$65,000 Up for Grabs as ECOWAS Revives Startup Awards

The Economic Community of West African States (ECOWAS) has unveiled a $65,000 prize pool for the second edition of its Startup Awards, with about 60 entrepreneurs expected to compete for the top three positions.

The competition, scheduled for September 28, 2026, is coming five years after the inaugural edition held in Niamey, Niger Republic, in 2021.

The winner will receive $30,000, while the first and second runners-up will receive $20,000 and $15,000, respectively.

However, ECOWAS said the programme would go beyond cash prizes, as all 60 shortlisted participants will undergo a masterclass designed to strengthen their entrepreneurial and business management capacities before the final stage.

The Acting Director, Directorate of Private Sector and Industry, ECOWAS Commission, Peter Oluonye, disclosed this while announcing the programme, revealing that the Commission had received more than 6,000 applications since the application portal opened on August 3.

Oluonye said the applications would be screened by appointed assessors, with the pool eventually reduced to 60 participants.

He explained that the 60 shortlisted startups would first undergo the masterclass, after which the field would be further narrowed to 20 finalists who would compete for the three cash prizes.

He said the competition was designed to identify and showcase innovative, scalable businesses capable of addressing critical economic and social challenges across the West African sub-region.

“The ECOWAS Start-up Award is designed to showcase these innovations and multisectoral solutions and enabling policies,” Oluonye said.

The programme will focus on startups operating in areas including fintech; agri-tech and food systems; ed-tech and skills development; cleantech, climate and green innovation; tourism; hospitality; and travel technology.

According to Oluonye, the initiative was also conceived to address some of the major challenges confronting startups, including limited market penetration, inadequate financial models and policy-related constraints.

He said the Commission was particularly interested in startups with strong growth potential and the capacity to scale beyond their immediate markets.

“It is not just going to be just awarding cheques but to support them to the point that they become an inspiration for the youths,” he said.

Oluonye said the programme would deliberately promote inclusion by bringing together young people, women and persons with disabilities to showcase their innovations to potential partners and investors.

He added that ECOWAS would seek to facilitate digital adoption among micro, small and medium-sized enterprises and connect startups with venture capitalists, impact investors, development partners and financial institutions.

He said the broader objective was to build a stronger innovation ecosystem across the ECOWAS region and help startups navigate the difficult early stages of the business life cycle.

“By this programme we seek to support participating Start-ups to navigate these early stages of the business life cycle and help them to scale up into the growth stage,” he said.

Oluonye noted that startups that successfully transitioned into the growth stage would be better positioned to create jobs, add value to the economy and contribute to regional development.

The ECOWAS official also disclosed that the prize package had been increased from $40,000 in the inaugural edition to $65,000 in the second edition.

He stressed that the emphasis of the programme was not merely on identifying winners but on providing participants with the skills, networks and opportunities required to build sustainable businesses.

The first ECOWAS Startup Awards, held in 2021, featured 50 participants.

Meanwhile, the Director-General, Pan African Alliance of Small and Medium Industry, Dr. Henry Emejuo, said the 60 participants for the 2026 edition would be drawn through a combination of open applications and national startup programmes.

According to him, 50 per cent of the participants would be selected from applicants, while the remaining 50 per cent would be drawn from winners of various national startup programmes in ECOWAS member states based on recommendations from the ministers responsible for startups.

Emejuo called on financial institutions and private-sector organisations to provide the necessary support to the participating entrepreneurs, stressing that stronger private-sector involvement would be critical to ensuring the sustainability and growth of the startups.

ECOWAS also announced that subsequent editions of the Startup Awards would be held biennially, making the initiative a regular platform for identifying, nurturing and connecting innovative businesses across the region.