Enterprise Challenge is a competition
developed by the British Council, in partnership with Virgin Atlantic Airways
and Zenith Bank. Firsts held in 2014, new partners for 2016 are Samsung and
Etisalat.
The competition provides a platform for
young, brilliant entrepreneurial minds to further develop their skills,
businesses and bring their innovative ideas to the fore for possible future
development. It is designed to test a range of consumerist skills, and this
year’s competition will be open to Nigerians domiciled in Nigeria who fall within
the 18 to 35-year-age bracket.
The initiative takes place during
February with the theme of ‘Positive Disruption – in the field of
entrepreneurship’.
Sensitive to the current economic
climate, and the new government’s strategy to drive change within all sectors,
the initiative’s goal is to identify and foster a ‘new breed’ of home-grown
entrepreneurs. It is hoped that these individuals will act as future agents of
change and, through their work, support the policies and strategies for
economic diversification. In effect, they will act as the ‘disruptors’ of the
status quo, driving much needed change and development within the Nigerian
business environment.
There are three tasks within the
competition with successful candidates shortlisted to the next level of
intensity.
The competition stages are:
1st
level task – Essay:
Participants were required to submit a
450-word essay. They were asked to examine the sectors that the new Nigerian
government is looking to develop and offer their solutions (fresh or
reengineered) to address the issues. 80 individuals with the most creative and
thought-provoking essays were shortlisted for second task.
2nd
level task – Video Pitch:
The 80 shortlisted candidates have been
asked to develop their idea(s) for a product or service (already existing or in
development) in line with the competition’s theme – Positive Disruption. To
promote sustainability, the product or business should be based on the
developmental needs within their local environment.
3rd
level task – Panel Defence Pitch:
Twenty successful candidates will be
chosen following the Video Pitch task. They will attend the Enterprise Boot
Camp (see below), and go on to face a panel of industry experts to present and
defend their idea(s) in this final task before three winners are chosen.
Enterprise
Boot Camp
Held before the final pitch, and new for
2016, 20 participants will be provided with developmental support and mentoring
by The Branson Centre for Entrepreneurship. This intensive three-day ‘boot
camp’, held in Lagos, will focus on the fundamentals of entrepreneurship and
business management. Candidates will be helped to further develop their idea(s)
and presentation ahead of the final task.
The objective is to ensure that a wider
pool of budding entrepreneurs have access to the skills building sessions
compared to the first cycle, when only the two winners benefited.
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