Nigeria's Hubpharm Africa and services has emerged as the winner of the second edition of the Economic Community of West African Startup awards. The company, led by its Co-founder and CEO, Tope Kareem, won the top prize of $30,000. The award was announced after a rigorous selection process that saw 60 startups chosen from around 1,500 entries.
The ECOWAS Commission also announced the launch of its private sector academy, aimed at providing necessary information and teachings for emerging entrepreneurs in the sub-region. The academy is expected to support startups in the region, providing them with the skills and knowledge needed to succeed. This move is part of ECOWAS' efforts to promote entrepreneurship and economic growth in the region.
A total of five startups made it to the final round of the competition, representing six strategic sectors: EdTech, FinTech, HealthTech, AgriTech and Food Systems, CleanTech and Green Innovation, and Tourism/Hospitality. The finalists included Senegalese Startup, Gaynako, which came in as the first runner-up, taking home $20,000 in prize money. Cote d'Ivoire's myOpinion came in as the second runner-up, winning $15,000.
The ECOWAS Commissioner for Economic Affairs and Agriculture, Dehpue Yenpea Zuo, has disclosed plans to propose an increase in the first prize to $50,000. According to Zuo, the increase is aimed at making the award more attractive and competitive. He also revealed that the startup awards would now be an annual event, with the first edition held in 2021.
Zuo urged the participants to see themselves as leaders who have decided to change and impact the community and the entire globe. He also reminded them of the Dangote who started very small but is now a global figure. The Commissioner added that the 60 participants would receive post-event support, including a six-month acceleration programme, mentorship, investor access, and entry into the ECOWAS Private Sector Development Academy.
The winners of the startup award were selected based on their innovative ideas and potential for growth. Hubpharm's win is a testament to the innovative spirit of Nigerian entrepreneurs. The company is expected to use the prize money to further develop its business and create more jobs.
The ECOWAS startup award is part of the region's efforts to promote entrepreneurship and economic growth. The award is expected to inspire more young people to start their own businesses, creating jobs and contributing to the region's economic development. The region is home to a growing number of startups, and the award is seen as a way to encourage innovation and entrepreneurship.
Key points
- Hubpharm Africa and services won the ECOWAS startup award, taking home $30,000 in prize money.
- The ECOWAS Commission launched its private sector academy to support emerging entrepreneurs in the region.
- The startup awards are now an annual event, with plans to increase the first prize to $50,000.
