The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has introduced a business pitch competition called ‘SMEDAN Speed Pitch’.

In a statement, SMEDAN’s director-general, Charles Odii, said the initiative was designed to enhance financial literacy and provide small businesses with opportunities to access funds for growth.

Mr Odii said the participants would receive training and support to develop and clearly articulate unique business innovations, viability, and potential to unlock opportunities.

According to him, this will include private investments in the country and across the globe.

He said the first edition of the pitch competition would take place on May 1 at the Eko Convention Center in Lagos as part of the Nano Micro Small and Medium Enterprises(NMSME) Engagement Series.

Mr Odii said that businesses must be female-owned, registered, and operated for at least three years to participate in the first edition.

He said, “Applications will open on April 24 and close on April 27. Shortlisted applicants will undergo a test to determine the top five performers who will get the chance to present their pitch at the main event in Lagos.

“The winner will receive a prize of one million naira for workforce support, procurement of work tools, and business expansion. Runners-up will receive N300,000 and N200,000, respectively, along with free Business Development support.”

On how to apply, the director-general urged applicants to upload a three-minute video pitch to social media.

Mr Odii said, “Iintroduce yourself in the video and showcase your product/service and the problem it solves, and make a case for why you should be enlisted. Follow and Tag SMEDAN’s official pages (@smedaninfo, use the hashtag #SMEDANSpeedPitch), and remember that application deadline is April 27.

“For pitch criteria, you must possess clear vision and concept, understanding of target audience, unique selling proposition (USP), short-term and long-term goals and utilisation of the prize (money). The judging criteria will include, clarity, market potential, innovation and differentiation and presentation skills.”

(NAN)