The inaugural edition of the Speed Pitch Competition, hosted by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), proved to be a groundbreaking event for women entrepreneurs in Nigeria. Held at the prestigious Eko Convention Center in Lagos on Wednesday, May 1, 2024, the competition showcased the entrepreneurial prowess of female business owners while providing them with vital funding and mentorship opportunities.
Under the visionary leadership of Charles Odii, the Director-General of SMEDAN, the competition aimed to bolster the financial literacy of women entrepreneurs and equip them with essential skills in business organization and marketing. This initiative underscored SMEDAN’s commitment to fostering a thriving ecosystem for small and medium-sized enterprises (SMEs) in Nigeria.
Five exceptional women-led businesses were selected to pitch their ventures to a captivated audience of over 1,800 fellow entrepreneurs. Each participant eloquently presented their business models and growth strategies, vying for a share of the substantial funding pool.
Following rigorous evaluation by a distinguished panel of judges representing both the private and public sectors, Kanyinsola Demola-Seriki of Shea Tribe emerged as the deserving winner, securing one million naira in funding for her business.
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Ogunkoya Goodness Adeola of Eco-Haven claimed the second position, while Ahmod Mistura of Jumish ICT Services clinched the third spot, receiving 500,000 naira and 250,000 naira respectively in grants. Additionally, Eccentric Menswear and Ayosifam Integrated Service each received 150,000 naira in recognition of their promising ventures.
Participants lauded the event as a transformative experience, praising SMEDAN’s dedication to enhancing access to finance and fostering entrepreneurial excellence. Charles Odii reiterated SMEDAN’s commitment to extending the reach of the competition to other states, thereby amplifying opportunities for SMEs nationwide.
In addition to the Speed Pitch Competition, SMEDAN announced plans to conduct masterclasses tailored to empower SMEs in structuring and pitching their businesses effectively. These initiatives align with SMEDAN’s overarching mission to equip SMEs with the knowledge, mentorship, and resources necessary for sustainable growth.
Furthermore, SMEDAN highlighted its array of empowerment programs, including the establishment of common facility centers aimed at reducing production costs and facilitating access to modern tools. Recognizing the pivotal role of SMEs in driving economic growth, SMEDAN reaffirmed its commitment to supporting local production and facilitating exports across various sectors.
As SMEs continue to navigate challenges and seize opportunities in Nigeria’s dynamic business landscape, initiatives like the Speed Pitch Competition serve as catalysts for innovation, growth, and economic empowerment. Entrepreneurs are encouraged to engage with SMEDAN’s initiatives and follow their social media platforms for updates on future events geared towards fostering the growth of Nigerian businesses.
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