Agriculture has always been the backbone of many economies, and Nigeria is no exception. The British American Tobacco Nigeria Foundation (BATNF) has teamed up with the National Youth Service Corps (NYSC) and FATE Foundation to launch the Farmers for the Future program (F4F) Grant.
Farmers for the Future Program 2023
Farmers for the Future Program – This visionary initiative aims to provide much-needed support and capital to young agribusiness enthusiasts, fostering sustainable growth in the agricultural sector.
About FATE Foundation
Founded by Mr. Fola Adeola in 2000, FATE Foundation’s mission is to harness the entrepreneurial spirit of Nigerians. The organization provides essential business incubation, growth, and accelerator support, creating an environment where innovative potential can flourish.
FATE Foundation not only empowers individuals but also contributes to the development of a thriving business ecosystem by nurturing aspiring and emerging Nigerian entrepreneurs.
Objectives of FATE Foundation Farmers for the Future Program
The F4F program has clear objectives that underscore its significance:
- Make Agribusiness Attractive: By providing equity-free capital and support, F4F aims to make agribusiness an appealing venture for young entrepreneurs, enticing them to explore opportunities in agriculture.
- Reduce Youth Unemployment: The program addresses a pressing issue by tackling youth unemployment through the promotion of agribusiness. It encourages young people to become self-reliant by starting and growing their agricultural enterprises.
- Drive Youth Engagement in Agriculture: F4F seeks to ignite interest and enthusiasm for agriculture among the youth, inspiring them to actively participate in a sector with enormous potential for growth.
- Youth Development: The program not only offers financial assistance but also imparts essential training and empowerment to young individuals in agro-practices. This ensures that participants have the knowledge and skills needed to succeed in their agribusiness ventures.
Benefits of Participating in the Farmers for the Future Program
The F4F program offers a range of benefits that can transform the trajectory of young agribusinesses:
- Access to Finance: The top 6 finalists of the program will be awarded equity-free grants of NGN 10 million each. This substantial capital injection provides the necessary financial support to scale their businesses.
- First Prize: NGN 3 million
- Second Prize: NGN 2 million
- Third Prize: NGN 1 million
- In addition to grants, winners will also be linked to financial institutions and investors for potential follow-on financing and credit facilities.
- Training & Capacity Building: Participating entrepreneurs will undergo an intensive “Think-through-your-business” boot camp, refining their business strategies and plans. They will receive mentorship from seasoned entrepreneurs and agriculture experts, contributing to their overall growth. Being part of the F4F alumni network provides ongoing access to training programs and support.
- Winners will receive guidance and assistance with business registration, along with navigating other legal and regulatory requirements. This streamlines the process of establishing a successful agribusiness.
Eligibility Criteria for Farmers for the Future Program
The F4F program is open to all active serving National Youth Service Corps (NYSC) members who have up to 3 months remaining in their service year. This includes members of Batch 22C and 23A. The program welcomes businesses at various stages, from the idea and prototype/testing phase to post-revenue operations.
How to Apply
Are interested and eligible? you can apply for the program through the FATE Foundation website at f4f.wealthishere.org
Stages of Competition:
The F4F program consists of several stages that provide participants with invaluable experiences and opportunities:
- Submit Your Application: The initial stage involves submitting your application through the online portal, showcasing your agribusiness concept and potential.
- Virtual Bootcamp: Selected businesses will participate in a rigorous virtual bootcamp. This phase allows participants to refine their business ideas, further develop their strategies, and craft compelling pitches.
- Pitch Event & Award: The top 10 businesses emerging from the boot camp will have the chance to pitch their ideas to a panel of expert judges and potential investors. From this pool, 3 winners will be selected.
- Mentorship: The winners will receive financing to execute, strengthen, advance, and scale their businesses. Seasoned mentors will guide them through this process, offering invaluable insights and support.
- Join The Farmers For The Future Alumni: Beyond the program, winners will join the exclusive Farmers For The Future alumni network. This network provides ongoing access to expert mentorship, insider opportunities, and a robust support network for continued growth and success.
You can visit the official website at https://f4f.wealthishere.org/ for more details
August 30, 2023.
Selection Criteria for FATE Foundation Farmers for the Future Program
Applications will be assessed based on several key criteria, including the significance of the problem the business solves, evidence of customer demand, uniqueness and practicality of the solution, target market viability, scalability potential, impact of the solution, execution capacity of the entrepreneur, and the composition of the team.
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