The winners of the GreenTech Challenge
Fidelity Bank has concluded its inaugural GreenTech Innovation Challenge (GTIC) 2024 with an outstanding impact, awarding over GH¢1.4million in grants to businesses that address key challenges in the agriculture sector using technology.
Initially, Fidelity Bank committed to awarding GH¢1.2 million in grants across three categories: Ideation, Scale-Up, and Commercialisation.
However, due to the exceptional quality and innovative nature of the participating businesses, the bank exceeded its funding commitment.
After a rigorous evaluation process, 17 exceptional participants from 197 applicants and 33 shortlisted AgriTech startups that participated in the GTIC were recognised.
They were selected based on their innovative business ideas and the impact they are making in their communities.
Ideation Stage Winners
Ten winners in the Ideation Category, who demonstrated ideas poised to revolutionise agriculture using technology, were awarded GH¢50,000 each to further develop their concepts.
The winners include AgriSupport, Chan-Tico, Agricom, Monger Foods, Fresh Aura, Sunify,Enactus UMAT, Verte Tower, AgriEase Limited, and Farmitecture. There is also GH¢100,000 dedicated to incubation and business service for these 10 ideas to transition them in fully registered businesses.
Scale-Up and Commercialisation Stage Winners
Four businesses in the Scale-Up Category were awarded GH¢100,000 each for their ability to expand and positively impact their communities.
The winners were Agrimercarb, Freshline, Nastech Power Solutions, and Wobil Technologies Ltd.
In the Commercialisation Category, Skin Gourmet emerged as the winner, receiving the top cash prize of GH¢200,000 for their innovative solutions that demonstrated market readiness and significant potential for societal impact.
Unexpected Recognition and Additional Grants
Fidelity Bank went beyond expectations by awarding additional grants to two other outstanding businesses.
Despite not initially qualifying for the top prizes, Axis Drone Services and Farm 360 were each awarded GH¢100,000 for their exceptional contributions to advancing agricultural technology.
“We have gone through a lot to get here, and Fidelity Bank has made all our efforts worthwhile,” said Derrick Annan – Co-Founder and CEO of Axis Drone Services.
“By launching this challenge, we aimed to identify and support young entrepreneurs who are courageously making a difference in their communities through innovative solutions,” stated Julian Opuni, Managing Director of Fidelity Bank, during the bank’s annual Sustainability Conference. “We are providing not just financial support, but also technical assistance to help these businesses thrive.”
Mr. Opuni emphasised Fidelity Bank’s commitment to monitoring the impact of these grants. “There will be a strict monitoring process for the awardees. They have been very clear about how they plan to use the funds, and we will ensure that the money goes exactly where they said it would.”
A Business Desk Report