The numbers are staggering when it comes to agriculture in Ghana: the sector represents more than 50 percent of the country’s GDP, accounts for over 40 percent of export earnings, and meets over 90 percent of Ghanaian food needs(1).
It’s these statistics that led to the idea for the Kosmos Innovation Center—an idea that came full-circle last week with the opening of a new incubator space for burgeoning business graduates of the KIC’s Agritech Challenge, a competition that provides training, mentorship, and three separate rounds of pitch competition to secure seed funding.
"We have a vested interest in seeing Ghana succeed, so we wanted to do more to help create a diverse and thriving economy," said Chairman and CEO Andy Inglis, describing how the program began. "It’s in our company culture to tackle tough challenges, so we decided to grapple with the issues facing agriculture – Ghana’s most important sector and largest employer."
Since its inception in 2016, the Kosmos Innovation Center in Ghana has trained more than 500 aspiring entrepreneurs, launched 19 start-ups, 14 of which have joined the incubator, provided over $300 million in seed funding, and supported the creation of more than 200 new jobs at the start-ups and small businesses we have helped. Moreover, it has inspired an expansion into Mauritania, Senegal, and Cote d'Ivoire. And for the KIC, this is just the beginning.
"[In this] facility, talented start-ups can gather and get the support they need to see opportunities others miss, pursue their dreams, and build dynamic businesses,” said Inglis. “This facility is a symbol of our commitment to being a force for good—creating a positive legacy beyond our core business."