About 45 young Ghanaian entrepreneurs have been selected to compete in the first-ever Ghana Ultimate Entrepreneurship Competition.

The event which is being organised by Boost Media in partnership with Optimum Homes, a real estate firm, will provide opportunity for young Ghanaian entrepreneurs to access the much-needed funding for their entrepreneurial ventures.

The selected applicants will undergo mentorship programmes and other support services to significantly reduce the risk of startup failure whiles improving their business performance in the world of business.

The competition, with a star prize of ¢10,000, is expected to contribute to enhancing job creation and poverty alleviation in the country whilst it inspires, cultivates and promotes the culture and spirit of entrepreneurship among young Ghanaians.

It is also expected to boost the socio-economic development of the country through the creation of successful businesses and employment.

Organisers of the competition have described entrepreneurs as the driving forces of positive change and development in any society. In view of this fact, the apparent absence of an initiative aimed at discovering, developing and empowering young Ghanaian entrepreneurs at a significant scale in Ghana  has motivated the creation of this competition ‘Ghana’s Ultimate Entrepreneur Competition’ (GUEC).

The Chief Executive Officer of Boost Media, Assistant Professor, Dr. Cynthia Addae, in a statement said the competition is a reality nationwide entrepreneurship competition designed to elicit, develop, and showcase the latent innovative ingenuity and entrepreneurial spirit in Ghanaian youths towards realizing a broader purpose of nation building.

Accordingly, the contestants will be given a set of tasks which they will have to complete in the course of the competition.

Also, during the period of the competition, the contestants will develop and sharpen their entrepreneurial skills as they complete different tasks and progress through the different stages of the competition.

Specific criteria for evaluation and judgment include entrepreneurial vision, feasibility, innovation (technology integration), profitability, scalability, social impact and sustainability.