5 SMEs receive $25,000 seed capital

The Design and Technology Institute (DTI) has awarded a total seed capital of $25,000 to five small and medium enterprise (SMEs) groups to support their business ideas under the pre-accelerator programme.

The support was awarded on the basis of performance in the Community Innovative Project Programme.

The five were finalists selected from a shortlist of 15 teams that went through a six-month training in problem identification, research, ideation and prototype development from December 15, 2021.

The finalists had the most innovative ideas with the potential to scale and create sustainable jobs.

The competition forms part of DTI’s three-year partnership with the Mastercard Foundation under the Young Africa Works “Transforming youth TVET livelihoods for sustainable jobs” project.

The Community Innovation Project seeks to build a portfolio of innovative start-ups who will be incubated and supported with seed capital, business development services, access to market, and a makerspace to grow their innovations from ideation into sustainable businesses.

The project will provide 40,000 direct and indirect work opportunities for the youth in the country.

Prizes

Each group took turns to pitch their business ideas and showcase prototypes of their interventions to a panel of five judges from industry and academia.

The overall winner, Master Kraft, which developed a multi-purpose wheelchair for the aged and the physically challenged, received US$10,000, while the first runner-up, Tom SB, which developed a burglar proof security system, received $7,000.

The second runner-up, Quickserve, developed a mobile app for supply of welders and digital innovators, and received $5,000 for the effort, while team FIRM-JZ developed a multipurpose ladder trolley to win fourth place and $1,500.

Team Nine Tech, which developed AdvansRule, won fifth place and $1,500.

Competition

The competition is a business pitch and accelerator initiative designed to identify, recognise and support promising student-led enterprises with the potential to scale and create sustainable jobs for the teeming youth.

The event honoured learners with creative and innovative ideas in agriculture, water and sanitation, plastics recycling, e-waste, and other sectors of the economy.

The Founder and Chief Executive Officer (CEO) of the institute, Mrs Constance Swaniker, said the DTI was a TVET centre of excellence where they believed that empowering youth-led SMEs was crucial in driving Ghana’s economic development.

She said it was also geared towards achieving the United Nations Sustainable Development Goals (SDG).

"We are thrilled to be able to provide opportunities for youth-led SMEs to scale up and reach their entrepreneurial potential through our Community Innovation Project, and we look forward to seeing the amount of growth in their business experiences," she said.