ENTREPRENEURS COMPETE TO TAKE WORLD STAGE AT NIGERIAN ENTERPRENEURSHIP WORLD CUP REGIONAL FINAL
· Three winners from over 20,000 entrants received US$500,000 investment
· 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 US$500,000 in services and investment. 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 170 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.
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 Misk Global Forum
The Misk Global Forum (MGF) is the flagship international platform of the Misk Foundation, a non-profit philanthropic foundation established by Saudi Arabia’s Crown Prince Mohammed bin Salman to discover, develop and empower Saudi young people to become active participants in the knowledge economy. Launched in 2016, MGF takes Misk’s mission onto the world stage, helping young people to realize their potential in the future economy and become active global citizens. Through international events, partnerships, and initiatives, MGF brings together emerging and established leaders, innovators, and creators to explore, experience and experiment with ways to meet the challenge of change.
About the Global Entrepreneurship Network
The Global Entrepreneurship Network operates a platform of projects and programs in 170 countries aimed at making it easier for anyone, anywhere to start and scale a business. By fostering deeper cross border collaboration and initiatives between entrepreneurs, investors, researchers, policymakers and entrepreneurial support organizations, GEN works to fuel healthier start and scale ecosystems that create more jobs, educate individuals, accelerate innovation and strengthen economic growth.
About the Entrepreneurship World Cup
· The EWC is the biggest and most diverse startup pitch competition and support program of its kind, featuring 100,000 entrepreneurs from 170 countries.
· It offers winners life-changing prizes, including training and resources, networking and connection opportunities, investment, and cash-prizes totalling US$5 million.
· It also supports all entrants with a virtual incubator, enabling them to refine and hone their pitches throughout the competition.
· The EWC has five stages of participation:
o Education and virtual training
o National Finals
o Virtual and direct training sessions in preparation for Global Finals
o Live training sessions and on-stage competitions
o Global peer network offering mentorship and support service
· The EWC global finals are taking place at the fourth annual gathering of the Misk Global Forum in Riyadh in November.
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 center 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 ).
Enterprise Development Centre (EDC) of the Pan-Atlantic University was set up as a direct response to providing a holistic business development and support services to Small Growing Businesses (SGBs) in Nigeria. EDC’s Mission Statement is ‘To build a network of entrepreneurial leaders through commitment to continuous learning, process improvement and business integrity’.
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.