The Economic Community of West African States (ECOWAS) is inviting applications for the 2025 African Forum on Research and Innovation (FARI) Startup Competition. This competition aims to recognize and reward the top three startups, innovators, or inventors within the ECOWAS region.
Eligibility Criteria:
To be eligible for the competition, startups must:
- Originate from an ECOWAS member country.
- Have their headquarters located in an ECOWAS member country.
- Be less than five years old.
- Adhere to the submission rules and deadlines.
Application Process:
Interested and qualified candidates should submit their applications through the official FARI website:
Submission Deadline:
All applications must be submitted by February 28, 2025, at 23:59 UTC.
Benefits:
The FARI Innovation Prize will be awarded to the top three startups or innovators in the region. This prize acknowledges the innovative efforts and creativity of young companies within ECOWAS. The specific value of the prize will be determined by the President of the ECOWAS Commission.
Selection Process:
The selection process consists of two stages:
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National Selection: Startups will undergo an initial evaluation at the national level.
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Regional Selection: Selected startups from the national stage will participate in:
- Exhibition of products, models, or prototypes from the selected project.
- A 3-minute oral presentation of the project before a jury.
The program and order of presentations will be published upon the announcement of the national selection results.
Evaluation Criteria:
Startups will be assessed based on the following criteria:
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Governance (10 points): Formal declaration of the startup, level of employability, gender ratio, and qualifications of the management team.
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Management (10 points): Growth stage of the startup, mentoring status, and partnerships.
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Risk Management (20 points): Market positioning strategy concerning competition and risks.
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Financing (15 points): Methods of financing and available financial resources.
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Economic and Societal Impact (15 points): Profitability, distribution channels, and societal relevance of the product.
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Innovation (30 points): Product pricing, originality, and intellectual property protection.
For more detailed information and to apply, please visit the official FARI website:
Don’t miss this opportunity to showcase your startup’s innovation and contribute to the advancement of research and technology within the ECOWAS region.
