Global Gen Invited to judge the Aquaculture Innovation Challenge 2019 (Indonesia)
Following the highly successful competition in Vietnam which saw a firm that produces fish feed from insects take home a cash price of VND 250 million, the AIC is at it again but this time in wonderful Indonesia. The AIC or Aquaculture Innovation Challenge is all about seeking bright minds from across the world and enabling them to realize their ambition by connecting them to knowledge, networks, finance and capital to ultimately bring the $USD 6 billion aquaculture industry in Indonesia forward.
The innovation challenge is open to students, start-ups, project teams, small to medium-sized enterprises, and other companies with ideas to advance the shrimp industry in Indonesia. AIC finalists will get an opportunity to rub shoulders with an assortment of industry professionals from financial institutions, shrimp related businesses, government and non-government organisations. These professionals are tasked to oversee the process and act as proposal judges and boot camp coaches. Global Gen has been invited onto the judging panel and will be providing advice and support through a vannamei broodstock and commercial hatchery lens.
Participants can submit proposals at three different levels: Design (Early Stage), Innovation is in the idea stage and partially developed but not yet fully conceptualized; Demonstration (Middle Stage), Innovation is fully conceptualized, and all components of a business plan have already or partially been developed or Upscaling (Late Stage):, Innovation has demonstrated to be technically and financially feasible and has a positive social and environmental impact record.
Participants must also choose one of the following categories for their proposals:
- Production innovation, in which the concept is related to shrimp farming itself (such as inputs, tech, management); or
- Consumer value, which is oriented towards innovations related to traceability, blockchain, trade platforms, shelf life, or the marketing and branding of shrimp.
There are no strict geographical boundaries for participants to join however all applications must be aimed towards creating a more sustainable shrimp industry in Indonesia.
The AIC finalists will receive a travel package to attend the boot camp (not yet disclosed) where they will sweat it out in a three-day intensive workshop. During the workshop, finalists will meet with business advisers and pitch gurus who will provide invaluable advice into formulating strategic plans and the all important pitch book. The final pitch will be held on the 28th June where finalists will present their ideas to the panel of judges, industry professionals and potential investors.
Of course, there are some goodies for participants who make it through to the finals. They will all receive a one year STIP bronze membership and a subscription to ShrimpTails.
The winner of the Production Innovation category will be awarded $USD 50,000 and admission to Hatch Blue’s three-month aquaculture accelerator programme and given access to their global network of industry professionals and investors, adding up to a cash and in-kind prize worth $USD 100,000, in exchange for a small equity stake.
In partnership with the Global Aquaculture Alliance (GAA), the AIC offers the winner in the Consumer Value category a cash price of $USD 10,000 and a member of each winning team will receive a travel package to participate and deliver a presentation at one of the world’s leading annual aquaculture conferences: the GOAL 2019 conference in Chennai, India.
Global Gen is very excited to be part of this event and we look forward to learning more about the participant’s business ideas to advance the ever growing shrimp industry in Indonesia. Applications close on March 15 so apply now!
Photo courtesy of Aquaculture Innovation Challenge