The National Entrepreneurship and Innovation Programme has launched season 5 of its flagship Presidential Pitch project aimed at equipping entrepreneurs with funding and mentorship.
The Presidential Pitch, a competitive initiative under the aegis of the Office of the President, aims at providing entrepreneurs with between the ages of 18 and 40 capital after an assessment of their plans and growth prospects.
Speaking at the launch, Deputy CEO of NEIP, Abigail Swad Laryea, revealed that the last four seasons of the pitch have produced 95 finalists, created 891 direct jobs, and over 1,000 indirect jobs.
She revealed that although the presidential pitch will be the final one under President Nana Akufo-Addo, NEIP is committed to continuing with the initiative, urging its continuity and support under subsequent administrations.
“The Presidential Pitch for this season 5 will be the final under His Excellency President Akufo-Addo, but we are just getting started as NEIP,” she said.
“The whole goal of having a government program is to make sure that successive governments will continue what we did because they’ve seen it to be empowering; they’ve seen it to be possibility-pro; that is why this year we focused on youth empowerment for our theme this season which is Youth Entrepreneurship: Power and Possibilities,” explained Abigail.
Abigail said that a framework is in place to monitor and evaluate the operation of the businesses, although there sometimes arise funding challenges for businesses that need more money to scale up.
“When we give funding to these contestants, that is not the last. We are still in contact with them. Every six months they need to give us a report on how far they have gotten. Some will still need more money to go ahead and scale up their businesses.”
Further, she disclosed the NEIP works with start-up hubs to provide mentoring and guidance to the new businesses to ensure the businesses succeed.
Formalities of the pitch
Abigail Laryea noted this year’s edition, like previous editions, will maintain the 5 categories, namely Agriculture, Fintech and Technology, Manufacturing and Processing, Tourism and Creative Arts, and TVET, shortlisting 5 finalists from each category.
According to her, there will also be 5 finalists for an Any Other Business category for entrepreneurs who do not fall under any of the designated categories, making 30 finalists in all.
She, however, intimated that a chance will be given to some 5 finalists from the last season who were asked to better their ideas hence couldn’t make it to the top 10 finalists. These 5 would gain an automatic qualification into the 30 finalist for this season to compete again for the top 10, according to her.
The top 30 finalists, Abigail continued, will be drilled down to 10 through a competitive assessment process, and the 10 will pitch their ideas before the president at the grand finale.
GHC 3 million has been provisioned for the 30 finalists, and participants will be awarded cash according to the position they place; the ultimate winner will receive GHC 250,000.
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