Overview of the Ugwumba Enterprise Challenge
The Ugwumba Enterprise Challenge is a dynamic idea pitching and grant competition aimed at empowering young individuals across Africa to transform their innovative concepts, skills, and passions into viable and scalable business ventures or social enterprises.
This initiative is designed to foster entrepreneurship by encouraging young people to showcase their creativity and resilience in overcoming the challenges of starting and sustaining a business.
Our competition model is built around pitching sessions because it not only highlights the creativity and boldness of young entrepreneurs but also provides them with the platform to refine and realize their business ideas.
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Each participant is required to go through a rigorous Boot Camp and a series of Pitching Competitions.
The entrepreneurs with the most promising and impactful business ideas will receive both financial backing and technical support to help turn their visions into reality.
Program Summary
— Value: N10 Million
— Type: Entrepreneurial Contest
— Sponsor: Tertiary Education Trust Fund (TETFUND)
— Funding Type: Partially Funded
— Eligible Countries: Nigeria
— Benefits: Monetary Prizes
— Application Deadline: September 16, 2024
Eligibility Criteria
The Ugwumba Enterprise Challenge is open to young entrepreneurs from Nigeria aged between 18 and 40 years.
Applicants should have innovative ideas that have the potential to be developed into successful business ventures or social enterprises.
Prize and Benefits
Participants in the Ugwumba Enterprise Challenge have the opportunity to win substantial prizes:
— 1st Prize: N2 million
— 2nd Prize: N1 million
— 3rd Prize: N700,000
— 4th Prize: N500,000
— 5th Prize: N300,000
— Consolation Prizes: N100,000 each for the 6th to 10th finalists
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These prizes are intended to support and incentivize the most promising entrepreneurs, helping them to advance their projects and make a significant impact in their communities.
Selection Process and Timelines
The competition is structured in several key phases:
— Call for Applications: August 16 – September 16, 2024
— Admission into Boot Camp: September 18, 2024
— UEC 2024 Open Day: September 20, 2024
— UEC Boot Camp: September 23 – October 18, 2024
— 1st Preliminary Pitching Competition: October 21 – 30, 2024
— Announcement of Top 20 Startups: November 4, 2024
— 2nd Preliminary Pitching Competition: November 6 – 20, 2024
— Announcement of Top 10 Finalists: November 26, 2024
— Grand Finale in Abuja: December 3, 2024
Participants will first attend a Boot Camp designed to prepare them for the pitching stages. The competition includes two preliminary pitching rounds, culminating in the grand finale where the top finalists will present their ideas before a panel of judges.
Application Deadline
The final date to submit applications is September 16, 2024. We encourage all eligible young entrepreneurs to apply and seize this opportunity to turn their innovative ideas into impactful enterprises.
The Ugwumba Enterprise Challenge represents a significant step towards fostering a vibrant entrepreneurial ecosystem in Nigeria and beyond. By supporting and empowering young entrepreneurs, we aim to drive economic growth and social progress across the region.
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