The three students, Miss Mariam Sulemana, Ms Christiana Opoku and Master Abdul-Hakim Zakaria, presented innovative business ideas in the areas of agriculture technology and nutrition, which received an endorsement from the UDS' Business Innovation and Incubation Centre (BIIC).
Eleven other students, whose business ideas did not win the funding, would join the three successful ones to be taken through business incubation process at the University's BIIC to implement their ideas.
The initiative was supported by the Ministry for Business Development, TECH GULF Ghana and the Agricultural Development Bank.
Professor Felix Kofi Abagale, Pro-Vice-Chancellor of the UDS, who spoke at the ceremony in Tamale to award the funds to the successful students, said the idea was to identify business talents, nurture and transform them into global businesses.
Professor Abagale said, "It is meant to lessen the over-dependence on the central government whilst employing the unemployed graduates."
Dr Ibrahim Mohammed Awal, Minister for Business Development, whose speech was read on his behalf, expressed government's commitment to supporting young entrepreneurs, saying this informed the introduction of the Presidential Business Support initiative.
He said this would augment the efforts of the government in transforming the economy, adding "You need to be creative and innovative to take advantage of the programmes government is putting in place to support young entrepreneurs like you."
Ms Sulemana Mariam, who spoke on behalf of her colleague award winners, said it would motivate them to contribute to reducing unemployment in the country.
"We are grateful to the organisers of this event. We hope it will continue to discover more business ideas in the University," she added.