The Economic Community of West African States has disclosed that more than 6,000 startups across the sub-region have applied for the second edition of the ECOWAS Startups Award, with only 60 to be selected for the programme.

The ECOWAS Commission also said the selected startups would undergo a five-day masterclass, after which 20 finalists would emerge to compete for the top three positions at the award ceremony.

The Acting Director, Private Sector and Industry, ECOWAS Commission, Oluonye Peter, disclosed this on Monday during a press briefing in Abuja, where he added that the top three winners would receive seed capital of “$30,000, $20,000 and $15,000” respectively.

He said the award was designed to help startups overcome the challenges associated with the early stages of business development, including limited managerial capacity, access to finance, market access and regulatory compliance.

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

He explained that although many startups had innovative products capable of disrupting existing systems, they often struggled to commercialise their solutions because of inadequate managerial capacity and limited access to professional services.

“They have innovated to address unique and specific solutions that ordinarily have breakthroughs or disruption in the system, but they cannot take their products to the market because they have little market preparation,” he said.

According to him, the programme would not end with the presentation of prizes, as the commission intended to accompany the winners through an accelerator programme to ensure that they developed into sustainable businesses.

“We have realised that it’s not just enough to hand over a cheque to the winner. 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 said.

He said, “The commission planned to select 60 startups from the more than 6,000 applications received since the application portal opened on August 3”.

Peter added that the selected startups would receive training in business management, capacity building and other areas aimed at helping them transition from the early stages of their business life cycle into the growth stage.

The award, according to him, would also provide opportunities for startups to connect with venture capitalists, impact investors, development partners and financial institutions.

Peter said the programme would focus on FinTech, HealthTech, AgriTech and Food Systems, EdTech and Skills Development, CleanTech, Climate and Green Innovation, and Tourism, Hospitality and Travel Tech.

He added that the sectors were selected because they aligned with the region’s economic potential, ECOWAS industrial policy and the interests of young people.

He also said that the programme would promote digital entrepreneurship, regional integration, job creation and sustainable value-chain development.

The Director-General, Pan African Alliance for Small and Medium Scale Enterprises, Henry Emejuo, said the programme would go beyond recognising successful startups to building their capacity and connecting them to opportunities across the region.

Emejuo said, “ECOWAS is an important tool for economic integration. If you may remember, the core mandate of the ECOWAS Commission is to drive economic integration among member states.”

He commended the commission for institutionalising the award, describing it as more than an award because it would provide an opportunity to assess and strengthen the capacity of startups across the region.

According to him, the implementation would be carried out in three phases: the masterclass, pitching competition and award ceremony.

He said Independent assessors would screen the more than 6,000 applicants and select 60 startups, which would subsequently be reduced to 20 finalists.

“These 20 are going to pitch live at the event, at a fiscal event,” Emejuo said.

He said the selected startups would also participate in an accelerator programme for six months after the award to strengthen their businesses and improve their contribution to economic growth and employment generation.

Emejuo urged startups in ECOWAS member states to take advantage of the programme, while calling on development partners, financial institutions and private-sector organisations to support the initiative.

The second ECOWAS Startups Award is organised by the ECOWAS Commission in partnership with the Pan African Alliance of Small and Medium Industries and the Investment Promotion Agencies of West African states; it is scheduled for September 21 to 30, 2026.

The programme is expected to bring together 300 participants, including 60 startups, 12 technology hubs and accelerators, investors, policymakers, industry leaders and development partners.

The Inaugural edition was held in Niamey, Niger Republic, from November 18 to 20, 2021, attracting 55 startups from 11 member states. Following its success, the Authority of ECOWAS Heads of State and Government directed that the award be institutionalised as an annual programme. (The PUNCH)

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