Beginners Guide: How to grow AGROTECH Startup in Nigeria

The development of an effective AgroTech startup depends on a comprehensive strategy. It all comes down to using a solid business strategy that feeds every link in the food chain and streamlines every operation.

In Nigeria, there are several prosperous agrotech companies. There are several of them, such as FarmCrowdy, ThriveAgric, Groupfarma, Farm Kart, etc.

So, here are five pivotal ways to grow AGROTECH Startup in Nigeria:

Motivate Stakeholders

A successful AgroTech firm must always empower its stakeholders, including farmers, investors, employees, and others. How are they to be empowered? Inform them about the purpose of AgroTech, as well as its aims and objectives. Provide them with instruction and training on how to make AgroTech effective. Along with empowering stakeholders in terms of vision and goal, enabling farmers in terms of money management, savings, and distribution will open up development opportunities.

Make agribusinesses more tradable

The following stage is to organize and coordinate your startup so that investors would have confidence in you. This will make the agro-businesses under your venture investible. It all comes down to having the ability to draw investors who have faith in your firm’s profitability and capability for producing alluring ROIs if you want to build an investible AgroTech startup.

Bringing Agro-Farmers and Agro-Industries Together

Combining farmers with markets that are already established, such as businesses and homes, is another strategy for growing your Agro-Tech company. The greatest solution is to combine them into industries. For instance, you might connect large firms that utilize milk as a raw material to those that raise cattle. All you need to do is establish an online marketplace called e-commerce where producers may trade with distributors, manufacturers, and consumers.

FinTech should be used in the process.

As the name implies, FinTech combines the words “finance” and “technology,” and it focuses on leveraging technology to facilitate financial transactions.

Agro-tech that incorporates fintech can increase production for farmers and other stakeholders. FinTech may assist farmers in a variety of ways. Farmers, for instance, can use FinTech services to acquire loans and credits. Compared to conventional banks, the FinTech service has been regarded as flexible. Savings and investments are a further service that FinTech may provide, and both farmers and stakeholders may benefit from them. FinTech may also assist farmers with insurance, particularly when farming is considered to have high-risk potential.

Give Farmers Protection Measures

Agriculture is recognized to be vulnerable to a number of unplanned, fatal risk factors, including climatic and environmental issues, insect invasion, plant and animal illnesses, etc. A successful AgroTech firm will develop an early-warning platform that informs and educates farmers about impending threats and how to avoid them. You may advise people on your platform on how to create coping mechanisms and how to avoid taking risks. Consequently, you require agro-experts on your team who can provide scientific counsel.

To summarize it all, the correct tactics must be put into place in order to grow a lucrative agro-business venture.