Kosmos Energy is partnering Multimedia Group Ltd (MGL) to unearth innovations in agriculture through the Kosmos Innovation Center(KIC) Agritech Challenge.
The Agritech Challenge looks out for innovative ideas by young entrepreneurs that provides solutions to challenges in the agriculture sector.
Speaking to JoyBusiness after the official signing of the partnership agreement between MGL and Kosmos Energy, Director of corporate affairs of Kosmos Energy, George Sarpong explained introducing the Agritech Challenge is part of plans to help revive agriculture in Ghana.
He said, “Agriculture practices in Ghana are still subsistent and I think we need to infuse into this the best practices and innovations being applied around the world to move to the next level.”
Mr Sarpong further explained that youth were in the best position to introduce latest technologies to the agric sector hence the need for the Agritech Challenge.
The Kosmos Innovation Center agritech challenge is to unearth innovative business ideas in the agriculture value chain. Viable business ideas will receive seed funding of 50,000 dollars to kick-start their business at the end of the competition.
Managing Director of Multi TV, Santokh Singh Ram Singh said the partnership will help expose opportunities in the Agric sector.
He said, “Agriculture has always been considered as not being lucarative but through KIC we want to highlight the technologies in agriculture and how this can become a source of livelihood for the youth and upcoming entrepreneurs.”
Two businesses with the best business based on ICT and innovation model will receive $50,000 each in seed funding and technical assistance from the KIC, as well as mentorship from the Meltwater Entrepreneurial School of Technology (MEST), to build their ideas into viable businesses.
The Kosmos Innovation Center (KIC) is Kosmos Energy’s flagship social investment program in Ghana. It uses innovation to create and apply commercial solutions to development challenges, starting with agriculture and so far, six agribusiness startups have been supported over the past three years.
The KIC facilitates the ability of young entrepreneurs, mostly start-ups created out of the challenge, to create and apply commercial solutions to development challenges in the country, starting with agriculture.
Kosmos is an independent oil and gas exploration and production company focused on frontier and emerging markets along the Atlantic Margin.
It has production and development projects offshore Ghana and Equatorial Guinea and large discoveries offshore Mauritania and Senegal. It also has exploration licences with significant hydrocarbon potential offshore Suriname, Sao Tome and Principe, Equatorial Guinea, Morocco and Western Sahara.
The company’s business principles articulate its commitment to transparency, ethics, human rights, safety and the environment.
Meanwhile, the KIC has also presented a cheque of GH¢35 000 to the Agrihouse foundation in support of this year’s pre-harvest and agribusiness exhibition in Tamale.