Innovación agroindustrial del agave (Agave tequilana Weber var. azul): valoración financiera para la obtención de inulina

Objective: compare the profits of the agave (Agave tequilana Weber var. Blue) crop in its traditional use as a raw material for tequila production and in its innovative valuation used to obtain inulin in the states of Jalisco, Guanajuato, Michoacán and Nayarit, Mexico considering the price risk and evaluation of the project before uncertainty scenarios.Design/methodology/approximation: The first step was to calculate the rates of continuous growth of the price of each entity for the period 2005-2017. Two evaluations were conducted for the entities under study, one with traditional methodologies (using Net Present Value, NPV) to assess the use of agave in obtaining tequila, and another based on real options with binomial trees and Black formulas and Scholes that allow to consider the risk and evaluation of the project before uncertainty scenarios given its innovation.Results: The traditional evaluation showed that its use to obtain tequila is viable (profitable); however, through real options once the use of agave is differentiated in an innovative way, the value of the project increased in the four entities.Limitations on study/implications: The costs and production of the entities studied in a longer term were not identified.Findings/conclusions: Agave differentiation using it for inulin production increases the chances of positively facing an uncertain future.