• Thursday, April 25, 2024
businessday logo


Zenith Bank launches nationwide pitch competition for Nigerian tech startups

Zenith Bank retires two executive directors

Zenith Bank has launched its Pitching Competition — an open call for entrepreneurs in Nigeria with tech-enabled, scalable solutions designed to help businesses from different industries.

The Zenith Bank Pitching Competition is a collaboration between Zenith Bank and Seedstars with the goal of supporting Nigerian minimum viable product (MVP) stage startups in advancing to the next stage of growth.

“As a leading financial institution in Africa with several firsts in the deployment of innovative products and solutions that ensure convenience, speed, and safety of transactions, we have always been at the vanguard of and remain committed to promoting technological innovations in the country,” said Temitope Fasoranti, executive director of Zenith Bank.

“In this vein, the Zenith Bank Tech Fair has been conceived to discover, promote and empower the next big tech start-ups in Nigeria. It is our hope, therefore, that the fair will be a springboard for the competing start-ups and entrepreneurs, providing the needed support for them to become global technological brands in the near future.”

According to the host, the competition is set to identify promising businesses and support the best startups that are using technology and innovative ideas to help solve the problems of the present to build a better future in the following areas Future of Wholesale and Retail, Future of eCommerce, Future of Payments, Future of Lending, Future of Wellness, Future of Cybersecurity, Future of EdTech, Future of Electricity (power vending), Future of Agri-tech, Future of Entertainment

Read also: FBNQuest urges mid-cap firms to explore local financing options

The Zenith Bank Pitching Competition is set to support participating startups by providing the necessary tools and expertise to support startup growth and development. Lean methodologies and best startup practices will also be taught to the cohort by Seedstars’ internal experts and selected external mentors.

Ten of the most promising startups will be invited to the pitch competition happening at Zenith Tech Fair on November 22 and 23, where the winners could win up to N15 million in cash prizes. Startups interested in joining the Zenith Bank Pitching Competition can send in applications before November 14, 2022, here: seedsta.rs/ZenithBankPitchApplication.

The criteria for startups in the competition include existing startups/young tech companies (<3 years) in the Nigerian ecosystem; the startup must have a demonstrable product or service (MVP) or must demonstrate the viability of the business model.

Also, the startup needs to be scalable or have the potential to reach scalability; the startup must have a complete team; the startup must not have raised more than $75K, and the startup must be operating in one of the sectors listed above.

The pitch competition taking place at the Zenith Tech Fair on November 22 and 23 will give the ten startups the opportunity to pitch their solutions for a chance to win the following cash prizes. For 1st Prize – N15 million, 2nd Prize: N10 million and 3rd Prize: N5 million.

The rest of the startups will be awarded a participatory prize of N1 million naira each, and the top 5 startups will receive follow-on mentorship through Seedstars’ Mentorship Hub that will enable them to continue scaling their businesses and receive additional support from a global network of experts and investors.