ADDIS ABEBA – Six local entrepreneurs have received 50, 000 million Euro investment prize each for their innovative ideas to support the coffee sector.
Germany’s Ministry for Economic Cooperation and Development (BMZ), through Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, officially launched the Coffee Innovation Fund 2019 (CIF) on July 15th.
With the completion, the fund seeks to increase the profitability of small-holder coffee farmers and foster fairer value distribution in the coffee supply chain in four countries including Ethiopia.
This year, GIZ received 36 ideas for completion.
After going through a rigorous selection process, it said six winning innovative ideas were selected as winners.
The six winners are Green Bean Manufacturing Share Company for manufacturing a mechanical coffee drying machine that utilizes coffee waste such as coffee husk to dry coffee within 24 hours; Fairchain Plc. for providing microloans to Ethiopian coffee farmers using blockchain technology; and Cropster Inc. for digitalization of Coffee traceability, quality and sales for small-holder farmers.
The remaining three are Yave Inc for creating direct access to premium Markets through Yave Blockchain Augmentation for Ethiopia Cup of Excellence Auction 2020; Happy Goat Coffee Company for increasing incomes through low-cost production of food-grade Cascara; and Moyee Coffee Germany for enabling a living income through consumer empowerment: “Finance the planting of coffee seedlings” campaign.
Apart from each received up to 50,000 Euros prize in investment, the winners will also have the opportunity to take part in national and international sharing events.
“Broadcasting innovations are essential to increase the profitability of smallholder farmers in Ethiopia,” Mariamawit Solomon, Innovation for Sustainable Agricultural Supply Chains in Ethiopia (ISASE).
“Engaging the private sector is a key factor to modernize the coffee sector as they introduce new technologies, best practices and innovations,” she added.
These six winning innovations will bring solutions to the critical challenges of the coffee sector in Ethiopia, according to GIZ.
Green Bean Manufacturing S.C. and Fairchain Plc. received their prizes from Germany’s Minister for Economic Cooperation and Development Gerd Müller and Minister for Labor and Social Affairs Hubertus Heil.