The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has introduced a new initiative called the “SMEDAN Speed Pitch,” a business pitch competition aimed at promoting financial literacy and offering opportunities for women-led enterprises to access funding for growth.
According to a statement by the agency’s management, participants will receive training and assistance to develop and articulate their business innovations, viability, and potential for unlocking opportunities, including private investments, both locally and globally.
The inaugural edition of the pitch competition is scheduled to take place on May 1, 2024, at the Eko Convention Center in Lagos as part of the NSME Engagement Series, hosted by Engr. Jennifer Adighije, the Senior Special Assistant to the President on Entrepreneurship and Innovation/Digital Economy.
Commenting on the initiative, Charles Odii, the Director-General of SMEDAN, stated that it is aligned with SMEDAN’s ‘GROW Nigerian’ strategy, which aims to bolster local production by providing SMEs with financial and non-financial resources, such as markets, knowledge, mentorship, and tools, to foster sustainable growth and spread prosperity.
To participate in the inaugural edition, businesses must be female-owned, registered, and operational for at least three years. Applications will be open from April 24 to April 27.
Shortlisted applicants will undergo an assessment to identify the top five performers, who will then have the opportunity to present their pitch at the main event in Lagos. The winner will receive a prize of one million naira to support the workforce, procure work tools, and expand their business. Runners-up will receive 300k and 200k, respectively, and free Business Development support, as outlined in the statement.
