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.
At Innovate Africa Growth Initiative, we organize Ekiti Enterprise Challenge because we believe access to capital and lack of capacity to scale is part of the major issues affecting young entrepreneurs that the 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.
The impact deliverables of the maiden edition of Ekiti Enterprise Challenge have led to the identification, discovery, support, mentorship and funding of creative and innovative young Ekiti entrepreneurs with business ideas that have the potential to grow exponentially beyond Ekiti Local Market and scale up their market reach. Consolidating on the previous achievement, success story and impact deliverables of the maiden edition of Ekiti Enterprise Challenge, we wish to announce to the general public that the activities process for the second Ekiti Enterprise Challenge is as follows:
1. Ekiti Festival of Ideas will be an entry qualification into Ekiti Enterprise Challenge which will begin with a call for Applications on Thursday, June 1st 2023 and Ends on Friday, June 30th 2023
2. 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
3. The Best Ideas showcased will be selected and invited to a one-week Residential Ekiti Enterprise Development Boot camp where they will train, groomed and mentored by a team of business coaches towards the final stage of Ekiti Enterprise Challenge Pitch Completion in August 2023
4. The winning enterprise selected by an independent panel of Judges will receive a Grant Prize of One Million Naira (N1,500,000) while 2 runners 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
This initiative is part of our organization’s social impact commitment in complementing the efforts of the government and giving back to society by investing in young entrepreneurs. It is our expectation that the second edition of Ekiti Enterprise Challenge and Ekiti Festival of Ideas 2023 will help enhance shared prosperity by raising the next generation of Ekiti young entrepreneurs who will make Ekiti Great again by establishing sustainable businesses that have potential to create decent jobs and economic growth which are inline with SDGs Goal 1, 8, 9, 11 & 17.
Eligibility
To be eligible to participate in the Challenge, an applicant:
1. Must be above 18 years of age but not older than 45 years
2. Must be an indigene of Ekiti with evidence of Local Government Attestation
3. Must be resident in Ekiti or willing to establish in Ekiti
Ideal Criteria For Business Ideas We Are Looking For
Ideal Criteria For Business Ideas We Are Looking For
Ideas presented by applicants will be pre-screened based on the following Criteria;
1. Genuity of The Business Idea
2. Reliability of the Business Idea
3. Feasibility of the Business Idea
4. Sustainability of The Business Idea
5. Financial Viability of The Business Idea
6. Scalability & Potential For Exponential Growth of The Business Idea
The Entry for Participation
1. Applicant will be required to complete an online form FREE
3. Applicants will be required to upload their Local Government Attestation or Certificate of State of Origin.
2. Applicant will be required to make a 3minutes video of their business (or ideas) for upload after completing the application form
4. Applicants will be required to make a 3 mins video pitching & presentation about:
Note on the video:
It is a maximum of five minutes of video about your business or idea. Clearly state
(1) why your business or idea is unique,
(2) who are your target customers,
(3) why do you think you should be selected and
(4) what you will do with the Grand Prize of N1.5m if you are successful?
Interested participants are encouraged to visit www.ekitienterprisechallenge.org or bit.ly/ekitienterprisechallenge2023 to register
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