2025 African Forum on Research and Innovation Startup Competition by ECOWAS
The African Forum on Research and Innovation (FARI) is the ECOWAS forum dedicated to the promotion of science, Technology, and Innovation. Its creation was the subject of a decision (A/DEC/.1/6/21) by the eighty-sixth Ordinary Session of the Authority of Heads of State and Government.
This is the decision establishing and organizing the African Forum on Research and Innovation of ECOWAS (FARI).
For this second edition, ECOWAS approved the establishment of the Jury for the selection of the three (03) best Start-ups in the regional competition and the Scientific Committee of the Forum. FARI-2025 involves the participation of start-ups, experts and Ministers of ECOWAS Member States in charge of Science and Technology, the President of the Republic of Benin (host country) and the Chairman-in-Office of ECOWAS.
Summary of the 2025 African Forum on Research and Innovation Startup Competition by ECOWAS
- Type: Contest
- Sponsor: Economic Community of West African States (ECOWAS)
- Eligible Countries: ECOWAS Member States
- Perks: Incentive funds to the winners, Prizes and awards
- Deadline: February 28, 2025
Benefits of the 2025 African Forum on Research and Innovation Startup Competition by ECOWAS
- A FARI Innovation Prize is awarded to the three (3) best Start-ups or Innovators or Inventors in the region by the ECOWAS Commission.
- This prize rewards the efforts of innovation and creativity of young companies in the region.
- The value of the Prize to the FARI laureates will be determined by the President of the ECOWAS Commission.
- The terms of selection of the start-ups receiving the prizes will be defined by a Jury set up by the President of the ECOWAS Commission.
- The funds granted to the winning Start-ups during the FARI by ECOWAS and its partners are incentive funds.
- These funds may be used to finance the activities of Start-ups, Innovators and/or Inventors.
Start-ups must meet the following Conditions:
- Come from an ECOWAS member country;
- Have their headquarters in an ECOWAS member country;
- Be less than five (5) years old;
- Respect the rules and deadlines for submission (Via the FARI website, www.fari-ecowas.com)
Start-up Selection Criterias for 2025 African Forum on Research and Innovation Startup Competition by ECOWAS
- Governance: marked out of ten (10) points
- This criterion takes into account the formal declaration of the start-up, its level of employability (number of employees),
- The consideration of gender (ratio of women/men) and the qualification of the management team (experience, level of education, diplomas, etc.).
- Management: rated out of ten (10) points
- This criterion focuses on the growth stage of the start-up (Idea, Birth, Seeding, Growth, Expansion), the
- status of mentoring and partnerships and collaborations.
- Risk Management: marked out of twenty (20) points
- This criterion focuses on the start-up’s positioning strategy on the market in relation to competition and risks.
- Financing: rated out of fifteen (15) points
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- This criterion takes into account the start-up’s method of financing (Self-financing; Loan; Investors; Lessor;
Fundraising, etc.) and its financial resources (Existence of working capital, others).
- This criterion takes into account the start-up’s method of financing (Self-financing; Loan; Investors; Lessor;
- The economic and societal impact: rated out of fifteen (15) points
- This criterion is based on the profitability, current profitability of the start-up (loss, neither loss nor gain, gain) and its distribution channel (the marketing circuit of the products).
- It also makes it possible to evaluate the usefulness of the proposed product in
- relation to the need of society.
- Innovation: rated out of thirty (30) points
- This criterion is used to evaluate the prices of products resulting from innovation, the originality of the products offered.
- It also includes the protection of the idea or product through patenting.
Deadline: February 28, 2025
