“The 50K Challenge” for Global Entrepreneurship Week (GEW) 2013

The Spirit of Enterprise in conjunction with “An Entrepreneur’s Journey" and The JobMag Center presents “The 50K Challenge” for Global Entrepreneurship Week (GEW) 2013

Introduction

• The 50K Challenge is a business competition aimed at young people running a micro-business, for whom =N= 50,000 can make a difference in moving their business idea forward. For this competition, there will be 3 winners. 

• The competition will take place in Lagos, Nigeria and applications outside Lagos are welcome. However applicants from outside Lagos who make the initial shortlist will be fully responsible for their travel, accommodation, and feeding to the final pitch in Lagos.

• Applicants will go through 2 stages of selection. The 3 winners at the final stage will also receive non- cash support post- event as well as =N= 50,000 each

Application Criteria
All applicants will be expected to meet the under- listed set criteria;

1. Must be Nigerian and resident in Nigeria (applications from outside Lagos are welcome as previously stated) 
2. Must be between the ages of 18- 35 
3. Must currently be running a small business, registered or unregistered, full time or part time, with a monthly turnover of not more than =N= 100,000 per month

Application & Selection Process 

• Applicants will be expected to submit a 1 page essay answering the question “What would I do with =N= 50,000 and how would it impact on my business? 
• Essay format should be 1 page, Arial font 12, 1.5 spaced and justified.
  
  
  
  Any essay that doesn't fit this format will be automatically disqualified 

Application will be in 2 stages: 

1. First stage submission of essay closing by October 25, 2013. Essays are to be emailed to thespiritofenterprise@gmail.com. A team will review and shortlist the 7 best essays that fit selection criteria. The selected applicants will undergo a vetting process to ensure they fit the set application criteria
2. The successful applicants will be notified by November 9, 2013 and invited to make a pitch presentation at the second stage which will be on Saturday, November 23, 2013. This presentation will be made to a team of experienced judges who will select the top 3 winning businesses 

As a prelude to the final presentation, shortlisted applicants will be required to prepare a 2 minutes elevator pitch video which will be uploaded to The Spirit of Enterprise’s you tube page

Selected applicants will be expected to email copies of their pitch latest November 19, 2013 in word and power point formats. The presentations should have a maximum of 10 slides and each applicant will have 15 minutes to make their presentation

Details of the final pitch (venue, time, format, etc) will be emailed to successful applicants on receipt of copies of their pitch latest November 19, 2013 in word and power point formats.

Key Dates to Remember 

Applications open on October 10, 2013

Applications close on October 25, 2013

Successful applicants will be notified of shortlist by November 9, 2013

Successful applicants will be expected to email copies of their pitch latest November 19, 2013 in word and power point formats

Details of the final pitch (venue, time, format, etc) will be emailed to successful applicants on receipt of copies of their pitch latest November 19, 2013 in word and powerpoint formats

Second stage pitch presentation and selection of winners on Saturday, November 23, 2013

Application Rules and Caveats 

Winning applicants must:

1. be prepared to work within the set deadlines for each stage of the process and commit to the whole process post- event 
2. be prepared to receive publicity both personal and business through social media 
3. agree to have their presentations posted on social media (facebook and blogs) 
4. agree to use the allocated grants solely for the purpose of the business

Post- Event Phase 

Each of the three winners receives the sum of =N= 50,000 at the event and subsequently also receives the following;

6 sessions of online coaching each

Business publicity on www.mofolusades.blogspot.com and The Spirit of Enterprise

All shortlisted participants will receive consolation prizes