More $ for MyFarms

The Jay County Economic Development Income Tax advisory board has recommended providing $75,000 in seed money over three years to a startup project that would help improve efficiency for farmers.

The board approved the money for MyFarms, a company that would develop a social-networking site that could connect farmers with consultants and analysts.

The Portland EDIT Advisory Board also approved $75,000 out of the city's fund on Monday.

Jay County Development Corporation director Bill Bradley said the $75,000 commitment will show local backing for MyFarms to attempt to secure a state 21st Century Research and Technology grant and would only be dispersed to the company if it secures funding.

The verbal agreement to back the project will be valid for nine months from Thursday. "This is the seed money to get that other funding going," Bradley said.

Rural Bryant resident Steve Fennig, who is attempting to launch MyFarms, released more information about the company Thursday than at Monday's meeting with the Portland EDIT board. He explained the company as somewhat like a Facebook for farmers.

"It's more like a social network," Fennig said. "Facebook doesn't communicate with anybody. It's a vehicle. This would be that vehicle."

Fennig envisions the project as a place where farmers could connect and share information amongst each other. Members could seek advice or analysis about their land by providing information like soil maps or yield rates and connect with others who might be able to offer new insight about how to increase efficiency of those fields.

For example, a consultant may analyze a farmer's map and suggest that farmer uses a certain amount of fertilizer in an area based on elevation.

How the site is used will mostly be "up to the farmers," Fennig said, with the overarching goal of helping people in the business better manage their land and increase efficiency. As demands for the site change or requests are made, the page could be updated. Fennig described the potential site evolution as similar to Google, which started as a search-engine but has since expanded to offer many services such as map service among others.

While some farmers may be willing to share their insights pro bono, Fennig envisioned that the MyFarms site would also allow people to connect with businesses to contract for the work and the transactions would take place through the site.

Fennig told the board that he hasn't work out the details of how the site would generate revenue, but mentioned it might work off a commission basis, somewhat like how eBay makes a small percentage off auctions held on its site.

The site would be created by Web developers, who may or may not relocate to Jay County, and the MyFarms server would likely be hosted elsewhere. Once operational, however, a technical support office to maintain the site would be located in the county and could employ more than 10 information technology specialists who would need to be college-educated.

"(The Indiana Economic Development Corporation) has seen this plan and said, 'Yeah, we have some interest in this," Bradley said of MyFarms. He added that the 21st Century grant "moves slowly," hence the nine-month window on the board's approval. However, if MyFarms does not capture outside funding, none of the disbursements will be made.

Bradley said he structured the three-year EDIT agreement as a grant instead of a loan, since most of the county's past EDIT loans "have turned into grants" anyway. Also, since the EDIT grant will be spread over three $25,000 installments, if the company were to move forward but fail before the third year, the county would retain any remaining installments.[[In-content Ad]]