The Ignite Ideas Contest is an initiative spearheaded by AGDC, with implementing support from Generation Enterprise, sponsorship from The Chair Center and the Lagos State Government, and collaboration from partners such as Digital Jewels and First Bank.
Submitted business ideas will go through a screening process by a selection committee carefully chosen from varying industries across the nation. The contest aims to identify, incubate and fund 1,100 viable business concepts in Lagos State.
Each of the one thousand one hundred (1,100) winners are eligible N100,000 (one hundred thousand naira only) as seed capital to progress their business ideas and benefit from business management mentoring by experts.
What you need to know:
- Applicants must be of Nigerian nationality,
- Applicants must be between the ages 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,
- The Judges’ decisions are final.
Accepted participants will gain access to seed funding of up to N100, 000, as well as skilled expertise to help them with their business strategy and growth. Qualified applicants with high potential businesses will be selected to enroll in the 3-month incubator program which will include additional training, mentorship and exposure.
Funding: Entrepreneurs selected to take part in Ignite are automatically qualified to receive a maximum of N100, 000 interest free loan. The loan has a 3-month moratorium, and must be repaid within a 12-month period (following the 3 month moratorium). Entrepreneurs who perform well and build credit-worthiness during that time may qualify for additional funding and support.
Training: All selected applicants are required to attend a 1-day business bootcamp to refine their business strategy.
Incubation: Select entrepreneurs may qualify to take part in the 3-month business incubation program (please note that acceptance into Ignite Ideas is not an automatic acceptance into the incubator program). The incubation program includes additional training and business advisory for businesses that have potential to scale and create jobs.
Community: All selected participants automatically become part of a community of change-makers, pioneers, explorers, problem-solvers and venture builders. To ensure the experience is enriching for all participants, we carefully select the right type of people to join this network. Within the network, we facilitate information sharing, resource sharing, peer feedback, and continuous exchange. At the end of the program, members continue to stay engaged through the Ignite Ideas Alumni Network housed on Linkedin.
DEADLINE: November 16, 2015