Caribbean Agrotourism Policy Setting Workshop: Danelia Doyle; How Blockchain Technology Helps Young Caribbean Farmers Access Finance
The development of productive and fully integrated linkages between the Agri-Food Sector and Tourism in the Caribbean Region offers significant potential for repositioning and broad-based growth in the Agriculture value chain, and opportunities for channelling the Region’s diversity and building-in genuine competitiveness and sustainability in the tourism product. Forging Agriculture-Tourism linkages capitalizes on the inherent ability of the Tourism sector to diversify the Caribbean economy, stimulate entrepreneurship, catalyse investment and assist in wider social development in local communities. Such linkages offer unprecedented opportunities to stem and reverse the declines in traditional agriculture, stimulate the rapid growth in “new‟ agriculture and build resilience and sustainability of Caribbean economies. The latter is particularly critical for reducing the high levels of foreign exchange leakage in tourism, preserving cultural identity, reducing poverty in local communities and enhancing local awareness and good practices with respect to climate change and environmental issues. Goal: To provide a mechanism for managing and increasing the local and regional development impact of Tourism and Agriculture through the creation of a collaborative and inclusive planning and implementation framework that can drive trade and new business between the two sectors. Objectives · To promote linkages between the agrifood sector and the tourism industry to increase sustainable sourcing through the strengthening of agritourism policy and strategy in the Caribbean · To increase the understanding and awareness of the current deficiencies in the supply of fresh and processed agricultural products along the value chain and the actions needed · To design inter-sectoral and inclusive policies which promote PPPs for improved local food use and consumption. · To identify concrete regional projects that can be supported under the intra ACP EU funding.
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Caribbean Agrotourism Policy Setting Workshop: Danelia Doyle; How Blockchain Technology Helps Young Caribbean Farmers Access Finance
- 1. Making Productive Farms More Productive Farm Credibly Presented by Danelia Doyle © 2019 Develop Digitally Limited danelia@developdigitally.com
- 2. The Problem is, it is Difficult for financial institutions to know which farmers are productive and would be more productive with access to capital* *90% of farmers have no access to credit. Credit in Agriculture
- 3. 3
- 5. Why Blockchain ● Build Trust ● Profiles validated by third parties ● Data privacy and security ● Good behavior shows over time ● Automated loan prequalification and disbursements “You can fool some people sometimes but you can’t fool all the people all the time” Peter Tosh 5
- 6. 6 Takes long to get paid In supplying hotels, farmers currently issue the most credit in the value chain. Supply chain financing or factoring allows farmers to get paid immediately.
- 7. Tourism vs. Others 7 68% of sales are to Agro Processors 21% of sales are to Hotels Based on MARKET STUDY - JAMAICA CHF CARIBBEAN COMMISSIONED REPORT, PROPEL 2015
- 8. “Alternative Credit Scoring. How FC Works. 8
- 9. 9 100+ Lenders ● Exports account for 8% ● Export / Supermarkets 11% ● Next largest segment● Hotels21% ● Largest volume of farm sales ● Agro-processing68% US $135M Market
- 11. 11 Traction
- 12. 12 September 2019 December 2019 June 2020 Vetted Farmers 100 150 200 Creditors 1 4 8 Data Owners 2 5 10 Loans 1 3 6 Progress
- 13. Place your screenshot here 13 We are launching a new crowd funding website that allows anyone to invest in agriculture. Next Steps
- 14. 14 Team
- 15. 15 Hot Pepper Activity J$ 5 Acres in Oct.. 10M 5 Acres in Nov. 10M Factoring ‘ALEX’ 60M
- 16. Make an impact today. Thank You. 16
Notes de l'éditeur
- Good day everyone, today I will share with you: How Blockchain Tech Helps Young Caribbean Farmers Access Finance.
- This is where FC comes in, we validate for financial institutions which farms are credible through our vetting process.
- We use the farmers network (those people & places the farmer does business with) as well as the state of their farms to create a profile.
- Eg. of a profile.
- The agriculture sector operates with very low levels of trust.
- A pattern observed in the Caribbean is hotels taking a long time to pay farmers. Farmers essentially finance the hotel sector. Think of it in the reverse, we can’t just walk out of a hotel or supermarket and promise to pay 4 or 6 weeks from now.
- Most farm sales in Jamaica are to agro-processors so we’ve started our work there. Farmers complain about the length of time it takes to get paid from hotels. With FC’s system farmers don’t always have to depend on these payments to continue planting.
- Here’s a breakdown of how the process works.
- In Jamaica, FC connects the over 100 microfinance companies to this large agricultural market.
- As a start up, we have to be smart in how we operate. While we work to validate our business model we take on: Custom contracts. In time we will provide leads and credit checks.
- We won a grant through the CTA called pitch agrihack, and later that year we also won a grant through the Development Bank of Jamaica. We are using this support to run a pilot with hot pepper farmers and agro processors.
- So far, we’ve been on the ground getting to know farmers. Visiting farms and creating profiles.
- While we wait on financial companies to come on board, we’ve also decided to try other ways to enable finance to farmers and this is through crowd funding.
- Our pilot project sees us working specifically with hot pepper farmers, as research shows there is a constant demand for pepper in the market. How can hotels benefit from factoring, what is the incentive for them?