The Ministry of Communication, Digital Technology, and Innovations has announced plans to incorporate a competitive “Shark Tank”-style pitching model into the disbursement strategy for its upcoming Digital Tech Development Fund, marking a significant step towards democratizing access to funding and business advisory services for Ghanaian tech startups.
KPMG, a significant partner in the Ministry’s larger digital transformation goal, has enthusiastically endorsed the plan.
Samuel Nartey George (MP), the Minister, explained the workings of the suggested model to KPMG at the meeting.
“We envision a Ghanaian ‘Shark Tank,’ where innovators come and make their pitch. Advisory firms like KPMG would then identify promising ideas they wish to support, offering the crucial business advisory services needed to grow these businesses’.
According to Hon. Nartey George, the unique strategy seeks to establish a clear division of labor so that experienced business consultants may concentrate on strategic growth, financial management, and market expansion, while digital innovators can concentrate on honing their ground-breaking concepts.
He went on to say that this mutually beneficial partnership was created to fill a significant gap that the Ministry had discovered: although Ghanaian tech innovators have outstanding technical abilities, many of them lack the business savvy necessary to grow from a promising startup to a fully functional, scalable company.
He drew attention to the strategic importance of this ecosystem model, stating, “I think it’s the only way we can grow our business.”
The delegation from KPMG led by the Country Managing Partner, Andrew Akoto expressed strong enthusiasm for the proposed mechanism.
“I’m so thrilled to hear this because that is exactly what we are trying to do with the Global Tech Innovator competition, although on a larger scale”.
He affirmed its existing “skin in the game” through its deep knowledge of the local tech landscape and its support for initiatives like the Ghana Fintech Awards, which keeps them abreast of key players and emerging startups.
The group reaffirmed their determination to assist the Ministry in realizing this idea. They would be more than pleased to help raise awareness of this idea.
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