agFunding

A crowdfunding platform for small regional farmers,powered by the people

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Inspiration

ArgosHack came with the idea of agFunding after watching how small farmers where struggling to enter the market.They were having trouble competing with bigger corporations and getting the short end of the stick from lending and financing companies,sometimes even giving up their land. We came upon crowdfunding as a viable solution to this problem but found out that most if not all of this platforms don't give enough info to both the farmer and the investor in how and when is convinient to invest.

What it does

agFunding is a crowdfunding platform aimed specifically at the small local farmers,giving to them the ability to reach a global audience.

  • 1) In order to make a campaign the farmer must be elegible for funding by providing set information in order to verify the risk and validity of their campaign.
  • 2) With the information provided,the investor can the validate the risk and decide to invest or not in that specific campaign.
  • 3) Once the asking goal has been met,agFunding gets their commission ( previously established/negotiated ),and the money is freed to go to the farmer.
  • 4) The farmer receives the money and gives proof to agFunding that the money is being used for the purpouse specified
  • 5) Investors have access to this proof, and on the specified date by the farmer the terms agreed by the investor are met.

Problematic we solve

We are trying to solve two problematics:

  • 1) Giving small farmers access to a Financing option that doesn't involve such extreme measures such as giving up their land or their complete production as an endorsement for the lend.
  • 2) With more projects being funded,we plan to regulate the prices on the market,and avoid abuses and monopolies from big corporations,driving the prices of the products as they please.

How WE built it

We built agFunding with what we knew web and mobile technology. So after a lengthy scope definition process we took off to work on a webpage, an iOS app and a working backend.We took special care to make our project as scalable as possible with a solid base,so we can continue developing and adding new features to reach a broader audience.

Business Model

We are currently exploring options for a Business model,currently we are charging a small fee to the small farmer if their campaign is funded completely,but we are open to other revenue options.

Challenges WE ran into

The problem with building a platform in a short amount of time is defining a scope. We had lots of cool features and means to reach an even bigger audience planned,unfortunately because of the short time span,we became focused on just one customer/early adopter the small farmer in Chihuahua with a small set of needs (Work Capital,Equipment,Seed,Fertilizer) ,a verifiable plot of land (Using the well possession/registration documents),and a set funding need ($5000 MXN - $40,000 MXN respectively).

Accomplishments that WE'RE proud of

We are proud to have a complete and concise (albeit small) project working with an iOS app and webpages respectively. It was a new experience for all of us working as a team,and we knew what our working limits are and what can we accomplish on such a small timeframe.

What WE learned

We learned what is necessary and what is not in a project.Some things were obviated in order to complete our prototype as fast as possible. Defining a scope early on is important to speed up the development process and make it as concise as posible.We learnt what our capabilities as a team are and what our limits are.This was a fulfilling experience to all of us.

What's next for agFunding

We plan to add new features to have a broader audience,to have a marketing strategy to bring both investors and farmers to the platform,we want to see positive change in the community agFunding is funding projects and use this to reach even more people,fund new projects,change the world.

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