Empire State Development and Cornell University’s Center for Regional Economic Advancement has announced that the Egypt-based startup FreshSource, led by co-founders Omar and Farah Emara, has been chosen among a group of 20 finalists for the 2020 Grow-NY food and beverage innovation and agriculture technology business challenge. The Egyptian startup empowers smallholder farmers by connecting them to fair, transparent, and modern markets.
Discover more than 30 Egypt-based Agriculture startups on MAGNiTT
FreshSource founders will now join 19 other finalists from across the world in working over the next two months with mentors and competition organizers in Upstate New York to compete for $3M in startup funding, including a $1M grand prize. Omar and Farah will pitch their company to a panel of live judges at the Grow-NY Food and Ag Summit which will be held virtually on November 17 and 18.
FreshSource leaders believe they have developed something unique in their industry. Omar Emara, Co-Founder said, "Since our launch, our dedicated team have been working to streamline the agriculture supply chain and empower farmers. We are excited to have the opportunity to represent our region and as the first African company in the competition history."
Jenn Smith, programme director of Cornell University’s Center for Regional Economic Advancement said, “In transforming this year’sGrow-NY Food and Ag Summit into a virtual, we have intentionally created multiple networking opportunities where growers, startups, established businesses and influencers can connect. Food, beverage, and agriculture innovation in the Grow-NY region is thriving and we are excited to draw new companies into the ecosystem by creating a welcoming environment for strong partnerships.”
Finalists were determined by a panel of 30 independent judges comprising the spectrum of food, beverage, and agriculture businesses and academics. Grow-NY will award prize money to seven winners this November, all payable in stages, based on business milestones. This includes the $1M top prize, two $500K prizes, and four smaller amounts. Tax incentives will also be included.
August 2020 saw a 48% drop in the number of deals, while total funding on the other hand increased by 93% when compared to the same month last year. Discover more trends and insights in our August 2020 Dashboard Report.