TEDx - Big Data and Information revolution will be the next big leap in agriculture
Matt Waits, '99 agricultural economics, is CEO of SST Software, an industry leader in agricultural information management. He led Stillwater-based SST Software to develop an enterprise-level data-management platform that encompasses essential components for meeting site-specific farm management. That platform, known as agX, is now the underlying infrastructure that manages data and provides information services on more than 80 million acres across 23 countries.
Important apps for agricultural industry.
The influx of technology has resulted in a signifant change in the landscape of agricultural industry. These are the few apps that had an impact in the sector in the current years.
Our Product Logo is here!
AgroHub will revolutionize the agricultural industry of Bangladesh by shifting the market power to the farmers where it rightfully belongs. Hence, we wanted to symbolically portray where the real change can and should take place. It also reflects AgroHub's focus to offer protection and help to the farmers.
The importance of bridging information gap.
Agriculture is an economic activity in which information plays a very important role as critical information asymmetry exists in transactions between various stakeholders – farmers, traders, government, policy makers and consumers.
Large traders collect the information for themselves from different markets. This is an expensive operation and also leads to increased transaction costs. Due to the concentration of information with the traders, they are in a better bargaining position over the farmers. Thus spatial arbitrage depends upon current information and traders spend a lot of money in gathering this information. But this is not the case with small traders who lack resources to set up their own information networks. This prevents the entry of a number of small traders to the markets. Traders also involve in temporal arbitrage, which entails storing produce for long periods until suitable price can be obtained. But storage costs (maintenance chemicals costs, capital and its depreciation costs) are also quite considerable. So, traders are dependent on information from the past to assess the viability of storage and its associated risks. This results in less than optimum decision making by the farmers.
Our Team Logo!
Cornucopia or Horn of Plenty is a symbol of abundance and nourishment. We thought it would be an apt name for our team as we believe our idea would revolutionize the agricultural industry, making food plenty and available for everyone.