The Salimo-Wits Entrepreneurship Competition is a Business Plan Competition (BPC) and initiative of Salimo-Wits Foundation designed to foster a culture of entrepreneurship among Nigerian youths by encouraging them to develop viable business ideas and starts-ups through:
- Business development skill training..
- Business mentoring and coaching.
- Provision of grants for business start-up or expansion.
Specific Objectives of Salimo-Wits Entrepreneurship Competition include:
- To facilitate the creation of sustainable and profitable business starts-ups; in line with the job creation drive of the Federal Government of Nigeria.
- To attract business ideas, innovations and business strategies from existing and prospective youth entrepreneurs.
- To enhance entrepreneurial values and develop positive attitudes amongst the youth towards entrepreneurship and self-employment.
- Provide funds for selected prospective entrepreneurs which could serve as initial capital to start or expand their business concepts.
- To develop and strengthen the managerial, financial and operational competencies required to successfully start, sustain, and expand business enterprises.
- Provide the platform and opportunities for budding and existing youth entrepreneurs to access micro-credits (through third parties like banks, allied financial institutions etc.), business mentoring and business support networks.
- The Salimo-Wits Entrepreneurship Competition is open to Nigerian youths between 18 to 35 years.
- The competition is Free and open to aspiring young entrepreneurs not yet established in an operating business.
- Contestants must be Nigerian and resident in Nigeria.
- Contestants must have a valid form of identification such as: School I.D card, National I.D; Drivers Licence; International Passport; Voters Registration, etc. as at the last day of the application period.
- All Contestants must demonstrate the ability to obtain additional financing from customary lenders, prove market feasibility and be or become a full time operation.
- Contestants may submit business ideas in any field, including services, manufacturing, distribution, health care, Internet, consumer products, retail, technology, and other fields of commercial endeavor.
- Contestants may submit their application (business ideas in a business plan) by (1) online in PDF format through the SWF Portal, which will open from 17th October and close on 23rd December 2016 or (2) a hard copy addressed to:
Salimo-Wits Entrepreneurship Competition
Attn: Akin Adelakun (Program Officer)Salimo-Wits Foundation
Harvey Road, Sabo, Yaba, Lagos State.
Suite J1, Rd 5, Ikota Shopping Complex, Ikota, Lekki –Lagos State.
- All electronic submissions must be received by 5:00 p.m. (Local Time) on December 23, 2016 to be considered. All hard copy entries must be in hand by December 23, 2016, to be considered.
- Contestants will be short-listed for the second round by a Panel of Judges. Shortlisting of Applicants will commence from the close of the Application Window on December 23, 2016.
- Finalists must be available to present their proposal before a panel of judges at slated venue in Lagos. (Specific dates will be communicated to eligible applicants).
- All submitted Business Plans must be the original work of the contestant.
- Contestants must like Salimo-Wits page on facebook: https://www.facebook.com/salimowitsleadershipinitiative and follow on twitter: https://twitter.com/SalimoWitsf.
- The organisers and sponsors of this competition reserve the right to exercise their sole discretion to alter, amend and/or supplement these competition rules at any time, or to cancel, terminate or suspend the competition at any time. Any such changes will be communicated through the publication thereof on the Salimo-Wits Foundation’s website: http://salimowitsfoundation.org.
Second Round Judging:
Following the closure of the application window, ten (10) top entries will be selected based on the merit and quality of the written submission/applications by an independent team of seasoned panel of judges. The ten (10) contestants will make oral presentations of their business plan/ideas and business strategies. Interviews for the contestants are rated and scores aggregated to determine the winner of the competition who will advance to the Awards and Grant Presentation Ceremony (Grand Finale). The outcome of the judges’ decision remains confidential until the Awards Ceremony and Grant Presentation. The decision of the judges is final and cannot be contested. The shortlisted applicants who meet the selection criteria for the second round of the competition would be notified via email/telephone.
The best-qualified entries and entrepreneurs will be selected from the pool of contestants/applications using specified selection criteria. These criteria are:
- Feasibility: content of the Business Idea. A good business model that has clear and compelling mission to grow a sustainable, commercially viable business and is effectively communicated;
- Market Opportunity: knowledge and understanding of the market, customers and competitors for their idea/business;
- Financial Understanding: understanding of the basic financial requirements of running a business, costs and revenues;
- Scalability: Demonstrates potential for replication and growth of their product or service to create jobs and wealth;
- Leadership Potential and Entrepreneurial Skills: Demonstrated leadership potential, capable of attracting people, customers and resources.
The Awards Ceremony and Grant Presentation:
This will be the grand finale where the winner will be announced and presented with the cash prize. It will be a high profile event with government functionaries and business persons in attendance.
The grand prize is N150, 000.00.
The Salimo-Wits Foundation honours the confidentiality of all participants’ business concepts and plans. Ownership of any Intellectual Property (IP) contained in the entry forms and/or business plans submitted for the Salimo-Wits Entrepreneurial Competition will vest with the contestants. No information will be used or deployed by the organisers and sponsors for any purposes other than this competition. Copies of the business plans will only be circulated for judging purposes, and any hard copies will be returned by the judges to Salimo-Wits Foundation after the oral presentation stage is completed. Efforts will be put in place to ensure that the judges for this competition also recognize the sensitivity of the materials being presented. At the closure of the competition, all business plans received for the Competition will be deleted and destroyed. All other requests for the business plans will be directed back to the contestants.
For more information and enquires
Visit the official website: http://salimowitsfoundation.org.
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Mobile Lines: +234 8028281092, +234 8096604576, +234 8033342503