Connak Foundation Entrepreneurship Initiatives (COFEI) $5,000 Grant – This challenge is open only to business applications that meet the eligibility criteria described below.
Connak Foundation Entrepreneurship Initiative is a program where business ideas that meet the requirements are judged using the criteria listed in these rules for an opportunity to receive an Award, as described below.
Connak Foundation Entrepreneurship Initiatives – Applications will be evaluated by a team of judges who will select 150 finalists that will get funding of up to $5,000 for their businesses.
- Application period– begins at 12:00am WAT on May 01, 2022 and ends at 11:59pm WAT on May 31, 2022.
- Result: Successful candidates from the initial application period will be notified to continue in the program.
- Applicant– must be a young aspiring entrepreneur or an already existing business under 5 years in Nigeria.
- E-Learning program: is the 12 weeks online training on entrepreneurship and business management.
- Training Boot Camp– is the 2 weeks intensive entrepreneurship camp with access to experienced mentors for the selected applicants that successfully passed the E-learning program.
- Pitch day– is defined as the final day of the camp where applicants will defend their ideas before the panel of judges. Connak Foundation Entrepreneurship Initiatives
THE PROCESS STAGES FOR PARTICIPATION:
- Registration/Application & Selection: Aspiring entrepreneurs will be invited to apply/register for participation via the online registration portal. Applications will be reviewed, and 3000 successful applicants will be shortlisted for the online training. Applications will be accepted for the duration of the application period.
- Training boot camp: 300 successful participants will receive tailored generic training in various aspects of entrepreneurship and business such as modules in business planning (access to finance, access to markets, competitiveness, business strategy, and mind-set change).
- Pitch Day: Each applicant will pitch their ideas before a panel of judges, after which only 150 business ideas will receive funding and support of up to $5,000. These business ideas will be evaluated based on the following criteria;
• Community Impact: Does the business idea create economic opportunity in Nigeria? Does it improve the lives of people in Nigeria?
• Innovation: Does the business idea present unexpected solutions to unmet needs?
• Reach: Will its scope grow over time?
• Feasibility: Is the business plan well-thought-out, and the team well-equipped to execute on it?
- Business Development Support:All successfully funded businesses (start-up/existing) will receive a 6 months business development support based on their specific needs.
Just a few quick notes before we begin:
Connak Foundation Entrepreneurship Initiatives – Responses in this form cannot be saved for later completion. We strongly recommend drafting your responses in a separate document first and only completing this form when the entire application is ready for submission. You can find a copy of the application questions here.
- Please adhere to the word limit for each session to avoid automatic disqualification
- Be clear and straight to the point. Applications with big grammar or jargons will be automatically disqualified.
- Do not submit any confidential or proprietary information through this application.
- This application is strictly for teams not solo founders.
Application Closing Date:Applications must be submitted on or before 11:59 p.m. WAT on Tuesday, May 31, 2022.
We encourage you to apply early given that we expect to receive high volumes of applications during the last few hours of the application window
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