The Lesotho chapter of the prestigious global business coaching contest, the Entrepreneurship World Cup (EWC) will enter its final and decisive stage from 21st to 24th November, 2022. The tail end of this groundbreaking and exciting competition consists of a Bootcamp and the selection of the best national projects to be pitted against the best in the world.
25 participants whose projects have made it to the final stage have been invited to take part in the 4-day high-intensity Bootcamp where they will undergo rigorous examination of the various aspects of their business ideas so as to give them the edge over the best that the world can offer. These include passing tests such as market need, input sourcing, business planning, market matching, marketing, sustainability, equity and finance, and growth among others.
Nothing will be left to chance as the projects will be thoroughly screened to ensure their viability, implementability as well as their ability to suit modern business trends. The challenge is for Lesotho products and their drivers to 'teach the world something' in the cut-throat environment of industrial diversity and transformation. The competitors are expected to take these Bootcamp lessons to refine their projects for final judging in what will be an innovatively nerve-wracking, stimulating, tense yet enriching week.
In preparation for the EWC Global Finals, the contestants will participate in a Bootcamp which features virtual training and mentoring sessions targeted to their company's current stage and growth trajectory.
Commenting on the assessment week, competition manager Mr. John Matlosa said, "this week marks the beginning of a journey towards unlocking business opportunities for the young entrepreneurial innovators of Lesotho, for many this will be a life challenging moment. We remain truly humbled and excited about being a part of what is about to unfold."
The diversity of projects under the micro-scope ranges from agriculture and renewable energies, digital cleaning services and education to aquaculture and product standard testing and digital advertising and aviation innovation, to name but a few. Vertically, projects straddle stages from ideation, to experimentation, to early start-ups which have been conceived by individuals, small companies and fledgling groups across all ages, genders, levels of education and districts across ten districts of Lesotho.
High caliber Judges from some of the big local corporates and will be supported by professional business coaching experts who have been part of the contest from its inception. Only 25 finalists will participate in the Bootcamp and will be judged on the product quality, potential for success, predictability and on the people involved in developing them. This is also the criteria that will be used at international level and the best product will have an opportunity to compete at this global stage.
The finals are a culmination of intense work which included identifying competitors through aggressive media campaigns, training roadshows and advisory campaigns, among others. This resulted in a total of 406 applications entered for initial assessment which was whittled down to the 25 selected for the Bootcamp. The camp will end with a National Finals event to be hosted in Maseru on the evening of the 24th November 2022. The finals will identify 5 winners in 5 categories being a Grand Prize of M200 000, Growth Stage Enterprise - M100 000, Early Stage - M100 000, Idea Stage - M50 000 and Social Enterprise - M50 000. The top four winners will also get an opportunity to attend a second bootcamp in Singapore plus all 25 participants will participate in a 6 Months Business Incubation program run by Vodacom Lesotho Foundation and GEN Lesotho through it's local partners BAM Foundation and Business Doctors. Our grand prize winner will also be given an opportunity to compete in the global 100 semi finalists, they winner will be treated to a lavish package that includes international observation trips, audience with globally recognized experts as well as a glittering trophy, and a $1million prize-money.
The EWC Lesotho National Semi-finals are organized by Global Entrepreneurship Network - Lesotho in partnership with BAM Group Foundation, Business Doctors, and sponsored by Vodacom Lesotho Foundation for an amount of M1 000 000.
Since launching in 2019, the competition has attracted 400,000 registrations from 200 countries and connected founders with over US$3M in cash prizes and another US$256M worth of perks and free support and services.
Global Finalists will face off against one another in Riyadh, Saudi Arabia in March 2023.
EWC is an initiative led by the Global Entrepreneurship Network and Monsha'at, with support from a collection of national and global partners including One Valley, The Global Education and Leadership Foundation (tGELF), Entrepreneurs' Organization, KAUST and Startup Genome.