PRELUDE PRIME POPULATION Nigeria remains the most populous black nation on earth, blessed with diverse natural and human resources, yet plagued by high poverty and unemployment issues. BUDDING INNOVATION Frontier markets like Nigeria provides a fast and cheap route to create jobs thereby reducing poverty
The PURSUIT ENCOURAGING STUDENT ENTREPRENEURSHIP The focus of this endeavor is to develop Nigerian student entrepreneurs who would be independent, problem solving, job creating and contributing to the economic growth of our nation.
PRE-WENNOHUNT The WENNOVATION HUB started in February 2011 with a goal of providing innovative entrepreneurs with a cheap and quick means to turn their ideas into bankable businesses via the provision of our five main services ◦ Access to full office support ◦ Access to Mentors ◦ Access to Business consultants ◦ Strategic Management advice ◦ Access to Funding The WENNOVATION HUB has proven track records of businesses she has incubated within the last one year, some of which were ideas of final year students of Nigerian Universities
The PHASESI. The Business Idea ChallengeII. The Business Plan CompetitionIII. The Incubation Phase
Phase I The Business Idea Challenge: Participants will submit a 2-page executive summary to be uploaded to our online platform developed for the competition. Three winners(teams) from each school will win $100 cash prizes each and will move on to the next phase which will be an inter-university competition among the winners from the participating schools. There will also be consolation prizes for the top 5 runner ups which will include access to exclusive mentoring and business plan templates. Also, winners and runners up will be matched to form single teams around winning ideas. i.e. Runners up will be encouraged to join winning teams to give them a chance to compete in the inter-university event.
Phase II The Business Plan Competition: Participants qualified from their respective institutions in phase 1 will be required to develop and submit a full business plan of not more up 20 pages supporting their idea. Clear market position, competent team, practicality and financial viability in Nigeria are key issues that will be judged in this plan. Three overall winners will be rewarded with cash prizes earmarked for product & business incubation through the Wennovation Camp (based on the Terms & Conditions). This is an opportunity to work closely with experienced local and international mentors and also secure further funding for their ideas. Also, brackets of similar ideas in a Face-Off challenge will be formed to have ideas from one university compete with another for winners to emerge based on the quality of development and plan proposed.
Phase III The Business Incubation Phase: Selected successful participants from the second phase are drafted into Nigeria’s foremost business incubation facility, WENNOVATIONHUB, where their ideas will be transformed into bankable businesses via tested and proven business strategies and vehicles adopted by the Wennovation model- they will be matched to mentors (Wennovation Fellows) , and will use our Virtual Incubation Platform (VIP).
The awardI. The top three winners from each school at this first Phase will get $100 each. While, the five runners up will get consolation prizes.II. Three winners will emerge from this phase who will proceed to the business incubation phase and their prizes(meant for incubation) are as follows: 1st Prize:$6,000, 2nd Prize:$5000, 3rd Prize:$4000.III. The prizes in phase II above will be used for Business development and Incubation.IV. Upon success of business development and incubation, Wennovation Hub will assist participants to raise proof of concept funds and enter the market as full fledged businesses.
Previous AchievementsName of Description Web Address Year ofBusiness IncubationMobiqube Nig Application and www.mobiqube.com 2011Limited software developmentValleybits Life style technology www.valleybits.com 2011Technologies Ltd companyOpacus Consumer -brand www.opacustech.com 2011Technologies Ltd solution companyOTGPlaya Entity Smart Devices and www.otgplaya.com 2012LLC/PCH Nigeria media companyOvotek Technology solution http://ovotek.crospat 2012Technologies company hs.comVertext Media Nig Media BusinessLtd.
Proposed Timeline • Information Sessions, Publicity, Student Ambassadors Meeting @ Schools April 1 • WennoHunt launches at selected universities(4 Weeks) • All Applications for Phase I accepted. May 1 • Selection of winning Ideas in Phase I.(4 Weeks) • Online access to business plan writing resources June 1 • Winners Phase I announced.(4 Weeks) • Applications for Phase II opens. • Applications for Phase II accepted. July 1 • Selection of winning Ideas in Phase II(4 Weeks) • Award ceremony for Winners of Phase I and Phase II & Kickoff of Phase IIIAugust 2nd
The PILOT Website: www.wennovationhub.com E-mail : email@example.com
About Wennovation Hub The Wennovation Hub provides office space, ongoing support, network & contacts, funding and affordable project support for innovative early stage companies in Nigeria. Currently, the following programs are available on the Wennovation Hub stable for different categories of entrepreneurs: ◦ WennoConsulting ◦ WennoCamp ◦ Wennovation Platform ◦ Wennopreneur-In-Residence ◦ WennoSpace