July 1, 2016 at 12:47 am #5845
The enterprise development program, EXTRAPRENEURSHIP, is an integrated business development program that harnesses strategic partnerships and networks to support and reward relevant, innovative, profitable and scalable entrepreneurial startups with a view to ensuring growth and sustainability.
Developed by Enactus Nigeria and implemented in partnership with Sahara Group, the extrapreneurship challenge seeks to strengthen relevant startups whilst stimulating the Nigerian economy.
The focus of extrapreneurship is to identify innovative businesses and provide a platform that takes the participants through an enterprise development learning curve that culminates into the creation of stable, profitable, scalable and sustainable startups
Another focus area of extrepreneurship is to encourage entrepreneurship as a career option amongst Nigerian youths while stimulating the Nigerian economy.
Yet another focal area of the challenge is to link successful startups to investors for the purpose of financing and business growth
The challenge is structured to take the participants through a non-conventional and exciting journey of capacity and business development following the process highlighted below
Selection of innovative and scalable start-ups: application will be received and reviewed by a screening panel to determine the most relevant, innovative, scalable, profitable and sustainable start-ups.
Successful startups will be paralleled with successful business development professionals who will mentor the startups with a view to increasing profit and ensure business growth for startups. The mentorship will be conducted over the following media
1) Online (Exchange of email): Over a 2 week period, mentors and mentees will interact via emails, where business plans will be reviewed and recommendations provided.
2) Offline: This will be a physical session where mentees and mentors will review all that was done online and finishing touches will be made to the business plans.
The boot camp
This is a four (4) day preparatory program during which the finalist startups will engage in a series of exciting activities that provides out of the classroom learning experience.
The contestants will also have the opportunity of meeting with their respective mentors and engaging with them. During these encounters, the mentors will work with their mentees with respect to developing their business.
At this stage, the successful startups will be making a business pitch to a selected panel of angel investors. The pitch will be made with a view to attracting investment from the angel investors.
Awards will be provided to the final four (4) startups in the following categories
Investment: The ultimate award will be for one or more investor(s) to decide to invest funds into the start-up(s) with the purpose of growing and expanding it.
Cash awards will be issued to the four (4) finalist for the purpose of putting corporate governance and structure in place in each of the final four (4) startups. This will include
o Business registration with Corporate Affairs Commission (CAC)
o Establishment of corporate/ business account
o Putting other legal necessities in place
For More Information:
Visit the Official Webpage of the Enactus Nigeria Extrapreneurship Challenge 2016 : http://thechallenge.enactus.org.ng/about-the-challenge/
Entries close on the 10th of July 2016.
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