Nigeria is blessed with great people, Highly talented, hard-working and smart people with great business ideas. However, very little has been done to ensure the ideas materialize because of lack of funds. One of the problems militating against the materialization of business ideas from the budding entrepreneurs is funding. To help address the issues of funding for the budding entrepreneurs, AGDC, under the IGNITE initiative, partners with The Chair Centre Group and Lagos State Government, to commission the conduct of a crowd sourced contest called IGNITE BUSINESS IDEAS CONTEST aimed at identifying One Thousand One hundred (1,100) innovative and viable business ideas.
As part of the Ignite Ideas contest, 1,100 winners will receive a sum of ₦100, 000 each as seed capital to progress their business ideas and also benefit from 1 year business management mentoring by some members of the screening & selection committee. Out of the 1,100 winners, The Chair Centre Group will provide the seed capital for 100 winners while Lagos State Government will provide seed capital for the remaining 1,000 winners.
To apply for the contest, please do the following;
1. Register your profile on the website
2. Login with user credentials to access the application form. Fill all required entries in the General and Business Application sections of the Application form.
3. Complete the application form. Once done, review again and submit
Please note, entries must be submitted online within the specified timeframe and conform to specified guidelines and terms and conditions of participation clearly outlined on the registration website website. The contest closes on December 20th 2014 and entries after the closing date will not be honoured. All entries will be reviewed by the Panel of Judges who consist of carefully selected accomplished professionals from all walks of life. Shortlisted entries will be invited for interviews to further review the ideas.
At the end of the screening and selection process, 1,100 best business ideas will receive the sum of ₦100,000 as seed capital. This capital will be routed through First Bank Micro Finance Bank and will be interest free for the 24 month tenure. After the first 6 months, monthly repayments of ₦5, 000 only will be expected for 18 months until the capital is fully repaid.
To get Started: go to http://www.igniteideas.org/