develoPPP Ventures opens application for Idea Competition, winners get up to €100,000
develoPPP Ventures Ghana, a catalyst for change for local impact driven businesses, has opened applications for its Idea Competition, an initiative for Ghana’s innovative startups to scale up and positively impact local communities.
Selected companies can obtain up to €100,000 in grant funding to scale their innovations.
A press release issued by develoPPP Ventures Ghana, copied to the Ghana News Agency, said the initial selection would be based on idea competitions, leading to a pitch event.
Successful companies would undergo due diligence before a contract is concluded, and funds are disbursed.
“This time, the initiative targets young, dynamic growth-stage companies in Ghana with innovative business models aimed at positively impacting local communities and ready for scaling,” it said.
“Special emphasis is placed on women-led startups and those promoting gender equality, aligning with the 2X Challenge criteria.”
By applying to develoPPP Ventures Ghana, eligible businesses could benefit in many ways including visibility, where they could tap into the extensive network and expertise of the matching-fund and its partners.
They would also receive tailored support to maximise their chances of success.
Through annual and bi-annual calls for applications in Ghana, Kenya, Nigeria, and Tanzania, develoPPP Ventures welcomes all startups that meet the eligibility criteria.
The release said prospective participants were required to be registered in Ghana or plan to do so before receiving investment, with at least one annual financial statement provided.
They must showcase a viable business model with a relevant product or service already on the market, generating initial revenues (proof-of-concept).
Applicants must also provide evidence of commitment or investment from other investors equalling the amount of the grant financing (€100,000 in this case).
They must submit, by March 31, 2024, a sound financial and strategic business plans covering a three-year period, outlining how the funds would be utilised for growth and achieving break-even.
The applicant’s business model should demonstrate significant development relevance, scalability, and contribute to achieving the Sustainable Development Goals (SDGs).
“To participate, interested companies should visit this website for detailed participation conditions and application submission,” the release said.
develoPPP is a funding scheme of the German Federal Ministry for Economic Cooperation and Development (BMZ).
It is aimed at companies that want to invest sustainably in a developing or emerging country and expand their local operations.
Prerequisites for support are a long-term business interest in the country and a sustainable developmental benefit for the local people.
The scheme offers customised funding opportunities for already well-established companies as well as aspiring start-ups.
Source: GNA