The South East Development Commission (SEDC) has launched a merit-based venture capital initiative aimed at empowering young entrepreneurs and accelerating economic development across the South East through equity investments in innovative startups.

The commission said it had earmarked $500,000 for the programme, with 30 startups expected to benefit in the first phase of the initiative.

Speaking to journalists on Monday in Enugu during the South East Pitch Competition for finalists, Managing Director Mark Okoye Jnr said the initiative was designed to address critical gaps in access to finance and founder support for technology entrepreneurs in the region.

Okoye noted that despite the Southeast possessing immense entrepreneurial talent and technological potential, many innovators had been forced to relocate outside the region in search of funding and opportunities to scale their ideas.

According to him, SEDC identified unemployment, weak capital formation, and inadequate support systems as major challenges affecting young innovators, prompting the Commission to develop the venture capital programme as one of its flagship interventions.

He explained that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, particularly plans to create innovative financing mechanisms for startups and strengthen Nigeria’s digital economy and industrial growth.

Describing the process as transparent and merit-driven, Okoye revealed that over 1,200 startups applied within the first three weeks after applications opened.