Katalyst Innovation Fund provides co-funding to develop maize-based chips product
Maize farming offers a pathway out of poverty for many small and poor farmers across Bangladesh. However, Bangladesh’s maize market is strongly dependent on the poultry and fish feed sectors, which brings the risk of strong price fluctuations with it. That is why Katalyst wants to encourage innovative business ideas from the private sector on how to further diversify Bangladesh’s maize market. By offering co-funding and technical assistance through the Katalyst Innovation Fund (KIF), Katalyst now helps Meridian Foods Ltd., a concern of the Meridian Group, to turn one such innovative business idea into reality: Meridian Foods will develop a maize-based snacks product which will be distributed throughout the country. By partnering with Katalyst and the KIF, Meridian Foods will not only get financial assistance but also access to Katalyst’s know-how on product development, market development, and effective training of farmers. This initiative will benefit small and poor farmers by helping them to take up maize cultivation, improving their practices and diversifying the nation’s maize market, leading to increased demand and more stable prices.
About Katalyst Innovation Fund (KIF):
KIF supports market actors from the private sector in developing innovative inclusive business models that deliver both commercial benefits and income-generating opportunities for small and poor farmers. For more information, please visit www.innovation-bd.com