Best Ideas 2020 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
Think Global, Act Local: Empowering one and all
Explain your idea in details:
Objective: Farmers are helped with an app that prevents middlemen from exploiting them so as to reduce the number of suicides and create a better life for them with financial awareness and education to their kids. The Problem Statement: In the current situation, the Indian farm to factory is highly asymmetrically dominated by the intermediaries, obscuring the information flow, impacting both the farmer and the end consumers equally resulting in a problem of plentiful production and supply on one hand which keeps the producer's farm price at levels below, while the ultimate customer faces irregular supply, poor quality, extreme price points, and volatility. In financial terms, there was no single market across the nation, while demand was indeed uniform and widespread, the production was fragmented. The recent emergence and domination of the e-commerce led by likes of Amazon, Flipkart and specifical players like Big basket in grocery, besides the offline retailing formats from large and established industrial house has started to generate information on the demand side, further the commodities exchange for predominantly cash has shown the financial value not just from monetization and risk management, but more critically as a planning tool. Access to organized financing, thorough banking channels is limited on account of socio-political nature and abuse of the financial system, esp. as the lending is based on collateral in absence of the financials or the transaction or a dedicated credit profile of borrowers. Innovation - A Digital Model: I propose to break the chain in the traditional agrarian model and make it transparent with digitalization through an App - Independent Farmers Production and Finance (IFPAF).
Expected impact of your idea on sustainable development
The future is beckoning with artificially created reality from augmenting reality to a fully virtual world in the following ways: - E-commerce website - Incrementing the number of languages - New services and latest technologies - Expanding across Indian states in the coming years. - We will introduce our app to other operating systems like iOS. - Collaborating with NGOs We are a non-profit organization and use the profit to reinvest it in the business to benefit the farmer groups. Our customers are our priority, and we will employ a highly-trained staff, with a positive attitude and efficient work rate, to provide our customers with the best and friendly experience, keeping both our customers and workers satisfied. Our company provides an exceptional platform none alike others, for volunteers to perform social service which can benefit students in their university applications. We will tie-up with schools to get volunteers. Besides transparency, my model will result in direct empowerment of farmers, data analytics-driven aggression, entry at grassroots, and deep community involvement through rural schools. This also engages the farmers positively with the corporate sector in the commodity and financial markets. Besides the timing of initiative with the need for agricultural transformation will bring the much-awaited agricultural revolution which will then stop the unnecessary migration of farmers to metros in search of jobs when they are able to give a decent standard of living to their families by working in their farms.
Plans for implementation and sustainability
My app is a pilot project which will start with a time of 5 years. The minimal subscription fee of the app is Rs.50. The initial outflow of the money consists mainly of software engineers, software licenses, and the employees working and in direct touch with the farmers. As mentioned earlier the services we will be providing take up most of our outflow of money and hence we ask for an investment of Rs.900,000 with 20% of equity. This will be used for the below-mentioned services, development of the app, and patenting. Financial Analysis We start in Maharashtra as it was there where we found the farmer suicide rates to be the highest in the state. Per district, we are able to earn Rs. 1 Lakh per year including the advertising revenue. And hence, upon full scaling across 400 districts, we are able to make Rs. 15 crores per year. Sources of Revenue: 1. Commissions from the selling of farmers produce to the retailers and the renting of equipment between farmers. 2. Subscription fees 3. Ad revenues on our app Advertising profits come up to Rs. 400,000 per annum. Hence after 5 years, we earn up to 20% of profits per year, which comes down to Rs.4 crores per year. However, as we are a non-profitable organization, all these amounts will be required to break even and on the further development of the app.
I am 13 and I am an Indian citizen residing in Singapore and studying in grade IX, GIIS (Singapore). I won a scholarship in FY 2019-2020 which helped me to support a tribal school of 500 kids in Palghar, Maharashtra during the lockdown as it imparts self-sustainable education in growing organic crops. Every small step taken by us is a giant leap for mankind. I also bagged the Commendation Impact award for Zero Hunger in GSL 2020 and I am humbled to be shared as a role model by them on their social media handles. Besides academics and sustainability actions I represented Real Madrid in Spain from Singapore in 2018 and had the incredible opportunity to play with legends like Roberto Carlos and Fernando Morientes. This journey has taught me to upheld values like discipline, perseverance, integrity, empathy, tolerance, team spirit, and vigilance. Besides, winning Silver in the Common Wealth Essays twice 2014-2015, I have been a recipient of Olympiads which has led me to be intuitive but the social bent of my nature urges me to continuously strive for the betterment of less privileged. During Covid-19, I led a team of Hunger Warriors and I was able to raise Singapore $ 6000 through presentations, awareness campaigns to do the food donation drive to the foreign migrant workers (FMWs). Here I got to know the pitiable plight of FMWs who either borrow loans or sold marginal lands in India and came here to work to give a better standard of living to their families. They were worried about how to finance their kids' education which is when I decided to donate my scholarship amount for a noble cause as it was very crucial during Covid-19 to prevent the kids from dropping out of school due to lack of funding.