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.

According to him, applications for the awards opened on August 3 and would close on August 31, while a virtual masterclass is scheduled for September 21 to 25, ahead of the physical event scheduled for September 28 to 30 at the New ECOWAS Commission, Abuja.

“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.

“We will support these startups with managerial capacity, access to investment funds, market opportunities and training in startup management to lead them into the growth stage. We are not organising this programme simply to hand out awards and leave the winners. We have realised that it is not enough to hand over a cheque to a winner; we want to accompany the winner to the point where the startup becomes a success story and can be showcased as an inspiration to young people. Specifically, we want to activate and strengthen the ecosystem for innovation and build integrated value chains that support industrialisation in high-impact, technology-led sectors across ECOWAS.

“Beyond the financial support, we want to promote cross-border partnerships among the startups because one startup may have what another requires. We want to build a networked system where these startups can share markets, experiences and capacity, create value and supply chains, and promote digital entrepreneurship across the region. Most importantly, we want to celebrate outstanding innovation and startup projects while creating opportunities for young entrepreneurs, particularly women, youth and persons with disabilities, to showcase their ideas, products and solutions,” he said.

Also, the Director-General, Pan African Alliance of Small and Medium Industries (PAOSMI), Dr Henry Emejuo, stressed the need for stronger collaboration among governments, investors, development partners and private-sector stakeholders to create an enabling environment for startups to thrive, while the Director of Policy Advocacy, Nigerian Investment Promotion Commission (NIPC), Abayomi Salami, highlighted the importance of investment promotion, access to finance and market opportunities in helping emerging businesses scale and compete beyond their home countries.