The McDan Group has
begun a process to establish an Equity Fund to provide funding to young
entrepreneurs.
The Executive Chairman of the McDan Group, Mr. Daniel McKorley, announced the
new project at a news conference in Accra yesterday to unveil the 10 finalists
for the McDan Entrepreneurship Challenge.
He said applicants would be required to present
their business models to a panel of judges, which would in turn vet the
proposals and recommend funding when the proposal met the set requirements.
Mr McKorley said it was his dream to support as
many young entrepreneurs as possible to propel them to create more jobs to
boost the economy.
He said the project would be announced for the
youth to apply when the modalities were finalized.
McDan Entrepreneurship Challenge
The McDan Entrepreneurship Challenge is a
13-week reality TV show, an initiative of Today’s Entrepreneurs Network Ghana
(TEN Ghana) and sponsored by the McDan Group of Companies.
It identifies and nurtures entrepreneurs with
viable businesses to start and scale up their own ventures.
The show offers participants the opportunity to
pitch their business ideas to a four-member jury in a period of 13 weeks.
It also offers the contestants the chance to
benefit from a mentoring and coaching programme.
At the end of the competition, one of the
participants will walk away with $100,000 seed funding for his/her business.
The final contest is expected to be held at the
end of September 2019, after which entries will be opened for Season Two.
Finalists
The 10 finalists for the McDan Entrepreneurship
Challenge are Agrizone, Agrifund, Alkoshear, Kente Master, Seepig Farms, Better
Services, Mydafoods, Tiger House, Coliba and Premor Tea.
They were shortlisted from 20 businesses.
Mr McKorley congratulated the finalists and
urged them to put in their best to clinch the ultimate prize.
He said the project was geared towards
propelling them to be change agents and employers for large numbers of job
seekers in the near future.
Mr McKorley said it was the dream of his group
to see the businesses of the young entrepreneurs grow into multi-million-dollar
businesses in future.
“It’s not about the McDan Group but it is about
the opportunity we are creating for young entrepreneurs,” he stated.
Encouragement
The Executive Director of the Chartered
Institute of Marketing (CIMG), Mr Kwabena Agyekum, and the reigning Marketing
Woman of the Year, Mrs Yvette Tekpe, congratulated the finalists and encouraged
them to strive to give of their best in the competition and beyond.
They commended Mr McKorley for living up to his
position as the reigning Marketing Man of the Year.
One of the 10 finalists, Prince Agbata, on
behalf of his colleagues, expressed gratitude to the McDan Group and all the
stakeholders in the entrepreneurship challenge for their support.
He assured the stakeholders that the finalists
would live up to expectation.
Background
The maiden edition of the McDan Entrepreneurship
Challenge was launched on March 12, 2018, and it attracted more than 7,000
entries from young people across the country.
After a rigorous screening process by a team of
consultants, some 600 applicants were shortlisted for the semi-finals.
The semi-finalists were taken through several
entrepreneurial tests and activities after which they were screened and reduced
to 20 businesses out of which the top 10 businesses for the final pitch were
chosen.
McDan Assists Young Entrepreneurs…To Establish Business
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