By Lekan Adejuwon
Following the success of the maiden edition of Ekiti Enterprise Challenge held two years ago, the Second Edition of the business forum is billed to hold in August.
A lady cobbler, Titilayo Odumuyiwa won the prize money of N1m during the contest.
This year edition comes with a package where the winner stands a chance of winning a Business Grant of N1,500,000.
The Board of Trustees of Innovate African Growth Initiative organizers of Ekiti Enterprise Challenge wishes to inform the General Public that Call for application for Second Edition of Ekiti Enterprise Challenge.
Ekiti Enterprise Challenge (EEC) is a Social Impact Driven Community based enterprise Pitch competition organized to Identify, Discover , Support, Mentor and Fund brilliant, creative, talented and innovative young Ekiti entrepreneurs who resides and are established in Ekiti communities with business ideas that have potentials to create decent work and sustainable jobs, grow exponentially and scale beyond Ekiti local market to a national and global market.
At Innovate Africa Growth Initiative, they organize Ekiti Enterprise Challenge because they believe access to capital and lack of capacity to scale are part of major issues affecting young entrepreneurs that Ekiti Enterprise Challenge hopes to solve.
Many young businesses in Ekiti have not been able to scale up to explore national and global opportunities despite having very brilliant and innovative ideas.
The impact deliverables of the maiden edition of Ekiti Enterprise Challenge has led to the identification, discovery, support, mentorship and funding of 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.
Consolidating on the previous achievement, success story and impact deliverables of the maiden edition of Ekiti Enterprise Challenge, they wish to announce to the general public that activities process for the second of Ekiti Enterprise Challenge are as follows:
Ekiti Festival of Ideas will be an entry qualification into Ekiti Enterprise Challenge.
The Best Business ideas will be selected by a team of independent reviewers and invited to showcase, demonstrate and exhibit their business ideas during Ekiti Festival of Ideas in July 2023
The Best Ideas showcased will be selected and invited to a one week Residential Ekiti Enterprise Development Boot camp where they would be trained, groomed and mentored by a team of business coaches towards the final stage of Ekiti Enterprise Challenge Pitch Completion in August 2023.
This initiative is part of their organizations social impact commitment in complimenting the efforts of the government and giving back to the society by investing in young entrepreneurs.
It is their expectation that the second edition of Ekiti Enterprise Challenge and Ekiti Festival of Ideas 2023 will help enhance shared prosperity 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 SDGs Goal 1, 8, 9, 11 & 17.
Benefits
The winning enterprise selected by an independent panel of Judges will receive a Grant Prize of One Million Naira (N1, 500,000) while 2 runner ups will be awarded consolation Prizes Seven Hundred & Fifty Thousand Naira (N750,000), for the first runner up and Five Hundred Thousand Naira (N500,000) for the second runner up.
Eligibility Criteria
To be eligible to participate in the Challenge, an applicant:Must be above 18 years of age but not older than 45 yearsMust be an indigene of Ekiti with evidence of Local Government AttestationMust be resident in Ekiti or willing to establish in Ekiti.
Ideal Criteria For Business Ideas They are looking For
Ideas presented by applicants will be pre-screened based on the following Criteria;Genuity of The Business IdeaReliability of the Business IdeaFeasibility of the Business IdeaSustainability of The Business IdeaFinancial Viability of The Business IdeaScalability & Potential For Exponential Growth of The Business Idea.
The Entry for Participation
Applicant will be required to complete an online form FREE
Applicants will be required to upload their Local Government Attestation or Certificate of State of Origin.
Applicant will be required to make a 3minutes video of their business (or ideas) for upload after completing the application form
- Applicants will be required to make a 3 mins video pitching & presentation about:
Note on the video:
It is a maximum of five minutes video about your business or idea. Clearly statewhy your business or idea is unique,who are your target customers,why you think you should be selected andwhat you will do with the Grand Prize of N1.5m if you are successful?
For more information, visit Ekiti Enterprise Challenge.
