Best Management Practices Followed by Agri-Incubatees of ANGRAU Agribusiness Incubator in Tirupati, India

Abstract

The ANGRAU Agribusiness Incubator was purposively selected for the study conducted in the year 2023 because it has a specific focus on nurturing agri-startups that are working towards improving the farming communities in the state of Andhra Pradesh. Ten successful incubatees trained at the ANGRAU agribusiness incubator were purposively selected for the study, based on category, product, service, R&D and achievements. The findings demonstrated that best management practices such as practices such as offering innovative products/services, leveraging technology and automation, staying adaptable to changing market trends, prioritizing customer satisfaction, maintaining transparency and ethical practices and implementing effective waste management and recycling received the highest mean score of 3, ranking I. Following closely with a mean score of 2.9 and ranking II were strategies including vision and mission prepared, actively managing risks and developing contingency plans, consistently evaluate and improve product quality and ensuring compliance with government laws and regulations. Practices like monitoring and evaluating financial performance, integrating sustainable practices in the supply chain, conducting feasibility surveys/market research, setting clear and measurable goals, giving employment to at least three persons, actively building a network of stakeholders and forming strategic partnerships, implementing effective marketing strategies, focusing on brand identity and positive image and regularly optimizing operational costs scored between 2.8 to 2.4, placing them in ranks between Ⅲ & Ⅶ. However, practices concerning leveraging digital marketing strategies, having a detailed project report and income flow statement, developing a comprehensive business plan, seeking partnerships and collaborations for innovation, establishing relationships with financial institutions for funding and creating assets for the agribusiness with profits ranked lower, indicating disagreement among agri-incubatees, with scores 2.3 to 1.9 placing them in ranks between Ⅷ  and Ⅸ. Perception of the incubatees towards best management practices inferred that nearly one-third (30.00%) of the agri-incubatees rated their best management practices as low, while half of the incubatees (50.00%) considered them moderate, and only one-fifth (20.00 %) of the agri-incubatees rated their practices as high.