Over GHȼ30,000 up for grabs in new Start-up Challenge

BY: Emmanuel Bruce
Mr Richard Abbey Jnr

Xodus Foundation in a bid to support young businesses in the country has launched an initiative that will provide start-up fund and technical support to young entrepreneurs.



Known as the ‘Pitch Challenge’, the four months competition which would be held between November to January would identify, screen, select and support young entrepreneurs with a unique value proposition for the Ghanaian market.

Applications for this challenge will be opened in November, which would be followed by a rigorous selection process, live interviews, televised production of pitch by applicants, and a jury selection.

The proposed grand prize for the ultimate winner is GHȼ 30,000

Financial support

Commenting on the initiative, Founder of Xodus Communication, Mr Richard Abbbey Jnr, said the objective of the challenge was to provide technical and financial support to a select number of budding entrepreneurs in the country.

He said it was aimed at helping these young entrepreneurs grow and scale up their businesses into profitable ventures.

“This initiative is necessary to help the many startups and small businesses that have to struggle every day for survival more so in this COVID-19 induced business climate without any clearly defined support system.

“Overall, this laudable competition will help inform the Ghanaian public about the importance of entrepreneurship as a tool for post COVID-19 economic recovery,” he stated.

He said it would also help showcase some of the young entrepreneurs leading the way in Ghana through innovation of new products and services.

Mentorship drive

Mr Abbey Jnr, who is a seasoned entrepreneur himself, said the selected finalists would be given a full day training on how to effectively package their businesses to attract the needed capital or investment for growth.

He said topics such as marketing, branding, international market entry, bookkeeping, accounting, working capital management, strategic planning, innovation, business plan development and company valuation shall be treated at the mentorship programme to equip the young entrepreneurs with the requisite skills for enterprise development.

“Selected participants will directly receive coaching from seasoned senior entrepreneurs, business coaches and leaders to refine and shape their current business models.

“Over the long term, the five finalists will receive technical assistance from mentors and coaches for 12 months and this will fully funded by the Pitch initiators and partners,” he stated.

Eligibility

Individuals who qualify to participate in this Pitch competition must first be an entrepreneur, a citizen of Ghana, and should be of the ages between 20-40 years.

The individual must also have a legally registered business that has been operating for at least 12 months, with a minimum turnover of GHȼ50,000.

In the event where the individual owns a venture with other partners, he or she must be the majority shareholder with at least 51 per cent shares.

Mr Abbey Jnr noted that the competition was open to young entrepreneurs operating in all sectors of the economy.