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.
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.
According to a statement by Peter Adeshina, Special Adviser on Media to the Director-General of SMEDAN, 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.
“To participate in the first edition, businesses must be female-owned, registered, and in operation for at least three years. Applications open on April 24 and close 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. The winner will receive a prize of one million naira for workforce support, procurement of work tools, and business expansion. Runners-up will receive 300k and 200k respectively, along with free Business Development support,” the statement said.
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.
The competition is exclusively open to female-owned businesses that have been registered and operational for at least three years. Shortlisted applicants will undergo a selection process to determine the top five performers who will have the opportunity to present their pitches at the main event in Lagos.
SMEDAN asked applicants to “upload a three-minute video pitch to social media, introduce yourself in the video, showcase your product/service and the problem it solves, and make a case for why you should be enlisted“.
Again, the Agency also said applicants should follow and Tag SMEDAN’s official pages (@smedaninfo). “Use the hashtag #SMEDANSpeedPitch” as the application closes on April 26, 2024.
The winner will receive a prize of ₦1,000,000 to support their workforce, procure work tools, and expand their business. Runners-up will be awarded ₦300,000 and ₦200,000 respectively, in addition to complimentary Business Development support.
