It is often said that the future of any nation rests solely on the materialization of its entrepreneurs. Ideas, when supported with the right competence and FUNDS, rule the world. Nigeria, unarguably, is blessed with great people. Highly talented, hard-working and smart people with great business ideas. However, very little has been done to ensure the ideas materialize because of lack of FUNDS. One of the problems militating against the materialization of business ideas from the budding entrepreneurs is FUNDING.
To help address the issues of funding for the budding entrepreneurs, AGDC, under the IGNITE initiative, partners with The Chair Centre Group and Lagos State Government, to commission the conduct of a crowd sourced contest called IGNITE BUSINESS IDEAS CONTEST aimed at identifying One Thousand One hundred (1,100) innovative and viable business ideas.
Each of the One Thousand one hundred (1,100) winners will receive a sum of N100, 000 (One hundred thousand naira only) as seed capital to progress their business ideas and also benefit from 1 year business management mentoring by some members of the screening & selection committee.
Out of the 1,100 winners, The Chair Centre Group will provide the seed capital for 100 winners while Lagos State Government will provide seed capital for the remaining 1,000 winners.
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.
The Process
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.
The contest will be open between August 18th 2014 and closes December 20th 2014. Entries after the closing date will not be honoured.
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, One Thousand One Hundred (1,100) best business ideas will receive the sum of 100,000 (One hundred thousand naira only) seed capital. This capital will be routed through First Bank Micro Finance Bank and will be interest free for the 24 month tenure. After the first 6 months, monthly repayments of N5, 000=00 only will be expected for 18 months until the capital is fully repaid.
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.
The selected winners (1,100) will also enjoy a one-year business mentorship opportunity from great and successful business men and women in the country
How to Apply
The following steps are required to participate in the contest
REGISTER: Register your profile on the website
LOGIN: Login with user credentials to access the application form. Fill all required entries in the General and Business Application sections of the Application form.
APPLY: Complete the application form. Once done, review again and submit
Click here to watch a short interactive video on how to apply.
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