LSU Small Business Development Center Guides FarmSmart to Victory in Venture Challenge

Colin Raby and his teammates, Grant Muslow and Julius Pallotta, had a promising idea: FarmSmart, an AI-powered virtual assistant designed to streamline agricultural decision-making. Their innovation, which integrates research from the LSU AgCenter with additional agricultural data, had already propelled them to the semifinals of the J. Terrell Brown Venture Challenge. However, advancing further required them to develop a compelling executive business plan—something outside their area of expertise.

The team knew their AI engine needed funding but had little knowledge of how to secure it. Their opportunity came when Raby noticed a poster about the Venture Challenge at LSU’s E.J. Ourso College of Business. Without hesitation, they decided to enter the competition.

To qualify, FarmSmart needed to submit a two-minute video explaining their product. They filmed their submission at an AgCenter greenhouse, focusing on the challenge their AI sought to solve. Each year, the LSU AgCenter updates an extensive farming manual alongside thousands of research articles addressing crop management. Accessing the most relevant information is an overwhelming task, often compared to finding a needle in a haystack. FarmSmart aimed to simplify this process by offering instant, AI-generated insights—an improvement over traditional consulting methods that could take weeks.

Their video submission was one of more than 60 entries, and FarmSmart was selected as one of 13 semifinalists required to submit an executive business plan.

Expert Guidance from LSU Small Business Development Center

Lacking a business plan, Raby unexpectedly found help at LSU Innovation Day, an event held at the College of Engineering’s Patrick F. Taylor Hall. There, he met Adam McCloskey, director of the LSU Small Business Development Center, and Jason Boudreaux, associate director of entrepreneurial services at LSU Innovation. After explaining the team’s situation, McCloskey and Boudreaux immediately offered their expertise.

With years of experience helping entrepreneurs succeed in pitch competitions and startup ventures, the two guided the FarmSmart team through key aspects of business planning. They encouraged the students to think beyond product development and consider critical factors such as market positioning, budgeting, and customer outreach.

To refine FarmSmart’s strategy, the team had to answer important questions: What makes FarmSmart stand out from competitors? What is the plan for marketing and reaching customers? What are the financial requirements for long-term success?

McCloskey and Boudreaux also provided valuable feedback on the team’s financial projections. Initially unsure about their ambitious revenue forecasts, the FarmSmart team considered adjusting them downward. However, after reviewing their assumptions in detail, McCloskey and Boudreaux reassured them that their calculations were solid.

FarmSmart’s refined plan earned them a spot as one of three finalists invited to present to a panel of judges for a chance at the $20,000 grand prize.

Perfecting the Pitch

With the final round approaching, the team sought additional feedback on their presentation. McCloskey and Boudreaux helped simplify complex slides, improve storytelling elements, and enhance the overall clarity of the pitch.

One significant adjustment involved their competitive analysis. Instead of an overly detailed comparison, they streamlined the information to highlight FarmSmart’s key advantages. Additionally, the team restructured their introduction, shifting away from a technical explanation to a relatable scenario that resonated with the audience.

Another strategic change involved the final slide. Instead of displaying a generic "Questions" slide, the team was advised to reinforce their brand by showcasing their company mission—keeping the judges focused on FarmSmart’s core purpose.

The refinements paid off. FarmSmart won the Venture Challenge’s top prize, securing $20,000 to further develop their AI-powered assistant.

The experience underscored the value of mentorship and expert guidance. By leveraging the LSU Small Business Development Center’s resources, the FarmSmart team was able to transform their idea into a winning business strategy—proving that innovation, paired with strategic planning, can lead to success.