ENGINE Business Plan Competition for Ghanaians 2014
Deadline: August 18, 2014
Got a business idea that you want to jump-start? Apply now for the 2014 Enhancing Growth In New Enterprises (ENGINE) Business Plan Competition for entrepreneurs. TechnoServe with the support of the UK Government is excited to promote entrepreneurship and private sector development in Ghana.
ENGINE is a multiyear project implemented by TechnoServe with funding from the UK Government through the Department for International Development (DFID) that seeks to equip Micro and Small Enterprises (MSEs) with the necessary skills and resources to improve their business plans and internal operations, while creating a thriving community of entrepreneurs through increased access to business development services and to financing.
The competition is organized in three phases.
- Business Idea Screening and Selection: All eligible applicants will be invited to attend a 2-day entrepreneurship seminar and industry conference in Accra.
- The Core Programme – Business Management Training, Building a Business Plan and Professional Consulting. The top shortlisted entrepreneurs will be invited to attend a 4-day business plan building programme that will include business coursework, business plan development seminars, industry specific topics and, consulting sessions with a business professional, as well as networking events.
- Strengthening and Presenting the Business Plan. During Phase III, finalists have the opportunity to improve their business plans based on the feedback received at the end of Phase II, alongside additional seminars on select topics.
Winners will receive a combination of seed capital and aftercare (business development services). The program will also facilitate participants to access loan or investment capital from financial institutions or investors. Several finalists will also win aftercare awards (business development services). At least US$720,000 (GBP450,000) in seed capital and aftercare will be awarded across the winners and finalists.
All Phase II and III participants will receive an ENGINE certificate commemorating their participation and achievement.
In order to be eligible to participate in the ENGINE Business Plan Competition a person must meet all of the following criteria:
- Be a Ghanaian citizen
- Be 20 years of age or older at the time of submitting the application
- Propose an expansion on an existing business or a new business that is or will be based in Ghana
- Have no more than 50 employees (existing businesses)
- Propose a business expansion or concept that will realistically create at least 5 new jobs by the end of the second year of business operations, and will have a minimum investment base of GH¢50,000 and annual sales of GH¢100,000 by the end of the third year of business operations
- Propose an expansion or a new business in any sector or industry (except Imports to Sell)
- A firm commitment to submit basic financial data for a period of 3 years following participation in the program, as well as submitting financial data during the issuance of the grant
- Ideas can be submitted by individuals or by a group. If an idea is submitted by a group, all group members must meet all of the above stated criteria
- Each idea may be submitted only once
- Only one person per application may participate in training sessions, events, consultant meetings and any other aspect of the competition. The same person from any one business team must attend the entire programme from beginning to end. The only exceptions that may be made will be by consultants, who may agree in advance to meet with additional members of a management team
- No employee or associate of the employee (spouse, parent, cousin, nephew, niece, or child) of any of the organizations associated with the competition is permitted to participate
- All businesses proposed must be profit seeking, self-sustaining businesses. No non-profit entities will be accepted
- The organizers are not responsible for any other costs (i.e. lodging, food, further transportation) that a participant may incur in order to attend any of the competition events
For more information, visit ENGINE Ghana.