Ghana (Regent University College of Science and Technology) Regent University team awarded ¢50K funding in Presidential Pitch competition
A team of students from Regent University College of Science and Technology have emerged the second runner up in the third edition of the Presidential Pitch Competition. They received a seed capital of GHS 50,000. The Presidential Pitch is a business idea competition designed and organized by the Ministry of Business Development of government in partnership with the National Entrepreneurship and Innovation Plan (NEIP) which is aimed at supporting young entrepreneurs with funding to boost their businesses for job creation. Pitching the business idea of an organic weedicide product named ‘Verdant’, the Regent team comprised of Cornelius Nyonator (Management with computing, Level 300), Mohammed Tijani, BSc (Computer Science, Level 200), Theresah Quartey, Level 400 (Human Development and Psychology), and Derrick Ofori, (Management with Computing, Level 100). Participants in the Presidential Pitch competition were shortlisted from over 500 applications from across Ghana, outlining various business proposals. Twenty-three teams were shortlisted from these applications. Shortlisted startup businesses were selected and assessed based on their innovativeness, feasibility, impact, and scalability. In the first round of the competition, the Regent team (Team Verdant), pitched its idea to a panel of judges at the Ministry of Business Development, qualifying as a top 10 finalist. After three rounds of business idea pitching, the team was selected as a top 5 finalist, emerging second runner up, at the grand finale. Present to grace the grand finale, which took place at Mövenpick Ambassador Hotel, was the President of the Republic of Ghana, Nana Addo Danquah Akufo Addo. Speaking on the genesis of the Verdant idea, Cornelius said, “as a team, we all shared a common concern about the negative impact of climate change, caused by the use harmful chemicals in every day products.” “We thought about how we could make a difference with action instead of talking or protesting about how major corporations were poisoning the environment with chemicals”, he added. Adding more details, he said “Verdant is an organic weedicide product that helps control weed population before planting and also provides a better alternative to the harmful effects of inorganic weedicides”, Cornelius said. “We believe we have developed a sustainable alternative solution that would help farmers control weeds in an environmentally friendly way, and reduce harvesting cost.” In his opening address at the grand finale, Dr. Ibrahim Mohammed Awal, shared information on the impact of previous editions of the competition. “Under season one and two, 460 jobs were created by the 20 people we supported, we gave them the money, they had the ideas and implemented it and that created jobs. “Ghana is largely a youthful country with over 60% of the people being below 30 years, the President wants to build confidence in the youth to be business owners.” The Presidential Pitch competition is in line with President Nana Addo Dankwa Akufo-Addo’s vision of assisting young entrepreneurs to incubate their business ideas and improve livelihoods. In his speech at the competition, president Akufo-Addo expressed confidence in the entrepreneurial abilities of youth. “Our young men and women can be a positive source of development when provided with the knowledge and skills they need to contribute in the growth and development of the country,” he said.