Ignite Idea Business Contest 2014 – Grants for 100 Nigerian Entrepreneurs
Deadline: Not Specified
Do you have a feasible business idea that will meet a need? Do you need funds to start up? Here is your chance to make it happen!
As The Chair Centre Group approaches its 25th anniversary, they have launched the Ignite Idea Contest to provide start-up funding to budding entrepreneurs to help move their business idea from paper to reality. This is a crowd sourced contest aimed at identifying 100 innovative and viable business ideas. powered by The Chair Center Group.
Its founder, Mrs Ibukun Awosika, seeks meaningful and impactful ways to mark this significant milestone. This singular contest will ensure that brilliant business ideas do not die due to lack of funds.
- Each of the 100 winners will receive a sum of N100, 000 (One hundred thousand naira only) as seed capital to progress their business idea
- The selected 100 will also enjoy a one-year business mentorship opportunity from great and successful business men and women in the country
- Applicants must be of Nigeria nationality between the Age bracket of 18-35. Failure to verify age will result in the application being declined.
- Applications must articulate a specific business problem to solve or opportunity to address.
- The ideas must be original, address a clear market gap.
- Applicants must be clear on the benefits from the prize money and the viability of idea must be established
- Employees of The Chair Centre Group, Digital Jewels Limited, AGDC etc and their families are not eligible to apply.
- Entries must be submitted online within the specified timeframe and conform to specified guidelines and terms and conditions of participation clearly outlined
- All entries will be reviewed by the Panel of Judges who consist of carefully selected accomplished professionals from all walks of life.
- Shortlisted entries will be invited for interiviews to further review the ideas
- At the end of the screening and selection process, 100 best business ideas will receive the sum of 100,000 (One hundred thousand naira only) seed capital. This capital will be routed through First Bank Micro Finance Bank and will be interest free for the 24 month tenure. After the first 6 months, monthly repayments of N5,000=00 only will be expected for 18months until the capital is fully repaid. A good relationship with the Micro Finance Bank will provide a foundation for a long term banking relationship with the Bank and subsequently the parent Bank.
- The Judges’ decisions are final.
How to Apply
The following steps are required to participate in the contest
REGISTER: Register your profile on the website
LOGIN: Login with user credentials to access the application form
APPLY: Complete the application form. Once done, review again and submit
For more information, visit Ignite Idea Contest.