In today’s fast-paced business landscape, startups often face uphill battles, from securing funding to navigating market uncertainties.
Yet, amidst these challenges, initiatives emerge to empower and celebrate entrepreneurial innovation.
Recently, in a vibrant display of entrepreneurial spirit, a cohort of startups gathered to showcase their vision and tenacity in the 2024 Startup Takoradi competition.
Against the backdrop of a world hungry for sustainable solutions and digital innovation, these ventures stood as beacons of hope, vying for recognition and support.
Amidst the excitement, industry leaders and mentors converged to lend their expertise and encouragement, highlighting the transformative power of entrepreneurship in addressing pressing societal issues.
As the competition unfolded, SY Electronics emerged as the victor among nine startups in the 2024 Startup Takoradi competition, which aimed to foster innovation and entrepreneurship.
Lantos Creative followed closely as the first runner-up in the event hosted by Duapa Werkspace, a hub for nurturing businesses in the Western Region.
The competition, which bore the theme “Sustainable Futures – Nurturing Green Innovation in the Digital Age,” received sponsorship from VC4A, the Water Chain, Naa Sika, Gesro Co-Operative Credit Union, and Aniwasoo Garment.
Overcoming Challenges for Sustainable Success
Mr. Erasmus Mensah-Ackon, the Chief Executive Officer of Duapa Werkspace, emphasized the pivotal role of entrepreneurship in addressing the prevalent issue of youth unemployment in the country.
According to the Executive Director, it is crucial to encourage more young individuals to embark on entrepreneurial ventures and provide them with comprehensive support, mentorship, and financial backing. By nurturing budding entrepreneurs, the country can cultivate a new generation of business leaders.
The Executive Director highlighted that incorporating Artificial Intelligence and productivity tools into business operations can significantly enhance efficiency, particularly in this era of digitization.
The Executive Director pointed out the discouraging statistics surrounding startup success rates, which often deter investors.
Hence a need to offer robust support to startups, enabling them to establish sustainable businesses that not only thrive but also create job opportunities for others.
Research shows that ninety percent of startups fail, with only 10% surviving the first year in the competitive business landscape.
The Startup Takoradi initiative by Duapa Werkspace included a one-week boot camp for youth in Sekondi-Takoradi, aimed at equipping them with essential skills and knowledge to propel their startups forward.
“We look within the circular economy, building circular business and how they can inculcate technology to reduce waste, technology that will make their production more effective and efficient, which the boot camp has helped shaped their business idea down that path.”
Mr. Erasmus Mensah-Ackon
The National Second Vice of the Ghana National Chamber of Commerce and Industry GNCCI, Mr. Stephan Abass Miezan, indicated that ”The youth must not think of having money before they can start a business because all they need is an idea”
He indicated that once the idea was good and feasible, investors would put in their money and turn that idea into a viable business.
He said, “We are encouraging the young ones to plan life after school and not only look out for jobs but create their own by thinking of opportunities and business ideas.”
Mr. Abass also told participants to look ahead and apply digitization in performing their duties to stay abreast of the changing trends in business.
Some of the guest speakers at the event were Dr. Tony Faneke, a lecturer at the Takoradi Technical Institute, and Ralph Menz, Founder of Naa Sika.
The 2024 Startup Takoradi competition showcased entrepreneurial resilience amid challenges. With ventures like SY Electronics and Lantos Creative leading the charge, supported by initiatives and industry leaders, it highlighted the transformative power of entrepreneurship in addressing societal needs.
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