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The Agritech Dilemma

Transforming Bangladesh’s agriculture landscape

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 The Agritech Dilemma

Today, there are hundreds of agriculture tech startups around the

world, and some experts say the situation reminds them of the early
days of the internet: There’s a lot of activity in agriculture, but no clear
winners yet - it’s hard to say who might become the Facebook or
Amazon of the scene. Couple that with climate change pressures, the
fact that two billion more people will live on this planet by 2050, and
that just 40% of the world’s land is available to grow crops, and you
have yourself a market ripe for innovation — and big money.
Forbes

Introduction
Agritech startups are plowing their way into practices. Technology has played a significant role
the agriculture sector, harnessing cutting-edge in improving the agriculture sector in Bangladesh,
technologies to tackle the challenges faced by with the adoption of modern practices leading to a
farmers. These startups are cultivating innovativesignificant increase in crop yield. The use of digital
solutions that empower farmers to optimize yields, cut
technologies such as IoT and data analytics has also
costs, and boost profits. With the surging demand for
helped farmers to optimize their crop management,
sustainable agriculture practices, agritech startups
leading to increased efficiency and profitability. The
are planting the seeds for new farming techniques agritech industry in Bangladesh has the potential
that are sprouting up among farmers worldwide. By to improve food security and increase exports, with
providing farmers with access to real-time data and
government support for the sector through initiatives
insights, these game-changers are harvesting data-such as the Bangladesh Hi-Tech Park Authority
driven decisions and giving them an edge in the and the Bangladesh Association of Software and
fiercely competitive market. Information Services (BASIS). With the continued
growth of the agritech industry, Bangladesh is
The agritech industry is of crucial importance to well-positioned to meet the increasing demand for
the agricultural sector, with startups food while also promoting
utilizing technology to provide sustainable agriculture
innovative solutions to the farmers. practices.
In Bangladesh, the agritech industry
has been rapidly growing. Factors
contributing to this growth include
the increasing demand for food due
to population growth, rising
incomes, and the need for
sustainable agriculture

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The Agritech Industry
The agritech industry is experiencing rapid growth, driven by advancements in
technology and a growing demand for sustainable agriculture practices. The
global agritech market was valued at $17.4 billion in 2019 and is expected to
reach $41.2 billion by 2027, with a CAGR of 12.1%. The Asia-Pacific region is
expected to be the fastest-growing market, driven by the increasing adoption
of precision agriculture and the need to meet the growing demand for food.
The use of technology in agriculture has led to significant improvements in
productivity and sustainability. Precision agriculture, which utilizes data
analytics and IoT to optimize crop management, has been particularly
successful, with the global precision agriculture market projected
to reach $14.44 billion by 2027. Other areas of growth include
blockchain-based supply chain solutions, drone-based monitoring,
and AI-based predictive analytics.
Agritech startups are playing a crucial role in driving innovation
in the industry, with over 1,000 agritech startups worldwide.
These startups are addressing a range of challenges faced by
the agricultural sector, from improving access to finance to
addressing climate change. Investment in agritech startups
has also been growing, with $4.6 billion invested in the
industry in 2020.

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 Blockchain
Blockchain technology is making a significant impact on the agritech
industry by providing secure and transparent data sharing capabilities. With
blockchain, data is stored in a decentralized system that allows for tamper-
proof transactions and immutable records. This technology enables farmers,
processors, distributors, and retailers to track and trace agricultural products
throughout the entire supply chain, ensuring food safety and quality.
Blockchain in agritech also facilitates efficient payments and reduces fraud by
creating smart contracts that automatically execute when specific conditions
are met. With the global food market projected to grow exponentially,
blockchain technology in agritech is becoming increasingly relevant and is
expected to transform the industry in the coming years.

Precision Agriculture
Precision agriculture is a modern farming approach that uses advanced
technologies like GPS, remote sensing, and big data analytics to optimize
crop yields and reduce costs. According to a report by ResearchAndMarkets,
the precision agriculture market size is expected to grow from USD 6.73
billion in 2021 to USD 14.44 billion by 2027, at a Compound Annual Growth
Rate (CAGR) of 13.6%. This growth can be attributed to the rising adoption
of modern technologies such as IoT, AI, and drones in the agriculture sector.
Precision agriculture has been proven to increase crop yields and reduce
water and fertilizer usage, making it a sustainable and cost-effective solution
for farmers.

Automation & Robotics

Automation and robotics have been playing a significant role in the agriculture
sector in recent years. The use of autonomous tractors, drones, and robots for
crop monitoring, planting, and harvesting has increased productivity, reduced
labor costs, and minimized human error. According to a report by Mordor
Intelligence, the agricultural robot’s market is expected to grow from 2020 to
2026 at a CAGR of 20.4%. The use of automation and robotics in agriculture
is a cost-effective solution that enables farmers to produce higher yields with
fewer resources and less labor.

Internet of Things
The Internet of Things (IoT) has brought revolutionary changes in the field
of agriculture by enabling precision farming, smart irrigation, and livestock
monitoring. IoT devices such as sensors, drones, and weather stations collect
real-time data on soil moisture, temperature, humidity, and other environmental
parameters, which can be analyzed to optimize crop yields and reduce waste.
With the help of IoT, farmers can remotely control irrigation systems, detect
crop diseases, and manage pests. IoT also helps in tracking the health of
livestock by monitoring their behavior, feeding patterns, and vital signs. The
integration of IoT with agriculture has the potential to increase productivity,
reduce costs, and promote sustainable practices, making it an essential tool
for modern farming practices. Agriculture IoT market is estimated to grow from
USD 11.4 billion in 2021 to USD 18.1 billion by 2026 at a CAGR of 9.8% during
2021 to 2026.

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 Innovative Farming Techniques
Modern technology has also introduced innovative farming techniques like
vertical farming, aquaponics, and hydroponics. These farming techniques
use controlled environments, which optimize the growth of plants, reduce the
use of water and fertilizers, and improve productivity. According to a report
by Allied Market Research, the vertical farming market is expected to grow
from USD 3.24 billion in 2020 to USD 24.11 billion by 2030, at a Compound
Annual Growth Rate (CAGR) of 22.9%. These innovative farming techniques
are sustainable solutions that help farmers to overcome the challenges of
climate change, soil degradation, and land scarcity.

Big Data & AI

Big data and artificial intelligence (AI) are transforming the agriculture sector
by providing farmers with real-time data and insights into crop growth, weather
patterns, and market trends. The use of big data and AI can help farmers make
data-driven decisions, optimize yields, and reduce waste. According to a report
by MarketsAndMarkets, the AI in agriculture market is expected to grow from
USD 519 million in 2019 to USD 2.6 billion by 2025. The adoption of big data
and AI in agriculture is a sustainable solution that enables farmers to improve
their profitability and competitiveness.

Precision Agriculture $4.33B

Livestock Management $2.88B

Indoor Farming $1.93B

Aquaculture $1.14B

Other Agtech
$0.75B
Segments

$0B $1B $2B $3B $4B

Figure 1: Valuation of Agtech by Segment in the Year 2020

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Bangladesh’s Agritech Transformation
Agritech business in Bangladesh is rapidly growing, driven by the country’s vast agricultural sector and
the need for sustainable farming practices. The government of Bangladesh is taking initiatives to promote
agricultural technology and innovation, encouraging local startups and businesses to invest in agritech.
Various agritech solutions, such as precision farming, IoT-based smart farming, and crop management
software, are being developed and deployed to improve productivity, reduce waste, and optimize resource
utilization. Agri-based e-commerce platforms are also gaining popularity, facilitating farmers to sell their
produce directly to customers. With a large population engaged in agriculture, the agritech sector has
the potential to make a significant impact on Bangladesh’s economy by improving yields, creating job
opportunities, and boosting food security.
The use of agritech in Bangladesh can be divided into 5 broad sectors: Information Tech- Uses information
to leverage better production and prices at both farmer and consumer ends, Mechanization- Makes farming
easier and less labor intensive, Market linkages- Connects consumers to certified farms to provide better
produce, Access to finance- Makes funds available for farmers and transactions easier and Advanced
Farming Techniques- Uses new techniques to increase farm profitability. Multiple companies in Bangladesh
are operating in these market spaces with innovative solutions.

Greeniculture:
Greeniculture is an urban farming and e-commerce
platform based in Bangladesh. Their goal is to
bridge the gap between rural and urban areas by
providing organic produce, farming materials, and
technology to homes, restaurants, corporate offices,
and factories. Greeniculture promotes endogenous
varieties, food, and other agro-based produce
to create a greener environment in the cities of
Bangladesh. They have also initiated a greening
project to rapidly disperse their message across
the country. By using sustainable and transparent
farming practices, Greeniculture is changing the
way food is produced and consumed. Through
their innovative approach to urban agriculture,
they are paving the way for a healthier and more
environmentally conscious future.
Fosholi:
Fosholi, an agritech startup in Bangladesh, has
revolutionized the traditional farming methods with
their innovative technology. Their online platform
connects farmers with potential buyers, providing
them with an efficient and transparent supply chain.
By utilizing data-driven solutions, such as remote
sensing and machine learning, Fosholi offers
customized advisory services to farmers, enabling
them to improve their crop yields and increase
profits. Fosholi’s commitment to sustainability and
impact-driven initiatives have made it a leading
player in the agritech space.
iFarmer:
iFarmer is a technology-driven agriculture startup
in Bangladesh that focuses on improving farmers’
livelihoods by providing them with funding, input,
and advisory services. They aim to build the largest
demand-driven and organized supply chain of fresh
agricultural produce in the country by connecting
farmers directly with buyers. The company’s goal
is to provide farmers with customized advisory
services for crop farming, fisheries, and livestock &
dairy farming using innovative technologies such as
IoT sensors, remote sensing, and machine learning
solutions to measure and monitor key parameters.
iFarmer has raised a total of $3.5M in funding over
8 rounds.
DeshiFarmer:
Deshi Farmer, an agritech platform in Bangladesh,
is transforming the traditional farming industry by
digitalizing the supply chain from seed to market. By
providing end-to-end solutions for farmers, including
agri-inputs, advisory services, Deshi Farmer is
empowering small businesses and boosting the
income of farmers. With a focus on transparency and
traceability, their marketplace is bringing together
farmers and buyers, while their expense tracker
and supply chain automation tools are streamlining
operations. Deshi Farmer’s easy-to-use online
platform is revolutionizing the agriculture industry in
Bangladesh and has the potential to scale globally.

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Fashol:
Fashol has revolutionized the agricultural industry by
connecting farmers and retailers directly through its
end-to-end supply chain solution. By eliminating the
traditional middleman operating system, Fashol has
increased transparency, profitability, and efficiency
in delivering high-quality products at competitive
prices to every market. The company’s success
has been recognized by investors, with $1 million
in pre-seed funding. With over 10,000 farmers and
5,000 retailers served, Fashol’s mission to increase
farmers’ income and improve their livelihoods
through bundled agri services and direct access to
the right market has proved to be a game-changer
in the industry.
Smart Gowala:
Smart Gowala is a mobile application that has
revolutionized the way dairy farms are managed
in Bangladesh. The app provides an end-to-end
solution to dairy farmers, from organizing their herds
to managing expenses and generating analytical
reports. By digitalizing the entire process, Smart
Gowala has saved farmers both time and money,
while also providing them with real-time data on the
performance of their farms. This has helped farmers
to make more informed decisions and improve the
productivity of their farms. Smart Gowala has become
a game-changer in the dairy industry, providing
a user-friendly and comprehensive platform for
farmers to manage their businesses.

Agroshift:
Agroshift provides technology based solutions to help farmers increase their yields and profits. The
company has developed a mobile app that provides farmers with market information, weather forecasts,
and farming tips. Additionally, they have developed a low-cost soil testing kit and a crop monitoring system
that uses satellite imagery to track crop growth in real-time. Since its founding in 2018, Agroshift has helped
smallholder farmers in Bangladesh increase their yields and incomes by an average of 25%. The company
has gained recognition for its innovative solutions and has received $1.8M funding. Agroshift’s success
demonstrates the potential of technology to solve challenges faced by farmers in developing countries,
contributing to sustainable economic growth.

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The Company
Bangladesh is an agricultural country with a large number of small-scale farmers. However, the agriculture
sector is characterized by poor supply chain management, which results in inefficiencies, waste, and lower
profits for farmers. Company X has identified an opportunity to improve the supply chain in Bangladesh’s
agriculture sector by using innovative technologies and strategies.
Company X is a platform that connects farmers with investors to provide financial support for agricultural
projects. They use technology to help farmers with crop management, marketing, and distribution, and
provide investors with real-time data and insights on their investments. They want to provide innovative
supply chain solutions for the agriculture sector. However, the company is facing problem differentiating
itself from existing providers by offering end-to-end supply chain management solutions that are more
efficient, cost-effective, and scalable.
The main objective of Company X is to improve the efficiency and profitability of the agriculture sector in
Bangladesh by providing end-to-end supply chain management solutions. Additional objectives include
reducing waste and spoilage, increasing access to markets, and supporting economic development in the
agriculture sector by creating jobs for trained professionals.
By using advanced technologies such as blockchain, artificial intelligence, and data analytics, the platform
provides real-time data and insights on supply chain performance, enabling stakeholders to make informed
decisions and reduce waste and spoilage. The platform also provides access to new markets and distribution
channels, reducing the reliance on middlemen and increasing profits for farmers and other stakeholders.
By improving the efficiency and profitability of the agriculture sector, Company X contributes to economic
development and job creation in Bangladesh.
The company is at its’ early stage. It has almost burnt up the initial investment of $1M for technological
integration. Company X could generate revenue through a variety of sources, including subscription fees for
stakeholders, transaction fees for supply chain transactions, and revenue sharing agreements with farmers
and other stakeholders.
The CEO believe that, “The marketing strategy for Company X would need to be tailored to the needs of
the target market, which includes small-scale farmers, food processors, wholesalers, retailers, and export
companies. The platform could be marketed through partnerships with local agriculture organizations,
social media campaigns, and targeted advertising.”
By providing stakeholders with end-to-end supply chain solutions, the platform wants to help to reduce
waste and spoilage, increase access to markets, and create jobs for trained professionals. With a focus on
innovation, efficiency, and economic development, Company X wants to differentiate itself from existing
providers and capture a share of the growing supply chain management market in Bangladesh’s agriculture
sector.

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Questions
1. What should they do to differentiate themselves?
2. Provide specific plans for a timeline spanning three years.
3. What marketing strategy should they follow?

Instructions
1. Participants must carefully review the case and provide a well-supported and reasonable solution.
2. The presentation should be limited to 15 slides, including the introduction or any appendix slide.
3. The solution has to be submitted in PPT or PPTX format. Along with this, you also have to submit your
PPT/PPTX in PDF format.
4. Both of the files (PPT/PPTX and PDF) should be named in the following manner: Team name_Round
1_CaseSpecs 1.0.
5. Submission link: https://forms.gle/5L6csAqdnW23r3it7
6. The solution must be submitted only through the Google form provided and no other medium will be
accepted.
7. The participant’s name should not be mentioned on any slide, and any violation of the rules may lead
to disqualification.
8. Submission deadline: April 30, 11:59 PM. Deadline won’t be extended.
9. Spectrum has the authority to modify any regulations and provisions of the competition without prior
notice.

Marks Distribution
Situation Analysis 10

Problem Identification 15

Proposed Solution 20

Plan of Action 15

Marketing Scheme 10

Contingency Plan 10

Creativity and Feasibility of Solution 10

Quality of Content and Presentation 10

Total 100

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