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🇳🇬 Nigeria /Culture & Society

ECOWAS picks 60 startups from 6,000 for regional awards

From The Punch · () English

Summarized by DistantNews. Read the original for the full story.

At a glance

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  • The Economic Community of West African States (ECOWAS) received over 6,000 startup applications for its second annual awards.
  • Only 60 startups will be selected for a five-day masterclass, from which 20 finalists will emerge to compete for top prizes.
  • The program aims to support startups by providing seed capital, business management training, and access to investors, focusing on key sectors like FinTech, HealthTech, and AgriTech.

The Economic Community of West African States (ECOWAS) has received an overwhelming response for its second annual Startups Award, with more than 6,000 applications submitted from across the sub-region. From this large pool, only 60 startups will be selected to participate in a five-day masterclass.

Following the intensive training, 20 finalists will advance to compete for the top three positions at the award ceremony. Oluonye Peter, the Acting Director of Private Sector and Industry at the ECOWAS Commission, announced that the top three winners will receive seed capital totaling $30,000, $20,000, and $15,000 respectively.

Peter explained that the award is designed to help nascent businesses overcome common challenges, including limited managerial capacity, difficulties accessing finance and markets, and navigating regulatory requirements. "The ECOWAS Start-up Awards is designed to mobilise innovation, particularly by start-ups," he stated. He noted that many innovative startups struggle to commercialize their solutions due to inadequate preparation.

The ECOWAS Start-up Awards is designed to mobilise innovation, particularly by start-ups.

— Oluonye PeterExplaining the purpose of the ECOWAS Start-up Awards.

The program extends beyond prize money, with ECOWAS planning an accelerator program to guide winners toward sustainable business development. "We want to accompany the winner to the point where the firm becomes a success story, and we are able to showcase them as inspirations to the youth," Peter added. The selected startups will receive training in business management and capacity building, aiming to help them transition from early-stage operations to the growth phase.

The award will also facilitate connections between startups and potential partners, including venture capitalists, impact investors, development partners, and financial institutions. The focus sectors for this edition include FinTech, HealthTech, AgriTech and Food Systems, EdTech and Skills Development, CleanTech, Climate and Green Innovation, and Tourism, Hospitality, and Travel Tech, chosen for their alignment with the region's economic potential.

We want to accompany the winner to the point where the firm becomes a success story, and we are able to showcase them as inspirations to the youth.

— Oluonye PeterDescribing ECOWAS's commitment to supporting startup growth beyond the award ceremony.
About this summary

Originally published by The Punch. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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