SMEDAN, the Small and Medium Enterprises Development Agency of Nigeria, has unveiled a new initiative called “SMEDAN Speed Pitch,” aimed at enhancing financial literacy and facilitating access to funding for small businesses.
Introduction
Charles Odii, Director-General of SMEDAN, explained that the program is part of SMEDAN’s ‘GROW Nigerian’ strategy, designed to strengthen local production by providing SMEs with both financial and non-financial support, including market access, knowledge enhancement, mentorship, and tools for sustainable growth.
Program Details
- Training and Development: Participants will undergo training to develop and clearly articulate their unique business innovations, viability, and potential to unlock opportunities, including private investments, locally and globally.
- Eligibility Criteria: To participate in the first edition, businesses must be female-owned, registered, and in operation for at least three years.
- Application Process: Applications opened on April 24 and closed 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.
- Prizes: The winner will receive a prize of N1million for workforce support, procurement of work tools, and business expansion. Runners-up will receive 300k and 200k respectively, along with free Business Development support.
Inaugural Edition
The inaugural edition of the pitch competition, scheduled to commence on May 1, 2024, is part of the NSME Engagement Series, hosted by Jennifer Adighije, the Senior Special Assistant to the President on Entrepreneurship and Innovation/Digital Economy.
Application Instructions
- Social Media Pitch: SMEDAN asked applicants to upload a three-minute video pitch to social media, introducing themselves, showcasing their product/service and the problem it solves, and making a case for why they should be enlisted.
- Tagging and Hashtags: Applicants should follow and Tag SMEDAN’s official pages (@smedaninfo) and use the hashtag #SMEDANSpeedPitch. The application closed on April 26, 2024.
Conclusion
The SMEDAN Speed Pitch initiative represents a significant opportunity for female-owned businesses to gain exposure, funding, and support for their growth and development.
By empowering small businesses, SMEDAN aims to contribute to the economic advancement and sustainability of Nigeria’s entrepreneurial landscape.