Ganta, Nimba County — The United States Agency for International Development (USAID), through its Africa Trade and Investment (ATI) Activity, in collaboration with the Monrovia Startup Consortium (MSC), with TRIBE as the lead partner, awarded a total grant of $205,000 to eight Liberian entrepreneurs after they successfully pitched and won the Agribusiness Incubator and Development Activity Lot B Cohort Two pitching competition.
This project, part of the USAID 'Feed the Future' program, aims to enhance small agribusinesses--essential components of the local economy--by improving their operations and agricultural productivity across Liberia, Africa, and potentially globally, in alignment with the mandates of the Africa Trade Investment (ATI) Activity.
The Monrovia Startup Consortium (MSC), consisting of TRIBE, YONER Liberia, and SMART Liberia, implemented this initiative to create opportunities for local entrepreneurs to thrive in the agricultural market. This was done through a pitching competition that showcased a diverse range of agribusiness ventures and highlighted their potential for substantial economic contributions.
The second cohort of this competition featured 20 agribusinesses from four counties: Montserrado, Grand Bassa, Sinoe, and Bong. These businesses specialized in various sectors, including food crop production, processing, domestic marketing, and niche farming ventures like cocoa and sugarcane.
During the event, the participants presented their business proposals and engaged directly with a panel of expert judges. They detailed the strategies they had developed to ensure sustainable sourcing, attract local customers, and establish effective distribution channels. Additionally, the presenters discussed their plans to scale their businesses to reach national and even global markets, emphasizing their potential to create jobs, improve the production capacity of the sector, and expand regional and global trade.
The participants expressed that receiving the grant would lead to greater economic freedom and sustainability for their respective businesses. The judges evaluated each pitch based on critical criteria, including the Business Model's Strength, Financial performance, Scalability, Implementation Strategy, Investment Readiness, Marketing Strategies, and a well-defined Profit Model that would attract future investments.
Ultimately, eight businesses of the twenty that presented were selected as grant recipients for their exceptional proposals. The grants were awarded in three tiers: $10,000, $25,000, and $50,000. The $10,000 grant recipients included Gold Mark Group of Companies, which secured first place, Flourish Poultry in second place, and LoRu Agri-Business Corporation in third.
Businesses that received $25,000 included Patience Cocoa Inc., Shalom Food Production, and Faith Natural Juice. The highest grant of $50,000 was awarded to Jimmy Snacks Kitchen Inc. and Agro Rubber Industries.
James O. Gaygay, Finance Manager of Patience Cocoa Inc., which received the $25,000 grant, stated that the funds would be used to procure equipment to meet production demands.
He emphasized that they had previously struggled to fulfill orders from larger companies due to limited funding, but he is confident that the grant will enable them to achieve their goals.
"Sometimes, other companies reach out to us, but we don't have what it takes to meet their demands. With this $25,000, we are very sure we will fulfill those demands and more," said Gaygay.
The CEO of Jimmy Snacks Kitchen Inc., Akouavi Tehoungue, the recipient of the $50,000 grant, explained that her business has faced financial challenges in recent months.
"This entire year, we have not been on the shelf for more than two or three months. With this money, we will be able to scale," Tehoungue said. "We plan to be back on every shelf and supermarket, and we aim to extend our reach to markets outside Montserrado. If we can cover all fifteen counties, we will be able to achieve that because this grant will help us get there."
She also commended TRIBE and its partners for offering training in financial management and sourcing, which helped participants understand the competition thoroughly.
Earlier, Wainright Acquoi, CEO of TRIBE, expressed gratitude to the participants for embarking on such an enthusiastic and demanding endeavor.
He emphasized that the MSC is honored to collaborate with these individuals to create jobs, alleviate poverty, and address critical issues across the country.
Acquoi stated, "This pitch competition is more than a showcase of ideas; it's a testament to the resilience and innovation of Liberia's entrepreneurs. These grants are not just funding--they're investments in solutions that tackle pressing challenges, create jobs, and ignite sustainable growth. "
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He extended his gratitude to USAID and ATI for their pivotal support of this initiative, which aims to provide crucial insights into the real needs of Liberia.
In a remark, USAID Liberia's Private Sector Specialist, Economic Growth, J. Cyrus Saygbe noted that the funding aims to transform innovative ideas into reality, create jobs, improve food security, and drive economic growth in Liberia.
He stated that the agribusiness pitching competition is a significant event that underscores the credibility and potential of the agribusiness sector in the country.
"I encourage you to step forward with confidence and bring the brilliance of Liberia's entrepreneurship regardless of all, your dedication and hard work already position you as leaders in the field. You are an inspiration to others and a testament to the potential that exists within Liberia's agriculture sector," he remarked.
