Deadline: April 30, 2014
Eligible and passionate entrepreneurs from Sub-Saharan African Member Countries (Benin, Burkina Faso, Cameroon, Chad, Comoros, Cote D’ ivoire, Djibouti, Gabon, Gambia, Guinea, Guinea Bissau, Mali, Mauritania, Mozambique, Niger, Nigeria, Senegal, Sierra Leone, Somalia, Sudan, Togo, Uganda) are invited by the Islamic Development Bank Group (IsDB Group) to participate in its 1st Annual Business Plan Competition.
The Business Plan Competition is a recently introduced initiative of the IsDB Group. In this competition, candidates come together to develop and further refine their business plans to launch their start-ups or grow ventures, while competing for the cash prizes!
This event aims the following:
- Contribute to the development of entrepreneurship eco-system in Sub-Saharan Africa,
- Stimulate and promote entrepreneurial initiatives in the region,
- Help the entrepreneurs to move their plans from “idea” to “launch” and eventually to “growth” stages,
- Encourage Sub-Saharan entrepreneurs with several financial and non-financial benefits.
- Participating to this competition will provide several benefits including;
Benefits:
- Cash prizes,
- Training materials on business plan development,
- Mentorship from prominent entrepreneurs,
- Networking opportunities with well-known entrepreneurs, investors, and potential partners,
- Media exposure for finalist entrepreneurs
Eligibility:
- Individual application is allowed but application by teams are highly encouraged. In the case of team application, each team shall select a member who will be the “applicant” for the team in this competition,
- The applicant must be a citizen of the IsDB Group Member Countries in Sub-Saharan Africa Region
- The applicant shall be at least 18 years old and able to read and speak English or French proficiently,
- The applicant shall have a valid passport and be eligible to travel to Senegal/Dakar to participate in the award ceremony,
Criteria:
- All members of a team can only enter the competition once with one submission,
- Team composition adjustments are allowed in Phase 1 and 2 but no changes are allowed after the submission of full business plans,
- The products or services offered or intended to be offered should have commercialization potential, be legal, and Shariah-compliant. The following applications will not be accepted
- Projects which does not have commercialization potential,
- Non-for-profit type projects such as charities, NGOs etc.,
- Projects entailing production, sales, promotion, or distribution of the non-shariah compliant products/services (such as alcohol, gambling etc.)
- Each applicant must choose to enter the competition as either a ”Idea Track” or “Growth Track”
Specific Conditions:
- For the Idea Track, applicant must demonstrate how they will make the project bankable within 1 year of winning the competition
- All teams/individuals that previously received award for the idea/business venture from another organization must disclose information on the type and amount of the award, date of receipt, and organization providing this award.
For more information, click here.
