The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has introduced its innovative “SMEDAN Speed Pitch” initiative. This business pitch competition aims to elevate financial literacy and offer small businesses a platform to secure funds for expansion and development.
Participants in the “SMEDAN Speed Pitch” will undergo comprehensive training, equipping them with the skills to craft and present compelling business propositions. These pitches will showcase the uniqueness, viability, and growth potential of their enterprises, paving the way for potential private investments both locally and internationally.
Scheduled for May 1, 2024, the inaugural edition of the competition will take place at the Eko Convention Center in Lagos. The event is a highlight of an entrepreneurship series spearheaded by Engr. Jennifer Adighije, the Senior Special Assistant to the President on Entrepreneurship and Innovation/Digital Economy.
SMEDAN’s Director-General, Charles Odii, stated that the “SMEDAN Speed Pitch” aligns with the agency’s ‘GROW Nigerian’ strategy. This strategy aims to bolster local production by empowering SMEs with essential financial and non-financial resources. These include market access, knowledge sharing, mentorship, and vital tools, ensuring sustainable growth and widespread economic prosperity.
For eligibility in the maiden edition, businesses should be female-led, officially registered, and operational for a minimum of three years. Interested entrepreneurs who meet these criteria must submit their applications by April 27, 2024.
Following the application phase, shortlisted candidates will face a selection test. The top five performers will earn the opportunity to showcase their pitches live at the Lagos main event. The winner will secure a grand prize of one million naira, earmarked for workforce enhancement, procurement of work tools, and business expansion. Additionally, the runners-up will be awarded N300,000 and N200,000, respectively, with complimentary business development support.
