The Economic Community of West African States (ECOWAS) Commission has announced a $65,000 cash prize for the top three winners of its second ECOWAS Startup Awards, as it seeks to strengthen innovation, digital transformation and market access across the region.
The Commission’s Acting Director, Private Sector and Industry, Peter Oluonye, disclosed this at a press briefing on Monday in Abuja.
He said the initiative would bring together 60 startups from ECOWAS member states, adding that over 6,000 startups from the region have so far applied.
According to him, the winner will receive $30,000, while the first and second runners-up will receive $20,000 and $15,000 respectively. The theme of the second edition is: “Scaling West African Startups for Digital Transformation, Regional Integration and Sustainable Value Chain Ecosystem Development to Drive Market Access.”
He said the awards were designed to provide a platform for promising West African startups to scale their businesses, attract investment and contribute to regional integration and sustainable value-chain development.
The acting Director explained that beyond the cash prizes, participants will benefit from a six-month acceleration programme, capacity building and mentorship, regional visibility, access to investors and networking opportunities, while the programme will also feature startup clinics, pitch competitions, exhibitions, investor deal rooms, policy dialogues and post-award acceleration support.
He said the competition would focus on six priority sectors: EdTech and Skills Development, FinTech, HealthTech, AgriTech and Food Systems, CleanTech, Climate and Green Innovation, as well as Tourism, Hospitality and TravelTech.
“We want to support participating startups to navigate the early stages of the business life cycle and help them scale into the growth stage. It is at this stage that they become properly organised, create jobs, add value to the economy and contribute to growth and development. The ECOWAS Startup Award is a statutory programme mandated by the Authority of Heads of State and Government.
