The Stanford Institute for Innovation in Developing Economies (SEED), an initiative of Stanford University, California has launched its first regional innovation centre in Ghana.
The centre located, in Accra, is aimed at stimulating economic opportunities, through innovation, entrepreneurship and the growth of businesses that change the lives of people who live in poverty around the world. This includes job creation by scaling high-potential local and regional businesses through a hands on approach and continuous coaching.
According to a statement issued by the SEED initiative, West Africa was chosen due to the geographies that hold the greatest potential for immediate and massive impact.
“With an economy of USD 400 billion, a population greater than 300 million, and a rising middle class, West Africa fits the profile of a rapidly growing region where efforts to scale businesses will pay massive dividends in the form of jobs and life improvements” the statement indicated.
The Accra centre would serve businesses from the entire West African region.
However, SEEDs initial customized programme is on existing enterprises with annual revenues from approximately $150,000 to more than $ 5 million.
Targeted sectors include healthcare, food and nutrition, education, energy, water and information and communications technology.
Meanwhile, the Executive Director of SEED, Dr. Tralance Addy stated that “It is our privilege to be able leverage Stamford’s resources and culture of innovation and entrepreneurship through our first on-the-ground program, which will include companies from Cote d’Ivoire, Ghana, Nigeria, Sierra Leone, Senegal and other West African nations.”
SEED was founded in 2011 with an extraordinary gift from Stanford University Graduate School of Business alumnus and venture capitalist Robert King, MBA 60 and his wife Dorothy King, who envisioned an institute dedicated to the practical application of innovation and entrepreneurship towards business growth in order to create much needed jobs.
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