Now in its 12th year, this national business competition showcases U.S. startup companies developing innovative solutions to challenges faced by America’s farmers, ranchers and rural communities.

The overall winner of the competition will receive $100,000 in startup funds, the runner-up will be awarded $25,000 and two additional business owners who advance to the final four round will receive $10,000.

The final four teams will be awarded $10,000 each and participate in a live pitch competition in front of Farm Bureau members, investors and industry representatives at the AFBF Convention in January 2026 in Anaheim, CA, to win:
• Farm Bureau Ag Innovation Challenge Winner, $90,000 (total of $100,000)
• Farm Bureau Ag Innovation Challenge Runner-up, $15,000 (total of $25,000)

Recent winners of the Ag Innovation Challenge include Gripp (2025 Ag Innovation Challenge Winner and FEMA member since 2023), which offers farmers an operator-centric way to keep records of assets in combination with communication tools to keep everyone connected and Barn Owl Precision Agriculture (2024 Ag Innovation Challenge Winner), that manufactures a fully autonomous robot that supports farmers as they plant crops, control weeds and collect soil samples.

Applications must be received by 11:59 p.m. Eastern Daylight Time on June 9.

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Net farm income is the profit farmers see after paying for operating expenses. Two major factors are impacting income forecasts – lower prices paid to farmers for crops and livestock, and increased costs for supplies. While these are early estimates and they could change throughout the year, USDA anticipates a decrease in net farm income, moving from $156 billion in 2023 to $116 billion in 2024.

“Farm families are suffering through the same economic hardships as all families in America,” said AFBF President Zippy Duvall. “High inflation is making the food farmers grow more expensive to produce, and is cutting into the income farm families rely on to pay bills, provide an education for their children, and reinvest in their community. We urge Congress to focus on bringing costs down and passing a new farm bill, both of which will help ensure farmers can continue meeting the needs of a growing nation.”

The Market Intel explains, “Cash receipts for crop and livestock sales are expected to move from $507 billion in 2023 to $486 billion in 2024 for a loss of $21 billion (4%). The forecast decline in crop receipts explains nearly 80% of this difference, signaling a weaker incoming year for row crop prices.”

Production expenses remain stubbornly high as well. Transportation, labor, pesticide and fertilizer costs are all hitting farmers’ bottom line. Production expenses are estimated to increase 4%, or $16.7 billion, in 2024, totaling $455 billion in 2024.

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