GH¢3 million business pitch launched to unearth potential of students

The Ministry of Business Development has launched a GH¢3-million Campus Business Pitch initiative to unearth the entrepreneurial potential of university students across the country.

Under the initiative, students will be encouraged to pitch their business ideas before a panel of judges and those with the best ideas will be selected.

The eventual winners will have their businesses funded and their capacity built in line with best practices.

The initiative was launched at the University of Ghana Business School in Accra yesterday on the theme: “Nurturing tomorrow’s business giants today”.

It was attended by some Ministers of State, stakeholders in the business sector and students.

Developing ideas

The Minister of Business Development, Dr Ibrahim Mohammed Awal, said many students in the country’s universities had business ideas which, when developed, could have a positive impact on society.

He, however, noted that due to some challenges, those students had to abandon their entrepreneurial skills to become job seekers, instead of job creators.

The minister explained that it was to curb such predicaments of students that the government deemed it necessary to launch the initiative to support them to realise their dreams.

“Most business ideas were developed in schools; Bill Gates, Mack Zuckerberg and many others nurtured their business plans while in school.

This shows that it is possible for university students, irrespective of their schools and backgrounds, to also develop concepts with a global outlook to provide solutions for problems,” Dr Awal added.

Female participation

The minister encouraged female students to take advantage of the opportunity provided, adding that “ladies have turned out to be the most successful business owners across the globe.

It’s possible you may slip, but don’t give up because the most important persons in this life are those who persist”.

He expressed optimism that after the competition, two students would be selected from each university in Ghana to benefit from the initiative.

Angel investors

The Deputy Minister of Education in charge of Basic and Secondary Education, Dr Yaw Osei Adutwum, said most business plans needed the help of angel investors to support and finance those ideas.

He said the initiative was, therefore, an effort by the government to serve as the angel investor to provide opportunities for more young graduates to crystalise their businesses into viable ventures to help create more jobs in the country.

He said universities played significant roles in the social and economic transformation of a country, adding that the world had advanced into a knowledge economy where education was no longer part of a development pillar but offered hope to people.

“If we want to transform ourselves, it can never happen without education; this is where entrepreneurs are developed and this is where business plans are created,” Dr Adutwum said.