The Ministry of Communication, Digital Technology, and Innovations has unveiled plans to integrate a competitive “Shark Tank” style pitching model for the disbursement of its upcoming US$50 million Digital Tech Development Fund.
The fund, which was part of President John Mahama’s campaign promises in the 2024 elections, is intended to address the teething financial needs of Ghanaian-owned tech startups, in partnership with expert organizations in and outside of the country.
It would be administered by a separate body of eminent persons per the standards of transparency, fairness, equal opportunities and merit.
This ‘Shark Tank’ strategy for the disbursement of the fund is meant to democratize access to funding and business advisory services for Ghanaian tech startups.
Communications, Digital Technology and Innovations Minister, Samuel Nartey George, in a discussion with internationally acclaimed audit firm KPMG, a key partner in the Ministry’s broader digital transformation agenda, detailed how the proposed model would operate.
“We envision a Ghanaian ‘Shark Tank,’ where innovators can make their pitch and Advisory firms like KPMG would then identify promising ideas they wish to support, offering crucial business advisory services needed to grow these businesses,” he stated.
Sam George mentioned that this innovative approach would create a clear division of labor, noting that tech innovators can focus on refining their groundbreaking ideas, while seasoned business advisors concentrate on strategic growth, financial management, and market expansion.
He emphasized the strategic importance of this ecosystem model, stating, “I think it’s the only way we can grow our businesses.”
Country Managing Partner at KPMG, Andrew Akoto, said, “I’m thrilled to hear this because that is exactly what we are trying to do with the Global Tech Innovator competition, albeit on a larger scale,” he said.
He affirmed KPMG’s 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 informed about key players and emerging startups.
Andrew Akoto reiterated KPMG’s commitment to supporting the Ministry to bring this concept to fruition, stating, “We are more than ever happy to lend our ideas to help bring this concept to the limelight.”
