SMEDAN, the Small and Medium Enterprises Development Agency of Nigeria, has introduced a new initiative known as the “SMEDAN Speed Pitch,” with the aim of enhancing financial literacy and facilitating funding access for small businesses.
Charles Odii, Director-General of SMEDAN, clarified that the program forms a part of SMEDAN’s ‘GROW Nigerian’ strategy, which seeks to bolster local production by offering SMEs both financial and non-financial assistance, such as market access, knowledge enrichment, mentorship, and resources for sustainable growth.
As per a statement by Peter Adeshina, Special Adviser on Media to the Director-General of SMEDAN, participants will undergo training to refine and clearly present their unique business innovations, viability, and potential for unlocking opportunities, including private investments, locally and internationally.
“To be eligible for the inaugural edition, businesses must be female-owned, officially registered, and operational for a minimum of three years. Applications open on April 24 and close on April 27.
“Shortlisted candidates will undergo a screening process to identify the top five performers who will have the opportunity to present their pitches at the main event in Lagos. The winner will be awarded a prize of one million naira for workforce support, procurement of work tools, and business expansion. Runners-up will receive 300,000 and 200,000 naira respectively, along with complimentary Business Development support,” the statement outlined.
Scheduled to commence on May 1, 2024, the inaugural edition of the pitch competition is part of the NSME Engagement Series, spearheaded by Jennifer Adighije, the Senior Special Assistant to the President on Entrepreneurship and Innovation/Digital Economy.
The competition exclusively targets female-owned businesses that have been officially registered and operational for a minimum of three years. Shortlisted applicants will go through a selection process to determine the top five performers who will showcase their pitches at the main event in Lagos.
SMEDAN instructed applicants to “upload a three-minute video pitch on social media, introducing themselves, showcasing their product/service and its problem-solving capabilities, and making a case for their inclusion”.
Additionally, the Agency urged applicants to follow and Tag SMEDAN’s official pages (@smedaninfo) and use the hashtag #SMEDANSpeedPitch as the application deadline is April 26, 2024.
The winner will be granted a prize of ₦1,000,000 to support their workforce, procure work tools, and expand their business. Runners-up will receive ₦300,000 and ₦200,000 respectively, along with complimentary Business Development support.