N5 Million Naira to be Won – The Innovation Challenge 2013

In recent years, there has been increased
emphasis on the need for young Nigerians to
develop entrepreneurial skills. Many public and privately-
led youth schemes have been organised to promote
entrepreneurship and self-reliance, to ramp up the rate of
economic development and reduce the level of
unemployment. While entrepreneurship is credited as a
critical driver of economic growth, recent industry studies
reveal that 65% of start-ups in Nigeria die within the first 3
years, no thanks to the country’s current 131st position in
the global ease-of-doing business ranking. A position
attributable to the poor quality of infrastructure in the
nation.
This dire situation has increased the need for aspiring and
established entrepreneurs to employ innovation as a vital
tool for business success and socio-economic impact.
INNOVATION CHALLENGE 2013
Introduction
iQube regards an innovative concept as a developed idea,
product or service that can create new value through its
potential to solve a social or economic problem.
The Innovation Challenge is a uniquely designed contest
aimed at promoting and rewarding innovation. The
Innovation Challenge is organised by iQube in conjunction
with its strategic partners.
Objective of The Innovation Challenge
To provide a platform for the Nigerian youth to present
innovative concepts that can provide significant economic
and social impact.
To promote innovation and “out-the-box” thinking among
young professionals.
To reward innovation challenge participants and winners
with N5 million reward.
Program Schedule
S/
N Activities Timeline
1 Contest Announcements/Kick-off Sept 13, 2013
2 Registration of Innovation Challenge Contestants Sept 13-Oct 18th,
2013
3
Submission of Innovative Concepts (in Ms. PowerPoint or
Video Format) with a 1-page Executive Summary (in Ms.
Word)
November 15th,
2013
4 Shortlist and Announce Top 15 Shortlisted Contestants.
Provide Review Feedback on Innovative Concept
November 29th,
2013
5 Conduct Live Presentations of Top 15 Contestants December 2nd
-6th, 2013
6 Conduct 2nd Live Presentations of Top 7 Contestants January
13th-17th, 2014
7 Announce Top 3 Winners of the contest February 26th,
2014
Requirements
Interested contestants of the Innovation Challenge could
either be an individual or team.
Contestants must be between 18-35 years old.
All individual applicants or team members must be
residents or citizens of Nigeria. Documentation will be
required of the finalists.
There is no limit to the number of innovation concept should
be submitted per individual. However, submissions from the
same team or individual must be materially different in
content and may not represent minor modifications or
different versions of the same concept.
There is no limit to the number of teams in which an
individual may participate.
The Innovation Concept must be the original work of the
team submitting.
Employees or their family members from iQube or any of its
strategic partners are not eligible to compete.
While participants will retain ownership rights to intellectual
property relating to their Innovation Concept, they must be
willing to provide shareable information to the media and
general public.
Failure to meet any of the eligibility requirements will result
in disqualification from the contest.
Evaluation Criteria
Each innovation concept submitted will be assessed by a
team of expert based on:
The quality of thought, research and analysis conveyed by
Innovation Concept
Extent to which an individual or team demonstrates
innovation and out-of-the box thinking in its proposed
approach
The extent to which the innovation opportunity, as
presented, is both attractive and realistic.
Benefits :
To Participants:
Assessment of the Innovation Concept by a panel of
innovation and business experts.
N5 million reward to be won.
Tips – Innovation Concept Development
Describing the Innovation Concept
What is the innovation opportunity/challenge, market need
or social problem your concept addresses?
What is the innovation concept (i.e. product or and how
does it meet this need?
Is the product or service technologically feasible?
What is the target market/beneficiary? What is the size and
what are the characteristics of this market?
Defining the Industry
What industry or sector is the concept directly or indirectly
related to?
What is will be your unique value proposition to this
industry?
Creating the Innovative Solution
How do you intend to bring this idea to life?
How will the concept deliver social and/or economic value?
How well do your financial projections prove the economic
viability of the concept?
Identifying Critical Issues to Resolve
What are the critical issues to resolve as you move forward
in your planning and execution process?
Application Closing Date
12pm – 18th October, 2013
How to Apply
Applicants should:
Click Here to Download Registration Form
All completed forms should be sent
to: tic@iQubeonline.com