The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced a new initiative called “SMEDAN Speed Pitch,” a business pitch competition designed to empower female entrepreneurs.
This program aims to address two key challenges for female-owned businesses: financial literacy and access to funding. Participants will receive training and support to refine their pitches, highlighting the innovation, viability, and growth potential of their ventures. This could unlock access to private investments not only domestically but also internationally.
The first edition of SMEDAN Speed Pitch will be held on May 1st at the Eko Convention Center in Lagos. It aligns with SMEDAN’s “GROW Nigerian” strategy, which focuses on boosting local production by equipping SMEs with various resources like market access, knowledge, mentorship, and tools to achieve sustainable growth and contribute to national prosperity.
Eligibility and Prizes:
- The competition is open to registered, female-owned businesses that have been operational for at least three years.
- Applications are open from April 24th to April 27th.
- Shortlisted applicants will take a test to determine the top five finalists who will pitch their businesses at the main event.
- The winner will receive a one-million-naira prize to support workforce development, procure work tools, and expand their business.
- Runners-up will receive 300,000 and 200,000 naira respectively, along with free business development support.
How to Apply:
Applicants can participate by uploading a three-minute video pitch to social media platforms. The video should introduce the entrepreneur, showcase their product or service and the problem it solves, and convince the audience why their business deserves to be chosen.
Selection Criteria:
- Applicants will be judged based on the clarity of their vision and concept, understanding of their target audience, unique selling proposition (USP), short-term and long-term goals, and how they plan to utilize the prize money.
- The judging panel will also consider the clarity, market potential, innovation, differentiation, and presentation skills of each pitch.
For more information on application criteria and the competition itself, visit SMEDAN’s official social media pages (@smedaninfo), and don’t forget to use the hashtag #SMEDANSpeedPitch. Remember, the application deadline is April 27th!
