What is its value proposition?
Better farmers make better borrowers. AgriG8’s edge lies in its ability to use data and insights to drive behavioural change in farmers. We encourage sustainable agricultural practices through a gamification mechanism that results in real-world incentives. We identify good farmers via our proprietary appraisal system and further empower better farmers through our assurance module. These insights help lenders access an untapped market they have yet to efficiently monetise by lowering engagement cost and improving risk mitigation. 

AgriG8’s goal is to set a new standard for sustainable agri-financing by providing the financial institutions with the right tools to access, appraise and be assured of their loans to smallholder farmers. Harnessing the power of big data and machine learning, AgriG8’s credit rating platform integrates yield prediction technology with its proprietary farmer behaviour algorithm, proving that agri-financing can be a win-win situation for both financial institutions and smallholder farmers.

What is the size of the potential market?
Smallholder and family farms produce up to 80 percent of the global food supply, according to a recent study. To support and sustain this underrated food system, at least US$240 billion is required annually, but only a small percentage of this amount is currently made available to the sector. 

Commercially, our goal is to facilitate the flow of this capital. Holistically across the entire ESG (Environmental, Societal and Governance) spectrum, the impact of transiting towards better agricultural practices brings far greater value. Rice, a staple that feeds more than half the global population, is our first choice of crop due to its ironic status as both climate change victim and contributor.

See also: Why Our Time To Address Climate Change Is Running Out

Tell us about the iterations you went through to get to the final product or business model.
The original idea was to create a customer relationship management system to better serve Golden Sunland’s farmer partners. A primary objective was to produce a holistic scorecard for each of the farmers, to help them understand their performance from the productivity, economic and environmental perspectives. This scorecard system will then enhance the traceability of our rice product in the market. 

The hiatus from being on the ground allowed us to take a step back and rethink the real potential of this level of engagement. Our farmer partners’ circumstances are not unique, in fact, most smallholder farmers operate in similar conditions and face the same challenges of poverty and climate change. 

During the co-creation phase with Trendlines, they push really hard for us to not just build a financially viable business model, but one that is also scalable and impactful. Better access to capital would allow farmers to invest in enhancing their productivity and adopting sustainable practices. The capital is available out there, but the serviceable market is limited by a lack of understanding of the smallholder agriculture market. The final product is a mix of agritech and fintech, an intermediary that helps lenders lend with confidence and provide farmers with a clear incentive to move towards sustainable agriculture.

What is the biggest obstacle you faced in getting AgriG8 to market, and how did you overcome it?
One of the defining obstacles was getting AgriG8 established in the first place. My co-founders and I each had our own tough choices to make at that point in time. At the end of the day, what AgriG8 stands for and our audacious goal to change the world became the key deciding factor. We are confident that we have a viable, maybe even groundbreaking, business model that can propel the entire smallholder farming system and global system onto a more sustainable path. 

Presently, we have like-minded partners on board, but we don’t want to just preach to the choir. The key challenge is reaching out to those who are apathetic about the shortcomings of the existing food system. It is a lot like climate change narratives; you can’t be too aggressive or too casual about it. Effective communication is the key and we’re still working on it. 

Another challenge is farming onboarding, this is where our hands-on experience with farmers really makes a difference. We embrace a farmer-centric approach in our solution design instead of making them adapt to technologies.

What are your goals for AgriG8 for the next 12 months?
We just started our first pilot on the ground and have engaged partners to expand to the second and third country within this year. Behind the scenes, developmental work is happening fast and furious. On the commercial front, we are looking to raise funds for our seed round from like-minded investors. From a thought leadership perspective, we want to raise awareness to help the financial sector better understand this untapped market of smallholder farmers and have open conversations about the impact of embracing or missing these opportunities.

See other honourees from the Food & Beverage category of the Gen.T List.