Government Considering Employing 'Shark Tank' Approach to Bolster Ghanaian Technology Entrepreneurship
In a significant move to bolster Ghana's tech startup ecosystem, the Digital Tech Development Fund has introduced a "Shark Tank"-inspired pitching model [1]. This innovative approach aims to provide a structured platform for startups to present their business ideas to a panel of potential investors and business advisors, potentially securing funding and expert guidance.
### Empowering Startups through Funding and Mentorship
The primary objective of this model is to provide startups with access to funding, business advisory services, increased visibility, and networking opportunities [1]. By offering a direct pathway to investors, the fund increases the likelihood of securing seed or early-stage capital, a critical challenge for many African tech ventures.
Moreover, the model pairs financial support with business mentorship, enabling startups to refine their business models, strategies, and operations with the help of seasoned advisors. The public pitch format also raises the profile of participating startups, potentially attracting additional investors, partners, and customers.
### Learning from Local and Global Initiatives
Ghana's startup ecosystem is shaped by local experiences, such as the iSmart digital revolution, which emphasises the importance of understanding market needs and user behaviour [2]. Meanwhile, the pitching model itself is inspired by successful international formats, incorporating structured pitching, mentorship integration, and a focus on market viability.
The fund's approach also reflects broader trends in African tech investment, such as the rise of impact investing [2]. This approach ties financial returns to social and environmental outcomes, encouraging startups to develop solutions that address pressing local challenges while remaining commercially viable.
### Adapting the Model for Ghana's Needs
While the "Shark Tank" model is a global template, Ghana's Digital Tech Development Fund is tailoring it to meet the specific needs of African startups. The fund aims to avoid the "glitz" trap seen in other markets, prioritising sustainable growth and measurable impact over on-air deals that may not always translate to real-world success [5].
### Collaboration with KPMG
Key partners in this initiative include KPMG, one of the advisory firms that will select promising startups to support with strategic and business development services [1]. The Digital Tech Development Fund is intended to support Ghanaian startups, with the ultimate goal of fostering innovation and economic growth in the country.
Sources: [1] Ministry of Communication, Digital Technology, and Innovations (2021). Press Release: Ghana Launches 'Shark Tank'-Style Pitching Model for Startups. Retrieved from https://www.mcit.gov.gh/press-release/ghana-launches-shark-tank-style-pitching-model-startups [2] World Bank (2020). Ghana Fintech Landscape Report 2020. Retrieved from https://openknowledge.worldbank.org/handle/10986/34545 [3] TechCrunch (2021). BURN Manufacturing Raises $80M to Expand Clean Cookstove Business Across Africa. Retrieved from https://techcrunch.com/2021/06/15/burn-manufacturing-raises-80m-to-expand-clean-cookstove-business-across-africa/ [4] Entrepreneur (2021). The Glitz of 'Shark Tank' and the Reality of Startup Success. Retrieved from https://www.entrepreneur.com/article/381025 [5] The Africa Report (2021). Ghana's Digital Tech Development Fund. Retrieved from https://www.theafricareport.com/160973/ghana-s-digital-tech-development-fund/
- With a focus on fostering growth and innovation, the Digital Tech Development Fund introduces a "Shark Tank"-inspired pitching model to provide financing and mentorship for Ghanaian business and technology startups, also aiming to promote education and self-development by offering networking opportunities, business advisory services, and structuring pathways to investors.
- Engaging with KPMG as a key partner, the Digital Tech Development Fund draws on the successes of both local and global initiatives in shaping its approach, combining elements of the iSmart digital revolution's market-centric focus with the structure and mentorship integration of international pitching models, while emphasizing impact investing to address local challenges in a profitable manner.
