The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has awarded five outstanding women entrepreneurs with a fantastic business pitch and a N2.05 m grant.
The grant presentation occurred at SMEDAN’s first edition of its Speed Pitch Competition at the Eko Convention Center in Lagos. The pitch was given in front of a large audience of about 1,800 women entrepreneurs and panels of judges, including top leaders from the private and public sectors.
The business pitch showcases why the business is worthy of the grant, showcasing its growth and managerial plan. However, about N1.5m of the grant was awarded by SMEDAN, and N550,000 was raised from donations by sponsors and individuals who graced the event.
The SMEDAN grant aims to promote and encourage women entrepreneurs to develop innovative and profitable business ideas that will enhance the Nigerian economy and enable self-employment.
The grant winners were judged based on quality, including storytelling and business potential. Kanyinsola Demola-Seriki of Shea Tribe came first and was awarded one million naira to execute her business plan.
Ogunkoya Goodness Adeola of Eco-Haven, an eco-friendly waste management company, received 500,000 naira for second place, while Ahmod Mistura of Jumish ICT Services won 250,000 for third place.
The remaining two participants received Eccentric Menswear and Ayosifam Integrated Service, each receiving a sum of 150,000 naira.
According to Charles Odii, the Director-General of SMEDAN, the initiative is to improve financial literacy on women-owned businesses and provide a framework for the marketing structure to make their business attract funding.
He said, “SMEDAN will organize masterclasses for SMEs on structuring and pitching their businesses. This will involve some of the most successful founders and business managers.
“The goal is to ensure that SMEs gain access to knowledge and mentorship to maximize other resources and support we will provide, including finance and tools.”
He said President Bolu Ahmed Timubu’s administration has the interest of SME businesses at heart and encourages SMEs to follow their X account (@smedangov) for information about upcoming activities.
