ENTREPRENEURS COMPETE TO TAKE WORLD STAGE AT NIGERIAN ENTERPRENEURSHIP WORLD CUP REGIONAL FINAL
· Three winners from over 20,000 entrants received US$500,000 worth of prizes
· Winning startup entered into global Entrepreneurship World Cup final to be held in Saudi Arabia in November
· Startups designed to support African trade, women-led agriculture, and clean energy.
Entrepreneurs and emerging thought leaders gathered alongside established business leaders for the finals of the Entrepreneurship World Cup (EWC) Nigeria at the GEN Nigeria Enterprise Hub on 9 August 2019.
The final saw 10 startups, selected from a field of 22,000 applicants, present their ideas live on stage to a jury of regional business leaders, who then challenged the competitors through an incisive question and answer session to further assess the competitors’ market-readiness.
The top three competitors were:
· 1st place: Traders of Africa (TOA) - A pan-African online marketplace for products grown, produced or manufactured in Africa Only. A B2B platform, TOA are a point of convergence for qualitative trade within Africa and are working to address two key issues identified in connecting buyers and sellers, trust and payment terms.
· 2nd place: Fatara Farms - Dedicated to helping female smallholder farmers use cheaper and easier renewable energy (solar) to irrigate their farms through their local cooperatives, Fatara Farms ensures that every woman or girl in Nigeria's northeast gets access to an equitable source of irrigation and all-year-round farming.
· 3rd place: Powerstove Energy - A clean energy advocate company designing and manufacturing Powerstove, a low-cost, clean cookstove that is 100% smokeless, uses 70% less biomass, and is 5x faster than traditional stoves while also generating electricity for the user’s household. The company also produces biomass pellets significantly cheaper and more efficient than firewood and charcoal.
The three winning startups received access to the GSVLabs Passport worth US$500,000 in services. Traders of Africa will compete in the EWC global final at the Misk Global Forum annual gathering in Riyadh, Saudi Arabia, in November.
The jury for the competition was composed of the following regional business leaders:
· Ife Adebayo, Special Assistant to VP, Innovation & Entrepreneurship
· Yohanna Chikezie, Founder/Director, The Assembly
· Fareed Arogundade, Founder, Workstation International
· Collins Onuegbu, Director, Lagos Angel Network
· Ibrahim Buwanhot, Lead Consultant, Interkon Solutions Limited
The Entrepreneurship World Cup, organized by the Misk Global Forum and the Global Entrepreneurship Network (GEN), with the Enterprise Development Centre of the Pan Atlantic University supporting the Nigerian leg, is the world’s leading global competition dedicated to entrepreneurs. 100,000 entrants from 186 countries are competing for life-changing prizes as well as business and investment opportunities. The EWC is currently holding a number of National Finals, building towards its Global Final in Riyadh in November.
GEN Nigeria Managing Director, Dr Olawale Anifowose expressed his delight at the number of applications received this year. He believes that this is an indication of the enormous entrepreneurial talent available in the country and encouraged the winner to showcase Nigeria to the world at the Global finals in Saudi Arabia.
Shaima Hamidaddin, MGF’s Executive Manager, commented, “in keeping with MGF’s ethos of internationalism, we’re delighted to have worked with our partners to bring the Entrepreneurship World Cup to Nigeria. This was the latest in a series of national finals taking place in as many as 100 countries, showing that wherever young people live and whatever challenges they face, they can create the world-changing companies of tomorrow by harnessing the raw energy, optimism, mastery of technology and collaborative spirit of their generation. They are the greatest natural resource of any country and we stand ready to help unleash it.”
About the Enterprise Development Centre of the Pan Atlantic University
Enterprise Development Centre (EDC) is a leading entrepreneurship Centre in Nigeria and indeed within the African continent. Established as a University connected enterprise development centre in January 2003, EDC is a unit of the Pan-Atlantic University that provides a holistic approach to enterprise development service largely to small and growing businesses and more recently to students within the university community (www.edc.edu.ng ).
As part of the mission of building and developing Entrepreneurial leaders in Nigeria, EDC is the host institution of the Global Entrepreneurship Week (GEW) in Nigeria. During one week each November, thousands of events and competitions around the world inspire millions to engage in entrepreneurial activity while connecting them to potential collaborators, mentors and even investors. Since 2010, Global Entrepreneurship Week has actively been celebrated in Nigeria, the week has engaged millions of young Nigerians with entrepreneurial events and activities.
In 2017, GEN Nigeria was established as a public-private initiative by the Ministry of Investment, Trade and Industry, Small and Medium Enterprise Development Agency (SMEDAN), and the Enterprise Development Centre of the Pan Atlantic University to harmonize the pockets of entrepreneurial activities in Nigeria while instituting national enterprise competitions and program such as Creative Business Cup Nigeria which was held in April 2019 with the National Winner representing Nigeria at the Global Competition in Copenhagen, Denmark.
Last year, GEW was celebrated in 170 Countries with a combined number of 22,201 events and activities. In Nigeria, with over 20 regional partners and 55 events with a total of about 3.2 million people participating, particularly because of our radio program “7 days of GEW” on Inspiration 92.3 FM and our walk for entrepreneurship which took place in Lagos, Abuja, Ibadan, Port Harcourt, Benin, Nsukka, Kwara, Osun, Enugu and other cities in Nigeria. This year celebration will hold on November 18 – 24, 2019.
About the Global Entrepreneurship Network Nigeria
The Global Entrepreneurship Network Nigeria (GEN Nigeria) is a year-round platform of programs and initiatives aimed at creating one entrepreneurial ecosystem in Nigeria. GEN Nigeria will help Nigerians unleash their ideas and turn them into promising new ventures – creating jobs, accelerating innovation and strengthening economic stability around Nigeria. Ranging from efforts to inspire and educate nascent entrepreneurs to advancing research and connecting global leaders in person.