Government Plans to Adopt 'Shark Tank' Investment Structure for Enhancing Ghanaian Tech Businesses through Pitch Competitions
Ghana's Digital Tech Development Fund is set to revolutionise the startup landscape with the introduction of a "Shark Tank"-style pitching model. This innovative approach aims to bridge the gap between Ghanaian tech founders with strong technical ideas and business expertise to scale[1].
The model, which is designed to foster a sustainable ecosystem for innovation and growth in Ghana's tech industry, will be developed using lessons from local initiatives like the Ghana Fintech Awards and global startup competitions[2]. The Ministry of Communication, Digital Technology, and Innovations, in collaboration with KPMG, will leverage their respective expertise to create this compelling platform[1].
The primary objective of the "Shark Tank" model is to encourage entrepreneurial innovation by enabling startups to present their business ideas and gain visibility[1]. It also aims to facilitate direct investment and mentorship opportunities from experienced investors[1]. By promoting a culture of competitive entrepreneurship, the model drives startups to refine their business models and pitching skills[1].
For the future development of this initiative, the Ministry plans to institutionalise this pitching framework as a recurring event or structure within the digital innovation ecosystem[1]. They also intend to expand the program to include more startups and a broader range of investors to scale impact nationally[1]. The model will form part of a broader strategy to fuel digital innovation and economic development through public-private collaborations and funding mechanisms[1].
This move aligns with a broader trend of governments worldwide leveraging such digital pitching models to transform startup funding and support frameworks[3]. The model leverages competitive pitching combined with investor evaluation to rapidly channel resources and knowledge to promising startups[3].
Advisory firms, including KPMG, will select promising startups to support with strategic and business development services[1]. The goal is to create a sustainable ecosystem where innovators focus on product development while advisors guide growth and scale[1]. The Global Tech Innovator competition aligns with the Ministry's vision for the "Shark Tank" model[1].
In essence, the Digital Tech Development Fund's Shark Tank-style model supports startups by providing a competitive, investor-focused pitching platform intended to boost funding opportunities and accelerate growth[1]. With future plans to scale and formalise this approach within the country’s tech innovation strategy, Ghana is positioning itself as a hub for tech startups in West Africa[1].
[1] Source: Ghana's Digital Tech Development Fund Press Release, 2022 [2] Source: Ghana Fintech Awards Website, 2022 [3] Source: World Bank Report on Global Startup Ecosystems, 2021
Technology and finance will play crucial roles in the development of Ghana's tech industry, as the Digital Tech Development Fund's "Shark Tank"-style model aims to attract investments from experienced investors. The model, which encourages entrepreneurial innovation and fosters competitive entrepreneurship, also includes education and self-development opportunities, with advisory firms like KPMG providing strategic and business development services to the selected startups.
