As an undergrad, you may have an ongoing entrepreneurial activity or a great idea you are considering taking to market. Here’s your chance to shine by applying for the #UBNInnovationChallenge! Union Bank is partnering with CcHUB to encourage undergraduates across tertiary institutions in Nigeria to innovate and develop their entrepreneurial spirit by offering the opportunity to receive funding and support towards execution of their ideas.
The moment is here, now submit that application! But just before you do here are some tips to get you started. Below are some of the questions you will be asked to answer and our tips on how to go about them.
Title of your idea?
We encourage you to give your idea a cool name, give it swag!
What is the problem you are trying to solve and who are the people most affected by this problem?
Express the current situation, the current need and the problem that exists. This should be specific and concrete. Briefly state who in the society your idea will benefit, this should be a clearly defined segment of society. Note that “everybody” is a wrong answer.
What is your solution and how does it solve the problem stated?
Your idea should show a connection between the problem and the solution. State what your idea plans to achieve and why. Describe the solution in a way that is clear to an audience of non-specialists by avoiding jargon as much as possible.
Make sure to keep it simple as well. There is an old saying that says “If you can’t explain your idea in one sentence, you don’t know what you’re selling.”
Who else is on your team and why is solving this problem important to you?
The first part of the question wants you to clearly state who is in your team and the skillset of your team members. Your idea itself is one thing, but the real challenge of building a business is making sure you are surrounded by the right people to succeed. Mentioning the skillset of your team will show that you have the skills and are the right people to execute on the idea.
The second part of the question is for you to show that you have a motivation for solving this problem. You can demonstrate this by telling a personal story or experience either you, a friend or family member has encountered with the challenge. Talking about your idea from the heart and why it is important to you shows passion and purpose.
Explain how your solution can be scaled into a successful business?
When planning your idea, it is important that you can demonstrate that you are offering something of value to the market, which has commercial potential. Show your market value and then provide an indication of how your business model could potentially work. Show the impact of your idea and its potential to change people’s’ lives or the society as a whole. It pays to think realistically, so be honest, but be bold.
The finishing touches.
- Visit challenge website https://www.unionbankng.com/campus-innovation-challenge/
- Read through the terms and conditions
- If you’re submitting as a group of not more than 3, ask yourselves what skills you have & what skills do you need?
- Before you submit your application, read through it one last time for typos and to make sure it flows.
Good luck guys! Entries close 5th August