerhouse and transform the world,” said Dr. Patrice Motsepe, founder and chairman of the Motsepe Foundation.
“Precious and I are thrilled to partner with Mike Milken and the Milken Institute to launch this prize that encourages African and global entrepreneurs to innovate and use 4IR technologies to address some of Africa and the world’s most pressing challenges and improve the living conditions and standards of living of people globally.”