Three organizations have designed a project to reward innovative and successful Ghanaian-owned businesses that are making a positive impact on society.
The organizations behind the project are Kosmos Innovation Centre Ghana, Glovo and Open Value Foundation.
Known as the Impact Entrepreneurship Competition, the project is designed for entrepreneurs and early-stage companies to generate a positive impact in Ghana’s economic, social and/or environmental sectors, and contribute to the sustainable development of the country.
According to a release issued in Accra yesterday, “Over $20,000 in cash prizes and more than $5,000 of in-kind prizes would be awarded to the selected entrepreneurs during the competition.
The winner will receive a grant of $15,000 from Open Value Foundation. Another $10,000 will be awarded to a company working to improve the health and well-being of others, including businesses tackling environmental issues that impact people’s health.
Additionally, the release said, based on the jury’s criteria, any of the live-pitch participants would have the opportunity to receive a package of support, including mentoring, investor-readiness advice, networks and introductions to other sources of funding and opportunities to access products and or services donated by partners and collaborators.
The release said to participate in the competition, “the Ghana registered company must have raised less than $250,000 in funding, have been in operations for two or more years, have a clear for-profit or sustainable business model with the potential to scale up, and the ability to demonstrate positive social impact on rural, low-income, or disadvantaged communities in the country.”
The first stage, the release said would be through online submission of proposals while the second stage will be a physical event where the top eight shortlisted businesses would pitch in person before a panel of judges and investors.
It said the live pitch would be held on` November 4, 2022, in Accra.