60 startups to compete for cash prizes, masterclass training and access to investors
The Economic Community of West African States (ECOWAS) is set to strengthen Micro, Small and Medium Enterprises (MSMEs) through a regional startup competition that will offer a total of $65,000 in cash prizes to successful participants.
The competition, scheduled for September 28, will bring together 60 startups from across the West African sub-region as part of efforts to promote innovation, entrepreneurship and the growth of technology-driven businesses.
The Acting Director, Directorate of Private Sector and Industry, ECOWAS Commission, Peter Oluonye, disclosed this at a news conference in Abuja on Monday.
The initiative is the second edition of the ECOWAS Start-up Awards, coming five years after the inaugural edition was held in Niamey, Niger Republic.
Under the prize structure, the overall winner will receive $30,000, while the first and second runners-up will receive $20,000 and $15,000, respectively.
Focus on technology-driven businesses
Oluonye said the competition would focus on startups operating in key sectors with strong potential to contribute to economic development across the region.
These include fintech, agri-tech and food systems, ed-tech and skills development, cleantech, climate and green innovation, as well as tourism, hospitality and travel technology.
He explained that the ECOWAS Start-up Awards was created to harness innovation from emerging businesses and encourage entrepreneurs to develop solutions to some of the challenges affecting business development in the region.
“It is particularly focused on tech-led businesses across different sectors and seeks to build an innovation ecosystem in ECOWAS,” Oluonye said.
According to him, the programme is intended to provide support to startups during the critical early stages of their development, helping them overcome initial challenges and position themselves for expansion and long-term growth.
He added that the awards would also provide an avenue to showcase innovative and multisectoral solutions while encouraging policies that create a more favourable environment for businesses.
Oluonye stressed that startups needed to establish strong structures from the early stages of their operations if they were to create jobs, generate value and contribute meaningfully to economic growth.
Participants to receive business training
Beyond the financial prizes, ECOWAS said all 60 shortlisted startups would benefit from masterclass coaching designed to strengthen their business and entrepreneurial capabilities.
“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.
The training is expected to address some of the challenges commonly faced by young businesses, including market penetration, access to appropriate financial models and policy-related constraints.
Oluonye said the competition would prioritise startups with strong growth prospects and scalable business models, rather than businesses focused solely on winning prize money.
“It is not just going to be awarding cheques but supporting them to the point that they become an inspiration for the youths,” he said.
He added that the initiative would create opportunities for young people, women and persons with disabilities to present their ideas to potential partners and stakeholders who could support their businesses beyond the competition.
“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,” Oluonye said.
He also said ECOWAS wanted to accelerate digital adoption among MSMEs while connecting startups with venture capitalists, impact investors, development partners and financial institutions.
6,000 applications received
The scale of interest in the initiative was underscored by the number of applications received since the competition portal opened on August 3.
Oluonye disclosed that about 6,000 applications had already been submitted, with the entries to be reviewed by appointed assessors.
Following the assessment process, 60 startups will be shortlisted for the masterclass stage. The number will subsequently be reduced to 20 finalists who will compete for the top prizes at the September 28 event.
Also speaking at the briefing, the Director-General of the Pan African Alliance of Small and Medium Industry, Dr Henry Emejuo, explained that the final pool of participants would be drawn from two main sources.
He said 50 per cent of the participants would be selected directly from the applications received through the competition portal.
The remaining 50 per cent would comprise winners of national startup programmes organised in ECOWAS member states, based on recommendations from ministers responsible for startups in the respective countries.
Emejuo called on financial institutions and private-sector organisations across West Africa to support the programme and help promising businesses move beyond the competition stage.
The ECOWAS initiative is expected to provide participating startups with not only financial incentives, but also business knowledge, market exposure and connections that could help them scale their operations and contribute more significantly to job creation and economic development in the region.