The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has announced a new initiative, the ‘SMEDAN Speed Pitch’, a business pitch competition designed to enhance financial literacy and provide small businesses with oppourtunities to access funds for growth.
Participants will receive training and support to develop and clearly articulate unique business innovations, viability and potential to unlock oppourtunities, including private investments in the country and across the globe.
The first edition of the pitch competition will take place on May 1, 2024, at the Eko Convention Center in Lagos as part of the NSME engagement series hosted by the Senior Special Assistant to the President on Entrepreneurship and Innovation/Digital Economy, Jennifer Adighije.
The Director General of SMEDAN, Charles Odii, said this initiative is part of SMEDAN’s ‘Grow Nigerian’ strategy which focuses on boosting local production by providing SMEs with financial and non-financial resources.
To participate, businesses must be female-owned, registered, and in operation for at least three years. Applications open on April 24 and close on April 27. Shortlisted applicants will undergo a test to determine the top five performers who will get the chance to present their pitch at the main event in Lagos. The winner will receive a prize of one million naira for workforce support, procurement of work tools, and business expansion. Runners-up will receive N300,000 and N200,000 respectively, along with free business development support.
Applicants are expected to upload a three-minute video pitch to social media, introduce themselves, showcase their products/service and make a case for why they should be enlisted. They should follow and tag SMEDAN’s official pages at @smedaninfo, using the hashtag #SMEDANSpeedPitch.