Watch the 8 minute video recap
Startup Pitch Event Results in Three $1,000 Grants for Entrepreneurs in Ghana
Three Ghanaian entrepreneurs were awarded startup grants during a Shark Tank-style pitch event held April 29, 2023. Abigail (Abifex Graphics), Josephine (Seystitches), and Theophilus (Catfish Farm) in Accra, Ghana were each awarded $1,000 startup grants. The event was organized by Idaho charity, Entrepreneurs Against Poverty (Entrapov.com) to promote entrepreneurship and support small business owners in impoverished areas. The event took place over Zoom and was later produced into an internet show. Watch the 8 minute video recap HERE.
The “sharks” who are really kind-hearted donors, awarded the funds after hearing pitches from the entrepreneurs. Abigail Ampiwa, founder of Abifex Graphics Design Consulting, was awarded a $1,000 startup grant from Melissa Hill of Colorado, USA. The grant will be used to purchase a Canon Advanced 5560i printer/copier, which will allow Abifex Graphics to bring printing in-house and increase sales margins. Abifex began with only two assets, a desktop computer and a tabletop printer, and started doing graphic design work for friends and churches. Over time, the quality of Abigail’s work attracted more customers and by the end of 2020, the company had acquired about 40 reliable customers and Abigail decided to open an office as a real business. Abigail’s pitch for the startup grant highlighted the need to purchase a Canon Advanced 5560i printer/copier to increase sales margins by removing outsourced printing expenses. With this machine, Abifex Graphics Design Consulting will be able to double their overall profit margin.
“I am thrilled to have been awarded this grant by Melissa Hill,” said Abigail Ampiaw. “The Canon Advanced 5560i printer/copier will be a game-changer for Abifex Graphics Design Consulting. We will no longer need to outsource printing to third-party contractors, which will save us money and increase our profit margin. We are grateful to Melissa Hill and the Shark Pond judges for their support.”
Seystitches, owned by Josephine Sey, specializes in styling, designing, and sewing both male and female clothing for all occasions. Josephine Sey’s pitch for the startup grant highlighted the need to purchase an Industrial Sewing Machine, a knitting machine, and expand her shop space and utilities to power the new machines. With these machines, Seystitches will be able to sew dresses three times faster and increase revenue by $400 per month, tripling their revenue and increasing profit margins from 9% to 67%.
“I am thrilled to have been awarded this grant,” said Josephine Sey. “The new machines will enable us to serve our clients more efficiently and increase our revenue. We are grateful to the judges for their support.”
Theophilus’ pitch focused on his catfish farm, which is done in tarpaulin and concrete ponds near his home. After six months, when the fish are mature, a pharmaceutical company buys them to extract Omega 3 oil for food supplements. Then the fish are sold for food. Theophilus will generate an impressive 92% return on investment. “We are honored to have received this grant,” said Theophilus. “This will help us expand our catfish farm and improve the quality of our fish. We are grateful to the judges for their support.”
The Shark Tank-style pitch event was a great success. Entrapov founder, Ben Davidson shared how “easy it is now for regular people like you and I to make a friend in Africa and help start a business. The world is so small! Everyday I get a message or video call from a friend in Africa that celebrates their business success.”
For more information about Entrepreneurs Against Poverty (Entrapov), visit their website at Entrapov.com.