THE STARTUP MUST BE:
- A Registered business (not an idea or plan) – Ownership being Sole Proprietorship, Limited Liability (for-profit & not for-Profit) or Partnership.
- Headquartered in Ghana.
- Between 6 months and 6 years.
- Independent business - not franchise.
- Be 50% or more Ghanaian owned, with the owner/s responsible for making the key management decisions.
NOMINATED STARTUPS CANNOT:
- Be a listed company, a franchisee, franchisor, a club or a co-operative (exception to startups listed on the Ghana Alternative Stock Market).
- Be more than 50% owned by another business.
- Be a government agency.
- Have employees who have been involved in the judging of the Awards program.
- Given the necessarily fluid nature of these definitions, the basic rule is: if in doubt, just APPLY!
CHARACTERISTICS THAT MAKE STARTUPS OUTSTANDING:
- Innovative in operations, product or service, or marketing (e.g. use of technology).
- Product or service solving hard problems and meeting a pressing market demand.
- Gaining traction or making a mark - either with increasing number of customers or in research and development.
- Have the potential to reshape their industry.
- Exhibit a great combination of passion & opportunity.
- Have a large market opportunity.
- Business must be sustainable.
- Avenue for job creation.
- Meet tax and social security obligations.
- Profit making.
- High market value (physical assets).
- Qualified management team (team may not necessarily be employees of the startup but are available when needed to make the necessary technical input).