Ekiti Enterprise Challenge 2023: Application Portal | Get 1.5 Million Business Funding
If you are an entrepreneur based in Ekiti State, the Ekiti Enterprise Challenge is an opportunity for you to scale your business or unique idea and get up to 1.5 Million Naira to increase your business funding and grow to another level. See the program details below read all you need to be eligible for this funding opportunity.
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About Ekiti Enterprise Challenge
Organized by Innovate African Growth Initiative, the 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 reside 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.
Reason for this Programme
The organizers of the Ekiti Enterprise Challenge (EEC) believe that access to capital and lack of capacity to scale is part of the 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.
Stages of Ekiti Enterprise Challenge Fund Program
This program has four(4) stages and participants must scale through the first stage to advance to the next.
- Ekiti Enterprise Challenge: This is the entry point for the program and here individuals are expected to submit their applications following the call for Applications on Thursday, June 1st, 2023, and Ends on Friday, June 30th, 2023
- After a successful application, the Best Business ideas will be selected by a team of independent reviewers and invited to showcase, demonstrate and exhibit their business ideas during the 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 will trained, groomed, and mentored by a team of business coaches towards the final stage of Ekiti Enterprise Challenge Pitch Completion in August 2023.
- 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 of Seven Hundred & Fifty Thousand Naira (N750,000), for the first runner up and Five Hundred Thousand Naira (N500,000) for the second runner up
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Eligibility Criteria
To be eligible to participate in the Challenge, an applicant:
- Must be above 18 years of age but not older than 45 years
- Must be an indigene of Ekiti with evidence of Local Government Attestation
- Must be resident in Ekiti or willing to establish in Ekiti
Ideal Criteria For Business Ideas We Are Looking For
Ideas presented by applicants will be pre-screened based on the following Criteria;
- Genuity of The Business Idea
- Reliability of the Business Idea
- Feasibility of the Business Idea
- Sustainability of The Business Idea
- Financial Viability of The Business Idea
- Scalability & Potential For Exponential Growth of The Business Idea
How to Apply
Interested and eligible applicants should complete their application online for free via the Ekiti Enterprise Challenge application portal here before the application closing date. During the application, applicants will be required to upload their Local Government Attestation or Certificate of State of Origin.
- Applicants will be required to make a 3 minutes video of their business (or ideas) for upload after completing the application form
- Applicants will be required to make a 3 mins video pitching and presentation
It is a maximum of five minutes of video about your business or idea. Clearly state
- Â why your business or idea is unique,
- who are your target customers,
- why do you think you should be selected and
- what you will do with the Grand Prize of N1.5m if you are successful?
More information can be found on the portal
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