The three levels of government in Nigeria have consistently depended on oil as the foundation for their economic survival. Unfortunately, the price of oil has continued to nose-dive in the international market leading to inability to meet budgetary expectations. To revamp the economy, there is an urgent need for Nigerians in general and Muslims in particular to diversify the economy for the purpose of enhancing their economic well-being and spiritual wellness. To provide direction in this regards, the Zakat & Sadaqat Foundation and Jaiz Foundation initiated an Entrepreneurship Development Project (EDP) as their own social responsibility initiative.
ABOUT THE COMPETITION
Business Plan Competition (BPC) is a creative scheme designed by Zakat and Sadaqat Foundation Nigeria to promote entrepreneurial traits of ingenuity, creativity and innovation with a view to tackling frontally the problems of poverty, unemployment and hopelessness confronting Nigerians. The 1st and 2nd Business Plan Competitions were conceived and designed to bring together business-minded Muslims (graduates and non-graduates) to compete and show-case their creative ideas/business plans before panel of experts.
For 2017, the 3rd Business Plan Competitions is taking a new look as Zakat & Sadaqat Foundation has initiated another approach by creating an online platform for the whole process, providing the needed financial and material support services for successful applicants with innovative business ideas and start-ups. Therefore, this year’s Business Plan Competition aims to achieve the following objectives:
- Contribute to the development of entrepreneurship in Nigeria,
- Stimulate and promote entrepreneurial initiatives among the Muslims,
- Help emerging Muslim entrepreneurs move their plans from “mere idea” to “real launch” and eventually to “sustainable growth” stages, and
- Encourage aspiring Nigerian Muslims to actualize their business dreams and visions with seed capital and other non-financial benefits.
The participating Muslims shall be provided the following support services;
- Seed funding/Start-up capital/Expansion capital,
- Training materials on business plan development,
- Mentorship from prominent Muslim entrepreneurs, mentors and professionals,
- Networking opportunities with well-known entrepreneurs, investors, and potential partners, and
- Media exposure for finalist entrepreneurs
TYPE OF CONTEST
There are two types of contest – Idea and Growth Tracks. The Idea track attracts aspiring entrepreneurs who have an idea, research or technology but lack the financial resources to turn the idea into venture. The Growth Track is for entrepreneurs, who have already established their venture and looking forward to growing it. Each interested applicant will be required to indicate the track for which they are applying in their applications.
- The competition is for all Muslims with the will to participate fully. Applicant can come in as an individual or a team with maximum of five (5), although there is no restriction on the total size of the venture’s founding team.
- Individual application is allowed but applications by teams/partners are highly encouraged. In the case of team application, each team shall select a member who will be the “representative applicant” for the team/partnership in this competition,
- The applicant shall be at least 20 years old and not more than 40 years old and able to defend their proposals,
- Only one submission is allowed as an individual or a team/partnership,
- The products or services offered or intended to be offered should have commercialization potential, be legal, and Shariah-compliant.
Timeline for 2017 Business Plan Competition
The key datelines for the competition are as stated below:
- Submission of Business Plan May 5 –June 12, 2017 (5 weeks)
- Screening of Submission June 16 – July 16, 2017
- Announcement of Finalists July 30, 2015
- Oral Presentation/Award Ceremony in Lagos on August 12th, 2017
If you wish to participate click the link below for registration and filling of the online business plan template.