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Agricultural Biotechnology

Agricultural Crowdfunding Competition Named “Good Idea” Kicks off Now

Date:2015-04-09

  To promote agricultural innovation and assist young farm business entrepreneurs, the Council of Agriculture (COA) of the Executive Yuan combines the most popular crowdfunding platforms to organize an agricultural crowdfunding competition called “Good Idea.” The competition lasts from April 1 to October 31. During this period, any participating team able to raise funds successfully can not only use funds to realize its ideas but also have an opportunity to win a variety of incentives ranging from NT$10,000 to NT$80,000. If the winning team has a follow-up plan for startup business, it can receive assistance from the COA’s resources related to startup and incubation as well.

  This competition attracts over 65 groups submitting their proposals to raise funds on the fundraising platforms. The total capital amounts to NT$10 million. It is expected to let the young people who have done or prepare to do agricultural business understand what the fundraising platforms are and how they can become an important fundraising tool for their startup business in the future.

Use crowdfunding to implement agricultural creativities

  The COA stated that the youth’s enthusiasm and creativity is not a negligible force in agricultural innovation. The purpose of this competition is to attract them to present creative ideas that result in agricultural innovation. The competition has been held twice. After the Farmbook team from the National Taiwan University won gold award in the first-time competition, it has cooperated with the Chunghwa Telecom to jointly develop the application technology of Taiwan cloud intelligence agricultural Internet of things. In order to boost more creative ideas, the second-time competition thus opens its qualifications for participation and works with three crowdfunding platforms, including 104 Dream Cradle, FlyingV and DIT Startup, to raise funds and realize innovative ideas.

  The COA noted that the crowdfunding platforms not only provide venture capital but also serve as a tool for farm business entrepreneurs to test the market, which quite matches young entrepreneurs’ needs. Therefore, both college students and young farmers are especially encouraged to participate in the competition.

Platform operators explain proposal skills at workshops

  The COA said that the competition expects participants to familiarize themselves with the crowdfunding operation through actually submitting proposals, so that crowdfunding will become a significant tool to raise funds for future startup plan. In addition, to enhance the success rate of agricultural creative proposals, the COA hosts seven workshops in northern, central, southern and eastern Taiwan. At the workshops, the fundraising website operators teach in person the skills of writing proposals that may attract more donors’ support. If a team joining in the competition and successfully raising funds has a subsequent startup plan, the COA will help it station in the Agricultural Innovation Incubator Center or apply for the COA’s innovation subsidies.

  For the young people interested in the participation of the competition to understand this program fully, the COA has set up an official website (www.agribiz.tw/2015goodidea) that started to operate from April 1. All of the youths who have engaged or are ready to be engaged in agriculture are welcome to visit the website, to fully understand the content of the competition, and join in it with new creative proposals.

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