The 2023 Soy Innovation Challenge, a collaborative initiative by the Yield Lab Institute and the United Soybean Board, has been officially launched. This year’s competition places a strong emphasis on fostering innovation and technology in the realm of soybean meal, encouraging new and groundbreaking applications of this versatile resource.
The challenge is open to visionaries, scientists, researchers, entrepreneurs, and startups across various domains, spanning materials, cosmetics, petrochemicals, consumer packaged goods, renewables, mining, biopharma, industrial, semiconductors, and more. The aim is to uncover pioneering ways to utilize soybean meal in these sectors and beyond.
As the demand for soybean oil surges, especially as a feedstock for biobased diesel fuels, it creates exciting prospects for soybean farmers and the broader industry. The increased demand also brings forth challenges, such as the need for additional investments in soybean-crushing capacity and the subsequent increased availability of soybean meal, which is a high-quality source of protein.
The overarching goal of the Soy Innovation Challenge is to identify and support innovations, solutions, and technologies that can unlock fresh applications and value for soybean meal.
The organizers of the 2023 Soy Innovation Challenge are on the lookout for early-stage concepts, research projects, innovations, and entrepreneurial endeavors focused on new uses for soybean meal.
This year, the challenge boasts a prize pool of $170,000 in cash, along with other valuable rewards such as in-kind services, mentorship, and technical and commercial guidance. The deadline for application submissions is November 6. If you’re interested in participating, you can access and submit your application online.
Once the submission window closes, a comprehensive internal evaluation will be conducted by the Yield Lab Institute, the United Soybean Board, Amazon Web Services, and other industry partners and judges to select the final cohort of participants. The announcement of the final cohort will be made early in 2024.
The selected finalists will then enter a program where they will be paired with mentors and collaborate with challenge partners for a period of four to six months. This accelerator-type program will culminate in two to three public events designed to showcase the challenge, the exceptional finalists, and the announcement of the prize winners.
To learn more about the 2023 Soy Innovation Challenge and to submit your application, please visit thesoychallengelive.com.