Abuja: The Economic Community of West African States (ECOWAS) has unveiled plans to bolster Micro, Small and Medium Enterprises (MSMEs) through a startup competition, offering cash awards set for September 28. The announcement was made by Mr. Peter Oluonye, ECOWAS Acting Director of the Directorate of Private Sector and Industry, during a news conference on Monday.
According to News Agency of Nigeria, the competition will see 60 startups vying for a combined prize pool of $65,000 (N91 million). This event marks the second edition of the competition, following the first held in Niamey, Niger Republic, five years ago. The competition will award $30,000 to the overall winner, while the first and second runners-up will receive $20,000 and $15,000, respectively.
Oluonye highlighted that the competition is specifically targeting startups in sectors such as fintech, agri-tech and food systems, ed-tech and skills development, cleantech, climate and green innovation, and tourism, hospitality, and travel tech. The ECOWAS Start-up Awards aim to ignite innovation among startups, addressing pivotal issues that underpin business development and fostering a tech-driven business ecosystem within the ECOWAS region.
He further elaborated that the initiative is designed to aid startups in navigating the early stages of their business journey, facilitating their transition into the growth phase. The awards are set to spotlight innovative, multisectoral solutions while advocating for supportive policies. Oluonye emphasized the necessity for startups to be well-organized in their early stages to generate employment, contribute economically, and promote development.
In addition to the monetary rewards for the top three winners, all 60 participants will benefit from masterclass coaching, aimed at enhancing the capacity of MSMEs throughout the West African sub-region. This initiative seeks to foster competition and innovation, tackling obstacles such as market access, financial strategies, and policy limitations.
Oluonye noted that the competition will focus on startups with significant growth prospects and scalable business models. Beyond financial support, the goal is to inspire youth, women, and persons with disabilities by showcasing their proposals and initiatives to potential stakeholders.
The initiative also aims to facilitate digital adoption among MSMEs and link startups with venture capitalists, impact investors, development partners, and financial institutions. Oluonye revealed that since the portal opened on August 3, approximately 6,000 applications have been received. Appointed assessors will screen and shortlist these applications to 60 participants, who will undergo the masterclass before narrowing down to 20 finalists.
Dr. Henry Emejuo, Director-General of the Pan African Alliance of Small and Medium Industry, also addressed the gathering, indicating that half of the participants will be chosen from applicants, while the other half will be winners of national programs in ECOWAS member states, as recommended by ministers responsible for startups. Emejuo called on financial institutions and the private sector across the sub-region to back this initiative.