Wednesday, May 23, 2012
First Bank Nigeria/SIFE Nigeria Business Smart competition For Undergraduates
First Bank Nigeria/SIFE Nigeria Business Smart competition is a platform that allows courageous and enterprising Nigerian
undergraduates to discover and develop their business prowess by
participating in a highly informative and engaging business challenge.
The Business Smart competition is an online competition that incorporates the following stages”
1. Registration and submission of business idea: The application process consists of two separate platforms.
§ Platform One: The application form.
§ Platform two: The 3 minutes video elevator pitch of the business idea.
Every
contestant will have the choice of deciding which of the two options
they would like to utilize in submitting their application. Whichever
platform is selected by the contestant, the business idea must be
clearly explained and the application should address the following
questions.
- · What are you selling (Business idea)?
- · Who will buy (target audience)?
- · Why will they buy (value proposition)?
- · How will they buy (marketing plans)?
2. First tier screening of entries: entries/applications
will be evaluated and screened by a panel of professionals. This panel
will determine the twenty (24) most impressive entries that will proceed
to the next stage of the competition.
3. Mentorship programme: The
twenty four contestants advancing to the next stage of the competition
will be attached to professionals who will serve as mentors. The mentors
will be charged with the responsibility of providing professional guide
to their respective mentees with respect to developing their initial
business ideas into “winning” business plans that are also consistent
with the expectations of the next stage of the competition.
4. Second tier screening of entries:
Having worked extensively with their respective mentors, the
contestants will submit their individual business plans for further
evaluation and screening in accordance with the tasks given to the
contestants. At the end of this process, only six (6) finalists will
emerge and proceed to the “First Bank Business Smart Boot Camp”.
5. The boot camp:
The boot camp is a four (4) day preparatory programme during which the
finalists will be engaged in a series of exciting activities that
provide an out of the classroom learning experience. The contestants
will also have the opportunity of meeting with their respective mentors
and engaging them. During these encounters, the mentors will work with
their mentees with respect to developing their business plans in
accordance to the brief given to the contestants.
6. The final competition: At
the end of the boot camp and training, the four finalists will make a
live presentation of their business plans to a panel consisting of top
business executives who will be serving as the judges.
At
the end of the presentations, the judges, using the judges’ tool kit,
will decide the winner of the First Bank Nigeria/SIFE Nigeria Business
Smart competition.
7. Awards presentation: Cash awards will be made to the eventual winning Business Plan in the following categories:
· First prize: A one million naira (N1,000,000) cash award will be given to the winning Business plan.
· Runner
– ups: Two (2) contestants will emerge as the runner-up teams. Each of
these winners will take home a cash award of five hundred thousand naira
(N500,000) only.
Note
that these cash awards are seed capitals that will be invested in the
winning business plans with a view to developing the idea into a
business.
FOR MORE INFO, CLICK HERE
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