Hello Greatness Partner, welcome to DanielAjumobi.com – the place where people in pursuit of success come to get actionable insights. To all entrepreneurs with burning ideas up in the brain and operating with Ekiti or got major contacts to leverage for your idea to kick off in Ekiti, here is a grant opportunity for you. Don’t sleep on it. Let’s get into the details.
ABOUT EKITI ENTERPRISE CHALLENGE GRANT 2020
Call for application for Ekiti Enterprise Challenge 2020 will commence 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.
Ekiti Enterprise Challenge is part of our commitment in giving back to the society by investing in young entrepreneur. It is our expectation that Ekiti Enterprise Challenge will help in restoring Ekiti Values by raising the next generation of Ekiti young entrepreneur who will make Ekiti Great again by establishing sustainable businesses that have potential to create decent jobs and economic growth which are inline with The United Nations Sustainable Development Goals 1, 8, 9,11 & 17.
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.
BUSINESS CATEGORY FOR THE APPLICATION
Below are Categories of Business For Applications We Are 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
GRANT RULES AND ELIGIBILITY CRITERIA
Are You interested to be part of Ekiti Enterprise Challenge 2020, Below are list of Rules & Eligibility Criteria
Rule 1. Business Established & Resident in Ekiti State
Intending participants must have business established and resident in any of the communities in Ekiti State
Rule 2. Applicant Between 18-35 Years Age Bracket
The Pitch Competition is open to Ekiti Young Entrepreneurs residents in Ekiti State who fall within the 18 to 35 year age bracket
Rule 3. Business passed through ideation stage
Business idea must have passed through ideation stage, be at least 12 months old. The Business Idea should currently been in operation and already generating revenue.
Rule 4. Business Have Potential For Exponential Growth
Must have innovative product & services with sustainable business model that has potential for scalability and exponential growth that can scale beyond local market to national & global market
Rule 5. Business registered with CAC & have corporate bank account
Business Must have been registered with CAC must have a corporate bank account with a corporate Governance Structure
Rule 6. Clarity Business Model with Leadership Capacity To Deliver
Clarity Business Model with Leadership Capacity to deliver the proposed business value proposition
What we expect from Start-Ups wants to be part of the pitch challenge
This isn’t your ordinary pitch competition. The Enterprise Challenge Competition is designed to test a range of business consumerist skills of aspiring young entrepreneurs who have scalable business ideas with potential for exponential growth. After you have submitted your application, a Team of Screening Committee will review your applications and select best business applications that meet up the following business idea ranking cretaria:
Criteria For Business Idea Ranking
- 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
After the review of applications, best 50 applicants will be invited to a 5 Days Pitch Competition Development Bootcamp where they will be groomed for the final stage of the Enterprise Challenge.
For 1 Week, you’ll receive mentorship on how to refine your business plan and practice your pitch in preparation for the challenge finale.
At the finale, you and other driven entrepreneurs will compete for the N1,000,000 cash prize and the opportunity to receive follow-on investment from industry leaders.
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.
READY TO APPLY?
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