The government has pledged GH¢100.000 for young student entrepreneurs at the Kwame Nkrumah University of Science and Technology (KNUST).

The National Entrepreneurship and Innovation Plan (NEIP) in collaboration with the Graduate Student Association (GRASAG) of KNUST will disburse the facility.

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NEIP is a flagship policy initiative of the government of Ghana with the primary objective of providing an integrated national support for start-ups and small businesses. NEIP primarily focuses on providing business development services; startup incubators and funding for young businesses to enable them grow and become successful.

At the launch of the competition at KNUST, Chief Executive Officer (CEO) of NEIP, John Kumah, said the competition will help create sustainable businesses among the students.

Startup businesses will be hand held to survive the initial pitfalls of entrepreneurs. It is a deliberate and conscious effort to provide young businesses with the tools and support they need to become successful.

The first stage is very critical because it will be treated as the terminal stage, managers of the fund has said.

Mr Kumah said his outfit has observed that students at most of the institutions in Ghana have business hubs and incubators that they want to explore.

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He added: "We have written to almost all of them and met at stakeholder meetings to partner with any institutions with business a hub or incubator so that we can see how we can use that as a process to train more young people into entrepreneurship."