Are you an entrepreneur living in Ekiti? Do you need One Million Naira for your business? Then, apply to Win One Million Naira in the Ekiti Enterprise Challenge.
Do You know any creative, Gifted And Innovative Young Entrepreneur who is based in Ekiti with business Ideas that can scale beyond Ekiti local market to a National & Global Market? Then this post is for you.
WHAT IS EKITI ENTERPRISE CHALLENGE?
Ekiti Enterprise Challenge (EEC 2020) is a Social Impact Driven Community based enterprise Pitch competition designed to be an annual event for Brilliant Creative, Gifted, Talented and innovative entrepreneurs who resides and are established in Ekiti Communities with business ideas which have potential to create decent work and sustainable jobs, grow exponentially and scale beyond Ekiti local Market to a National and Global Market.
The vision and impact deliverable of Ekiti Enterprise Challenge is to identify, discover, support and mentor creative and innovative young Ekiti entrepreneurs with business ideas that have potential to grow exponentially beyond Ekiti Local Market and scale up their market reach. The Ekiti Enterprise Challenge planned to hold during the UN Global Entrepreneurship Week between November 16 – 22, 2020.
The winning enterprise will receive a Grant Prize of One Million Naira (N1, 000,000) while 3 runner ups will awarded consolation Prizes of Five Hundred Thousand Naira (N500,000), Three Hundred Thousand Naira (N300,000) and Two Hundred Thousand Naira (N200,000) respectively.
You can decide to watch this video about the challenge if you like.
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Call for application for application has commenced on 1st of September 2020 and Close on 30th September 2020. In October 2020 after the close of applications, a team of independent business development consultants will review the applications and shortlist successful young entrepreneurs that will be invited to attend a 5 Days Enterprise Development Bootcamp, where they will be groomed and prepared for the final stage which will be assessed by a panel of Judges who will select the winners for the Ekiti Enterprise Challenge 2020.
HOW TO APPLY FOR EKITI ENTERPRISE CHALLENGE
The Enterprise Challenge competition will simulate a real-world process of entrepreneurs soliciting start-up funds from early-stage investors and venture capital firms.
The judges will function as early stage venture capital investors deciding on which business venture they would most likely fund.
Most of the judges will be selected from the investment community and have experience to be involved in making early-stage investment decisions on an ongoing basis.
Judges will be provided with a scorecard that will be used as a guide and used for feedback
However, ultimately the judges will base their ranking on where they would invest their money.
The following will influence the judges’ decisions
- The quality of the innovation,
- The size of the market, the competitive differentiation,
- The strength of the business corporate organization structure and the management team,
- The clarity and persuasiveness of the written application & business plan and oral presentation,
- Ultimately, the winning team should be the team in which the judges are best convinced and would most likely invest their money.
Criteria For Business Idea Ranking in the EEC
- Clarity Business Model
- Potential for scalability & exponential growth
- Market demand beyond local market
- Have potential to scale beyond local market to national and global market
- Well defined Sustainability plan
- Well defined corporate Governance and Operational management structure
- Potential for positive Social and Community Impact.
- Financial Viable & Sustainable
- Leadership & Capacity to deliver the proposed business value propositions
- Community & Social Impact
CATEGORIES FOR APPLICATION IN EKITI ENTERPRISE CHALLENGE
Below are Categories of Business For Applications Ekiti Enterprise Challenge is Looking For
- Innovation Technology
- Agriculture & Food Processing
- Fashion Designing
- Tourism, & Hospitality
- Art & Crafts
- Shoes and Leather Works Production
- Furniture & Upholstery
- Interior Designs & Decorations
- Confectionaries & Event Management
- Entertainment & Music Productions
- Green Enterprises, Waste Management & Recycling
To Apply, click here.