Ministry of Communication Prepares Local Startups to Attract International Investment
Aminata Koroma The Ministry of Communication, Technology and Innovation has stepped up efforts to prepare Sierra Leonean startups for international investment as part of its broader strategy to strengthen the country’s technology ecosystem and create employment opportunities for young people.
Through Felei TechCity and under the READY Salone Project, supported by the KOICA Nigeria Office and implemented by the International Trade Centre (ITC), the Ministry this week facilitated an engagement between local entrepreneurs and Mr Wansung Park, Chief Executive Officer of Seoul-based Ventureport VC.
During the engagement on Tuesday, entrepreneurs pitched their businesses using their own presentation slides, responded to questions from Mr Park and received direct feedback on their readiness to attract funding.
The session also provided an opportunity for the Ministry to expose local founders to the expectations of international investors, with Mr Park outlining key requirements for securing investment. These included properly organised financial records, contracts, market research and financial forecasts based on actual business performance.
He further explained that for startups yet to generate revenue, the credibility of the founder plays an important role in building investor confidence.
Through the initiative, the Ministry aims to help young businesses move beyond promising products to become sustainable enterprises capable of attracting investment, expanding operations, and creating jobs.
The programme is also aligned with the Government’s Big Five priorities, particularly its focus on youth employment and technological development.
Mr Park is scheduled to speak today at the third T.I.E2 Meetup in Freetown, under the theme, “From Product to Investment.” Entrepreneurs who applied to attend have been advised to check their emails to confirm their participation.