Wednesday, May 23, 2012

First Bank Nigeria/SIFE Nigeria Business Smart competition For Undergraduates

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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.

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