Ricult is an endeavor by a US-based start-up founded by 4 MIT and 1 Harvard graduates. They help smallholder farmers (< 10 acres holding) reduce information asymmetry and work their way out of poverty to become more impactful economic actors. At the heart of their concept is a virtual marketplace which allows farmers to procure agriculture inputs (seed, fertilizers, pesticides etc.), access interest-free/low interest based loans transparently and sell their produce directly to buyers (processing plants, corporate organizations etc.) directly from the Ricult marketplace.
Founders
Usman Javaid, (CEO) is an MIT alumnus with 15 years of experience in Telecom, Mobile Banking, Mobile Agriculture in Pakistan and Bangladesh. Jonathan Stoller, the CTO pursued his Masters in Computer Science from MIT and worked for 4 years with Google, Microsoft, Dow Jones. Aukrit Unahalekhaka handles the product at Ricult is also an MIT alumnus belongs to a family of farmers in Thailand. He worked with Accenture & Cisco in the US before taking the entrepreneurial plunge. Philip Huppe who takes care of Social Development is a Harvard alumnus. He worked with World Relief, Palo Alto Networks, and Accenture before joining hands with MIT alumni to start-up!
PROCESS STORY:
Their first pilot for 400 farmers is underway in Kasur area of Pakistan, where they have signed up leading agriculture organizations to supply products on the Ricult Marketplace. “The idea is to validate certain hypotheses regarding technology adoption, impact on farm profitability, technology sustainability and the reaction of local middlemen. Based on the results of the pilot, we plan to commercially launch in Pakistan, followed by China, Thailand, and Slovenia,” says the Harvard graduate.
The marketplace connects farmers to farm input sellers; farm produce buyers, bank creditors, insurers, vetinary services, farm advisory services and everything that can help them have better farming results. “But this is not just a marketplace for farmers. We believe in building strong relationships with our local farmers and ensuring that they have easy access to bigger markets, quality products, enhanced profitability and hence a better future,” says Usman.
We asked the founders if they doubted what they were doing, and they said, “Oh yes, many times you have doubts about what you are doing. Entrepreneurship is a roller coaster of emotions – it’s not for the weak hearted nor is it for the people who are impatient for results. You have to bide your time, one step at a time and take each day as it comes.”
All the co-founders started up with a passion for solving difficult social problems through the use of technology. “This is how all of us came together and this is what binds us as a team. We like solving hard but real problems that would make the world a better place,” says Usman. They are partnering with various multinational and local organizations to facilitate the growth of Ricult. Currently a team of 10 people, the start-up is not funded.
As a message for future entrepreneurs, Jonathan says, “Live your passion and your dreams. Be focused and consistent, and you will reach your destination.”