Business News of Tue, 23 Aug 20163

Kosmos Energy to invest $100,000 in two start-up companies

Oil exploration firm, Kosmos Energy is set to invest about $100,000 in two start-up companies.

The Jubilee field partner has instituted a programme dubbed “Agric Challenge Contest” under the Kosmos Innovation Centre (KIC) project to invest in young entrepreneurs with special interest agri-business.

Two successful start-ups will benefit from a $50,000 package each. According to the Corporate Affairs Director of Kosmos Energy, George Sarpong says the package aimed at reigniting the youth’s interest in Agric forms part of the company’s diversified Corporate Social Responsibility.

He spoke with Joy Business after a visit to the company at the instance of the Africa Centre for Energy Policy (ACEP).

"Kosmos Innovation Centre is multi sectorial but for now we are focusing on agric-business. People are being drawn away from agricultre so what we can do to excite the youth to go back to agric-business," he said.

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According to Mr Sarpong, that is why they are using agric-business to for now and levaraging to excite the youth to come up with home grown solutions to the challenges facing the agric-business.

He said the contest is still underway with five teams in the final who are expected to make their presentations on August 23 with two teams who proceeding to the incubation stage.

He added that Kosmos is going to make a $50,000 investments in each of the two businesses.

Research shows that most start-ups do not survive beyond their first year of operations. Mr Sarpong tells Joy Business the two successful start-ups will be adequately equipped to avert such instances.

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