Ignite Ideas Contest- Business funding Competition

ignite-business-idea-contest

ABOUT COMPETITION

The Ignite Ideas Contest is an initiative spearheaded by AGDC, with implementing support from Generation Enterprise, sponsorship from The Chair Center and the Lagos State Government, and collaboration from partners such as Digital Jewels and First Bank.

The contest aims to identify, incubate and fund 1,100 viable business concepts in Lagos State.

Each of the One Thousand one hundred (1,100) winners are eligible N100, 000 (One hundred thousand naira only) as seed capital to progress their business ideas and also benefit from business management mentoring by experts.

The submitted business ideas will go through a screening process by a Screening and Selection Committee carefully selected from varying industries across the nation.

This singular contest will ensure that brilliant business ideas do not die due to lack of funds.

By so doing, The Chair Centre Group and Lagos State Government will motivate the budding entrepreneurs, help address needs in the society and make dreams come alive.

Program Details

With over 200 businesses funded in our first batch: IGNITE1, we are seeking to enroll in the second batch of entrepreneurs who will make up the cohort of IGNITE2.

What we look for: Talented, creative and dedicated young people who have a business or an idea that they believe can become a successful and scalable company.

What’s the deal?

Accepted participants will gain access to seed funding of up to N100, 000, as well as skilled expertise to help them with their business strategy and growth. Qualified applicants with high potential businesses will be selected to enroll in the 3-month incubator program which will include additional training, mentorship and exposure.

FUNDING: Entrepreneurs selected to take part in Ignite are automatically qualified to receive a maximum of N100, 000 interest free loan. The loan has a 3-month moratorium, and must be repaid within a 12-month period (following the 3 month moratorium). Entrepreneurs who perform well and build credit-worthiness during that time may qualify for additional funding and support.

TRAINING: All selected applicants are required to attend a 1 day business bootcamp to refine their business strategy

INCUBATION: Select entrepreneurs may qualify to take part in the 3-month business incubation program (please note that acceptance into Ignite Ideas is not an automatic acceptance into the incubator program). The incubation program includes additional training and business advisory for businesses that have potential to scale and create jobs.

COMMUNITY: All selected participants automatically become part of a community of change-makers, pioneers, explorers, problem-solvers and venture builders. To ensure the experience is enriching for all participants, we carefully select the right type of people to join this network.  Within the network, we facilitate information sharing, resource sharing, peer feedback, and continuous exchange. At the end of the program, members continue to stay engaged through the Ignite Ideas Alumni Network housed on Linkedin.

How to apply

Entries must be submitted online within the specified timeframe and conform to specified guidelines and terms and conditions of participation clearly outlined on this website.

All entries will be reviewed by the Panel of Judges who consist of carefully selected accomplished professionals from all walks of life.

Shortlisted entries will be invited for interviews to further review the ideas.

At the end of the screening and selection process, the finalists have the option to enroll into the incubation program, or receive funding without incubation.

A good relationship with the Micro Finance Bank will provide a foundation for a long term banking relationship with the Bank and subsequently the parent Bank.

Terms & Conditions

  • Applicants must be of Nigerian nationality
  • Applicants must be between the ages of 18 – 35. Failure to verify age will result in the application being declined.
  • Applications must articulate a specific business problem to solve or opportunity to address. The ideas must be original, address a clear market gap.
  • Applicants must be clear on the benefits from the prize money and the viability of idea must be established.
  • Employees of The Chair Centre Group, Digital Jewels Limited, AGDC etc and their families are not eligible to apply.
  • The Judges’ decisions are final.

How to Apply

Interested and qualified applicants should follow the link below to apply

Click here to apply

Applications open from October 20th – November 16th 2015

2 thoughts on “Ignite Ideas Contest- Business funding Competition”

  1. olamide aribisala

    am already a member of vc4 but am having problems registering ignite ideas.any help you can provide will be appreciated

    1. If you are already registered, what you need to do is to login into your account and use your existing business profile on VC4 or click on new profile so that you can enter your new profile for the Ignite Ideas programme

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