The Economic Community of West African States (ECOWAS) says it is strengthening Micro, Small and Medium Enterprises (MSMEs) through a startup competition and cash awards scheduled for Sept. 28.
ECOWAS Acting Director, Directorate of Private Sector and Industry, Mr Peter Oluonye, announced this at a news conference on Monday in Abuja.
themomentng reports that 60 startups will compete for a total prize of 65,000 dollars (N91 million).
The competition is being held five years after the first edition in Niamey, Niger Republic.
The overall winner will receive 30,000 dollars, while the first and second runners-up will get 20,000 dollars and 15,000 dollars, respectively.
Oluonye said the competition would focus on startups in fintech, agri-tech and food systems, ed-tech and skills development, cleantech, climate and green innovation, tourism, hospitality and travel tech.
“The ECOWAS Start-up Awards is designed to mobilise innovation, particularly by start-ups, to inspire and address critical issues underlying business development.
“It is particularly focused on tech-led businesses across different sectors and seeks to build an innovation ecosystem in ECOWAS,” he said.
According to him, the programme would help participating startups navigate the early stages of their business life cycle and scale into the growth stage.
He said the awards would showcase innovative, multisectoral solutions while promoting enabling policies.
Oluonye said startups needed to be properly organised at the early stages to create jobs, add value to the economy and contribute to economic growth and development.
“Beyond the cash reward for the best three, all 60 participants will undergo masterclass coaching as part of efforts to build the capacity of MSMEs in the West African sub-region,” he said.
He said the initiative would promote competition and innovation while addressing challenges such as market penetration, financial models and policy constraints.
Oluonye said the competition would target startups with strong growth potential and scalable business models.
“It is not just going to be awarding cheques but supporting them to the point that they become an inspiration for the youths.
“We want to bring together youth, women and persons with disabilities to showcase their ideas and initiatives to stakeholders that can support them going forward.
“We want to facilitate digital adoption among MSMEs and connect startups to venture capitalists, impact investors, development partners and financial institutions,” he said.
Oluonye disclosed that about 6,000 applications had been received since the portal opened on Aug. 3.
He said the applications would be screened and shortlisted to 60 by appointed assessors.
According to him, the 60 shortlisted participants will undergo the masterclass before the number is reduced to 20 for the final competition.
Also speaking, Dr Henry Emejuo, Director-General, Pan African Alliance of Small and Medium Industry, said 50 per cent of the participants would be selected from applicants.
The remaining 50 per cent, he said, would comprise winners of national programmes in ECOWAS member states, based on recommendations from ministers responsible for startups.
Emejuo urged financial institutions and the private sector across the sub-region to support the initiative.
