MVR 12.4 million has been provided as grant aid to 23 new businesses that won the MEERY Pitch-Up Youth Entrepreneurship Challenge held jointly by the Ministry of Higher Education and the Ministry of Economic Development.
The new businesses were provided with financial assistance at a ceremony held at Meerumaa yesterday to present awards to the youth who won the competition.
More than 300 youth participated in the Pitch-Up: Youth Entrepreneurship Challenge held in collaboration with the Ministry of Higher Education and the Ministry of Economic Development.
According to The Higher Education Ministry, 192 new businesses ideas were submitted for the competition. A six-day boot camp was held to train the youth who submitted shortlisted ideas, and 73 detailed proposals were submitted after that. Fifty of them were allowed to pitch proposals.
At yesterday’s ceremony, the award was presented to 23 new businesses selected by a panel comprising international judges, said the Ministry. The business sectors ranged from ICT, agriculture, tourism, and tourism-related construction.
The Pitch-Up Youth Entrepreneurship Challenge is one of the main activities of the World Bank-funded MEERY Project to teach youth technical, vocational skills and business skills.
