Government Considering Shark Tank-style Pitch Event to Bolster Ghanaian Technology Entrepreneurs
Ghana's Ministry of Communication, Digital Technology, and Innovations has announced a new initiative to boost the country's startup ecosystem. The Digital Tech Development Fund, a new government initiative, will employ a "Shark Tank"-style pitching model to support startups by enabling them to present their business ideas directly to a panel of investors and experts.
This innovative approach aims to provide startups with much-needed funding and business advisory support, which are crucial for scaling and sustainability. The model intends to create a sustainable ecosystem by offering startups access to capital, mentorship from seasoned investors, competitive pitching opportunities, and connections with potential partners or clients.
The pitching model also encourages investor syndicates or groups to co-invest, amplifying financial backing and spreading risk. This strategy is designed to catalyze early-stage investment, build communities of entrepreneurs and investors, and support the growth of tech startups in Ghana and potentially the broader African region.
The Ministry has partnered with KPMG, a leading global advisory firm, to support promising startups. KPMG will select startups to support with strategic and business development services, bridging the gap between technical expertise and business expertise for these founders.
Andrew Akoto, Country Managing Partner at KPMG Ghana, has expressed his agreement that this vision aligns with the Global Tech Innovator competition, another initiative by the Ministry to support startups in the digital technology sector. KPMG Ghana is already involved in the Global Tech Innovator competition.
The ultimate goal of this model is to help startups grow and scale their businesses sustainably. The Ministry and KPMG plan to co-develop the "Shark Tank"-style pitching model, looking to lessons from local initiatives like the Ghana Fintech Awards and global startup competitions in its development.
This wider trend across Africa sees similar pitching events and funds being used to engage investors and entrepreneurs, fostering vibrant startup ecosystems. The Ghanaian Ministry's vision is to establish a Ghanaian version of "Shark Tank," creating a sustainable ecosystem for innovators to focus on product development while advisors guide growth and scale.
Hon. Samuel Nartey George, Minister for Communication, Digital Tech & Innovations, has expressed this vision. The competitive format will allow startups to pitch their ideas to advisory firms like KPMG, moving beyond grants and focusing on building investor-ready startups. The goal is to create a more robust pipeline of startups that are ready for investment.
This approach is part of the Digital Tech Development Fund, which aims to aid startups in securing funding and advisory support. The Ministry's vision is to help Ghanaian tech founders with strong technical ideas but lacking business expertise to scale their startups sustainably.
- The Digital Tech Development Fund, in collaboration with KPMG, intends to equip startups in Ghana's business sector with funding, mentorship, and connections, drawing inspiration from local initiatives like the Ghana Fintech Awards and global startup competitions, with a focus on product development and sustainable growth.
- As part of the Digital Tech Development Fund, startups in the realm of education-and-self-development, finance, or technology will have the opportunity to showcase their business ideas to a panel of investors and experts, with the hope of securing financial backing, strategic and business development services, and access to potential partners or clients, ultimately aiming to create a Ghanaian version of "Shark Tank" that fosters a sustainable ecosystem for local innovators.
