TheCable

Trinitas Foundation, a non-profit organisation, hosted its inaugural pitch competition for Nigerian startups on Monday.

The pitch competition, known as the Trinitas Investment Programme (TIP), is an initiative by the foundation to empower entrepreneurs at the grassroots.

Trinitas Foundation said it will give out an investment capital of N20 million to 10 startups across technology; agriculture; small scale manufacturing; media, entertainment and lifestyle; fashion and beauty; and food sectors.

At the one-day contest, 16 startups were given an opportunity to tout their business practices and growth strategies and compete for funding.

Out of the participants, six female entrepreneurs and four male entrepreneurs will comprise the selected 10 to win N2 million each.

Speaking on the initiative, Ade George, founder and chief executive officer, Trinitas Foundation, said: “What inspired this programme is our drive and passion to provide viable solution to the poverty in our communities.

“Our plan is to empower 10 entrepreneurs in our society with funding, training and the needed resources for their businesses to achieve great things. This will in turn have a significant multiplier effect on the communities these businesses are a part of.”

He noted that the candidates have submitted a detailed business plan that featured how they plan to scale up their business with the funds, for a duration of two years.

“The selected candidates will go through entrepreneurship training, mentorship and guidance from designated tutors in a boot camp powered by Access Bank. The candidates will receive tactical and strategic support through the course of the two years in the actualization of their business goals,” George explained.

“The plan is to make the TIP a continuous seasonal program even as we continue to raise and support more and more entrepreneurs to achieve their dreams and build their businesses.”

In his remarks on the project, Oluwafemi James, Trinitas Foundation’s programme coordinator, said the organisation received over 500 entries, then it shortlisted 16 businesses to participate in the pitch contest.

“We are trying to make everything as transparent as possible. I can assure you there is no nepotism or preferential treatment in the selection process. We are looking at the idea, target market, longevity, strategy, profitability of each business. We will showcase the selected 10 startups,” James added.