On August 28, the MOST Business Incubator, in partnership with the Asian Development Bank (ADB) and Qaztech Ventures JSC, held a new 1 Million Cups startup showcase event in Almaty, Kazakhstan. This time 1MCA tackled AgriTech.
The latest edition of 1 Million Cups Almaty (1MCA) focused on new innovations in AgriTech in Central Asia. It follows another 1MCA meeting, held earlier this month, where entrepreneurs proposed solutions to problems facing Sustainable Tourism.
While more than 50 startups applied to present to the audience at this week’s 1MCA event, only three were selected. They included SHS ABACUS, a startup that developed an AI-guided herbicide spraying system.
Another was AgroBiz, which created a portal that streamlines communications between farmers, government agencies, and financial institutions. And Egistic, a company that parses real-time data from satellite imagery to identify inefficiencies in agricultural production, also presented.
“Artificial intelligence technologies and big data processing in agriculture has great potential,” Almas Moldakanov, Kazakhstan’s Education Development Manager, said after the event. “It is gratifying to see young Kazakhstani startups introducing their technological solutions to help the agricultural business.”
And Damir Akangaliuly, Head of 1 Million Cups Almaty, explained why he considered the city of Almaty to be an ideal host for promising startups.
“All the conditions for conducting and developing a business are here,” he said. “We are developing an Entrepreneurship Service Center, which will have six branches.” He also mentioned a new program called “Almaty Business,” which will provide soft loans to promising startups.
1MCA is part of the Central Asia ImpactTech Accelerator project, which is being overseen by the MOST Business Incubator, in partnership with ADB Ventures and Qaztech Ventures. The Accelerator works to provide startups with training, mentorship, and opportunities to secure funding.
Erlan Khasenbekov, a development consultant for ADB Ventures, has previously announced that ADBV plans to offer up to $ 15,000 in grant financing to startups. After completing the Accelerator Program, startups identified as having the potential to provide top solutions may gain access to additional funds of up to US$ 200,000.
They will also be connected to the ADB affiliate network, where they will have greater exposure to investors, and be provided with further opportunities to pilot and scale across the region.
The next 1 Million Cups Almaty event will be held on Wednesday, September 11.