The International Fund for Agricultural Development (IFAD) and the German Sparkassenstiftung for International Cooperation (DSIK) on Friday inaugurated the Innovatech 2.0 to offer digital solutions for farmers in Bangladesh.
The organisations presented the 16 startups selected by the programme Innovatech 2.0 to offer digital solutions that address the needs of 17,000 small-scale farming households in Bolivia, El Salvador, Guatemala, Honduras, Peru, and---for the first time in Asia, it ahs been beginning in Bangladesh.
The selected startups will help boost agricultural productivity and help small-scale producers cope with extreme weather events such as droughts and floods, which are becoming increasingly frequent due to climate change, said an IFAD press release.
The emerging tech companies will receive technical support, mentorship, and an equity-free grant of US$90,000 to adapt their business models and expand their impact in rural communities.
Rocio Medina Bolivar, IFAD's Regional Director for Latin America and the Caribbean, said: "Innovatech 2.0 brings technology to bridge the digital divide in rural areas while enhancing the competitiveness of small-scale farmers.
"At the same time, the programme positions the rural sector as a genuine space for innovation and business growth, attracting the interest and investment of other emerging tech companies."
Christina Olsen, Director of Innovatech, said: "With its expansion to Bangladesh, Innovatech continues to grow and confirms that our methodology works at a global level, fostering shared learning among startups.
"The great challenge now is to create sustainable business models for rural areas. To achieve this, Innovatech opens doors and builds bridges across sectors to facilitate the cooperation needed among many actors" said the director.
Innovatech 2.0 will include and empower women and youth, and facilitate access to digital services that accelerate the transition towards agroecological practices.
Agroecology contributes to the sustainability of food systems through the preservation of natural resources and reduced use of chemical inputs, among other practices.
Christophe Larose, Head of Sector Sustainable Agriculture, Research and Innovation at the European Commission of the European Union, said "agroecology is an effective pathway to achieve the deep and profound transformation of the world's agri-food systems, ensuring their sustainability and resilience.
"Digitalisation is part of this transformation agenda. The key is to ensure that these technologies are aligned with the principles and objectives of agroecology," said Larose.
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