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Business News of Monday, 26 July 2021

Source: GNA

Five women-owned startups awarded GH¢285,000 seed funding

The funds are to help them scale up their business operations The funds are to help them scale up their business operations

Standard Chartered Women in Technology Incubator programme has awarded GH¢57,000 each in seed funding to five women-led businesses to scale up their business operations.

The five winners are The Autism Ambassadors of Ghana, a social enterprise, Farmhub Limited, an emerging player in the agricultural sector, Pent Ranch, agribusiness enterprise, Sabon Sake, regenerative soil providers and Simpliexpand, a creative agency.

The incubator programme is run in Ghana by Standard Chartered Bank, in partnership with Ashesi University’s Ghana Climate Innovation Centre.

The event held digitally due to COVID-19 restrictions rewarded the five start-ups who had emerged as the winners of a pitch event.

The five were selected out of a shortlist of 14 start-ups that went through a four-month entrepreneurship skills training in the first phase of the programme.

Speaking at the ceremony, Alikem Adadevoh, Head, Legal, Standard Chartered Bank Ghana PLC, said the bank believed that empowering women-owned businesses was crucial in driving Ghana’s economic development and accelerating progress towards achieving the Sustainable Development Goals.

“We are thrilled to be able to provide opportunities for women-led businesses to scale up and reach their entrepreneurial potential through our Women in Technology programme, and we look forward to seeing the amount of growth their businesses experience.”

In addition to the seed funding, the businesses will be receiving portfolio management support over the next 10 weeks, exposure to potential investors looking to support scaling women-led businesses and will also be joining the global SCWIT alumni network where they will have access to additional networking events, resources, content, and business scaling opportunities.

Speaking after the competition, Ruka Sanusi, Executive Director, Ghana Climate Innovation Centre, Ashesi University, stated, “We commend the award winners for their performance. One of the biggest challenges women entrepreneurs face when starting or growing their business is access to finance. We are pleased to partner with Standard Chartered for this programme to address and respond to one of the key structural challenges small and growing businesses face.”