Explain your idea in details:
Business idea is to produce, processes and formulate cheap and quality fish feed out of Duckweed (Lemna minor). Duckweed is a monocotyledon species of green floating flowering plant of the Lemnaceae family, the plant grow in different tropical climates and has high concentration of trace minerals and pigments especially xanthophylls, beta carotene, the proximate composition is crude protein 24- 45%, crude lipid 3-7%, crude fiber 5.16%, carbohydrate 14.1-43.6% , ash 12-27% by dry weight respectively, duckweed has high growth rate and can easily be produced in concrete tanks and cemented artificial ponds, the crude protein in duckweed responds to the nutrients contents of growing media up to 45%,duckweed has nutritional profile same as Soy beans and fish meal which are commonly used as a source of protein in fish feed. in one acre we can produce 30 tonnes of duckweed per year but through applying unique organic fertilizing method is anticipated to increase duckweed’s growth rate from 30 tons/acre/year to 75 tons/acre /year which is enough to replace the use of soy bean and fish meal without disturbing ecosystem. we will use sensors controlled by a mobile application to measure the concentrations of nutrients (nitrogen, phosphorus, potassium) needed to promote plant growth and maintain Nutrition content. Farming of Duckweed will take place in artificial ponds by using technology which will ensure maximum production and quality Duckweed in term of nutritional contents, then dried and processed into duckweed meal and mix with other ingredient to formulate quality fish feed which are in pellet form and floating.
Expected impact of your idea on sustainable development
1.For several decades fish meal and Soy bean meal have been used as the main source of protein in fish feeds however its expensive and competitive, protein sources alone cost 50% than other Ingredients. my idea focus on reduction in production cost by reducing the cost of fish feed by replacing soy bean and fish meal by Duckweed. duckweed is easy to produce in artificial ponds, and are harvested after five days then will be dried by sun light or drying machine, then process into duckweed powder then it will be used as protein source.In formulation of fish feed will be mixed with other ingredients like premix, cassava flour to make fish feed which will be cheap. The current price is 2200 Tanzania shilling per 1kg we expect to sale at 1650 per 1kg which is affordable, 2. Reducing dependence on globally traded commodities(fish meal and soybeans meal), by 20% by June 2019 3. Increase in fish production due low cost of fish feed to tackle sharply declined of wild fish,Increase in per capital income to the community. 4. Food security through production of increase nutrition quality of fish flesh for human consumption -specifically increase level of mega 3 fatty acids with ant-oxidant vitamin and solve the disease associated with lack of proper nutrients to under 5 children 5. Environmental conservation because we replacing the fish meal which its availability contributed to unsustainable exploitation of natural water bodies.
Plans for implementation and sustainability
Business background Fish feed business is the commercial income generating business that will focus on the production and selling of fish feed .The idea behind the business is to provide quality and affordable fish feed to our customers. The consideration of this business is based on availability of the fish feed market in Tanzania. Market break down There is addressable market for our product,our targeted market is fish farmer with total 14,100 fish pond scattered our targeted Regions. This market makes up 50% of the country’s fish farmer community. Revenue model The revenue for our business will be derived from selling of quality fish feed to fish farmers and fish feed whole sellers. Market Strategy We intend to market our products through employing cut prices to gain an industry share and profit later, through selling our product in reasonable price to targeted customers Product description The fist line of our business will be production of quality fish feed which are in pellet form and floating. The product produced will be packed in different size. The firm intent to have package of 25kg, 50 kg and 100 kg we pack in different size. the shelf life for the fish feed is two years and storage instructions will be shown on the package. Our business will have have four different product (Fry, fingerings,Juveniles and adult fish) based on protein requirements at different stage of fish growth.
Mr. Otaigo is Tanzanian aged 28 an Economist and Director of Sunshine Organics and Coordinator of Young Africa Ambassador in Asia (YAAA). He is founder of Mentor Tanzania assisting young people to get agribusiness Education. He is YALI fellow 2016, Ashoka Change makers fellow 2016 ,UNCTAD youth Delegate 2016, Delegate –the asian- african graduate student conference Sebelas maret University, Rapporteur- (IPB) IUFRO Internation and Multi-Displinary Scientific Conference. Mr Otaigo received different mentor-ship and training from different institution such Entrepreneurship and public pitch -MY EDP Project at University of Dar es Salaam, Setting goal for success and Personal productivity from African Management Initiatives (AMI) and Weed Management Mikocheni Agricultural Research Initiatives (MARI). He graduated at Sokoine University of agriculture with Bsc. Agricultural Economics and Agribusiness and currently pursuing masters of Science in Natural Resource and Environment Economics at Bogor Agricultural University. He is very committed to bring about sustainable social change and poverty eradication in Tanzania society. Mr Otaigo is also member of several youth organization Including, Tanzania youth Agripreneurs, YALI RLC Tanzania Chapter, Tanzania US Alumni Association, African Change Makers Network. He therefore, looks forward to a great transformation in Africa through Africa Youth Employment Initiative. In 2015 i received an award from business idea competition (national competition) that was launched by executive director of IPP - Company Dr. Reginald Mengi, My idea of " weed management service to farmer using modern and smart agriculture technology" was selected as among of the business idea.