Entry submissions are now closed for the American Farm Bureau Federation’s (AFBF) third annual Rural Entrepreneurship Challenge, and AFBF is pleased to announce that they have received 355 applications from 39 states.

“We are ecstatic and pleased with the great applications and innovations occurring in rural communities across the country!” said Dr. Lisa Benson, AFBF’s director of rural development. “We exceeded our goal for the number of applicants and doubled submissions compared to last year.”

All applications include a business plan, video pitch and photo, and will be reviewed by judges and provided with feedback. The top 10 teams will be announced in October. The bottom six teams from the final ten will each win $10,000 in startup funds, and the final four teams who will advance as finalists.

“Our judges will be looking for solid business and financial plans,” Benson said. “Innovation is one thing but the numbers are important in a competition like this. Those who can provide statistics that back their business plan will do well.”

The competition is an opportunity to showcase ideas and business innovations that strengthen and build strong, prosperous rural communities. It is the first national rural business competition focused exclusively on entrepreneurs working on food and agriculture businesses.

The final four teams will compete in a live competition at AFBF’s 98th Annual Convention in Phoenix on Jan. 8 to win the Farm Bureau Entrepreneur of the Year award of $30,000 (chosen by judges), the People’s Choice award of $25,000 (chosen by public vote), the first and second runner-up prizes of $15,000.