Ricult (MIT)

70% of the world’s poor are smallholder farmers, and they produce 80% of the global food. However, these farmers are poor and food insecure. By 2050, the world will need to produce at least 50% more food to feed 9 billion people. This dual-pronged problem of poverty and food insecurity is caused by 3 main issues in agricultural value chains: supply chain inefficiencies, financial exclusion, and information asymmetry. Ricult is solving these issues by establishing a multi-sided, mobile e-commerce platform that fills the holes in the agricultural supply chain by providing farmers direct access to financial instruments, input sellers, end buyers, logistics providers, and real-time crop information. As 80% of the smallholder farmers have access to mobile phones, Ricult’s solution is accessible through both low cost feature phones without Internet connections and smartphones.