Xodus Foundation has set aside some GHC30,000 grant to be given to some startups and small businesses that are struggling amidst the Covid-19 pandemic.
According to the Executive Director of Xodus Communications Limited, Richard Abbey Junior, the initiative dubbed ‘The Pitch’, is to serve as a social change maker by providing technical and financial support to a selected number of entrepreneurs in Ghana, to help them grow and scale up their businesses into profitable ventures.
He said the competition will help inform the Ghanaian public about the importance of entrepreneurship as a tool for post-covid-19 economic recovery.
“This is indeed a dream come true. I believe this will help showcase some young entrepreneurs leading the way in Ghana through innovation of new products and services”, he said.
The Approach
The Pitch is a 3-month-long entrepreneurship competition that will be hosted once a year from October to March. The approach is to identify, screen, select and support any entrepreneur with a unique value proposition for the Ghanaian market. This proposition must have the highest growth potential with great social impact, in line with the Sustainable Development Goals (SDGs).
Mentorship Drive
Selected finalists will be given a full-day training on how to effectively package their businesses to attract the needed capital or investment for growth. Topics such as marketing, branding, international market entry, bookkeeping, accounting, working capital management, strategic planning, innovation, business plan development, and company valuation will be taught at the mentorship programme to equip the young entrepreneurs with the requisite skills for enterprise development.
Over the long term, the five finalists will receive technical assistance from mentors and coaches for 12 months to help in managing and growing their businesses effectively through innovation. This will be fully funded by the Pitch initiators and partners.
Funding support and accessibility
The final participants will have the opportunity to bid for the grand prize of GHC30,000 through voting (at no cost) by the Ghanaian public. This will constitute 50%, while the verdict of the jury will constitute 50% to determine the ultimate winner via a live show to be telecast on all approved social media channels.
The winner, first runner-up, and second runner-up will have the additional opportunity to pitch their businesses to private equity funds, venture capital funds, angel investors, and other institutional investors that the PITCH has identified as strategic partners for the competition.
Eligibility
Contestant Must:
Be an entrepreneur
Be a citizen of Ghana or resident in Ghana
Be between 20 and 40 years of age
Have a legally registered business
Have a business that is operating for at least 12 months with a minimum turnover of GHC50,000
Run a venture that has a Bank Account
Run a venture that has a functional website
Be an entrepreneur with majority shares of at least 51% in the venture, in case the venture is owned by more than one party
Must submit a copy of National ID Card as proof of identity and age
Assessment Criteria
The following criterion shall guide the overall assessment, rating, and declaration of the Winner for the PITCH
– Commercial Viability of Venture – (30%). This refers to revenue size, number of customers or clients, number of employees, profit margin, the growth rate of the venture, pending contracts secured, jobs created etc.
– Style and Quality of Presentation – (20%). Organization, logic, financial analysis etc.
– Votes from the Public – (25%). The public viewers will vote to have a say in the process of selecting the winner of the competition.
– Votes from the Jury – (25%). The jury will vote to constitute 25% of the overall marks for assessing the winner of the competition.
The above criteria shall apply for each elimination stage of the competition until the grand finale, when the ultimate winner shall be announced.
Thematic Areas
The competition is open to young entrepreneurs operating ventures in any of the following sectors:
Service
Technology
Manufacturing
Food & Beverage
Education
Agriculture & Agro-processing
Health & Pharmaceuticals
Telecoms and Mobile
Others
Stages
The stages of PITCH are detailed below:
Online Application
Interview
Selection
Presentation to Jury
Grand Finale
Votes Collation and Tally
Awards Ceremony
Contact Details
The founder of the PITCH, Richard Abbey Jnr, can be contacted through the following channels for all partnership or sponsorship requests.
richardabbeyjnr@gmail.com
Phone: +233-244469369.