A concept for a website that links farmland owners with renters has been named winner of the University of Saskatchewan Tech Venture Challenge.
Lyndon Lisitza, an alumnus of the university, created Renterra Farmland Sales, which, when operational, will allow land owners to register and post legal land descriptions.
Farmers who want to rent land can log on to the site to see what is available and can then bid on it through a transparent auction.
“Renterra is a web-based platform that makes it easier for farmland owners and renters to connect,” Lisitza said.
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To deal with problem renters and owners, Lisitza is installing a feedback category where owners and renters can rate each other.
The Tech Venture Challenge award comes with $50,000 cash, a year of office space at Innovation Place, an on-campus research centre, and professional services valued at $6,000 from Deloitte.
Lisitza said the money will help develop his idea into a business venture.
“One of the biggest challenges I face is getting enough capital to take this idea to market,” Lisitza said. “I Just finished a masters in economics, and when you’re in that position with student loans and you come out and try to start a business, a lot of financial institutions don’t look at you favourably.”
The Tech Venture Challenge gives University of Saskatchewan employees, researchers, students and alumni support in creating their own companies. It is sponsored by U of S, Innovation Place, Deloitte, and the Royal Bank of Canada.
Renterra plans to launch the business Nov. 14.
