In celebration of 100 years of heritage & service, Union Bank is running a Centenary Innovation Challenge to unearth and support good ideas for addressing critical social and business challenges in Nigeria in entrepreneurial ways.
The innovation challenge will engage eligible young and talented people across Nigeria to submit novel ideas to specific problem areas or thematic issues of interest to Union Bank. The bank encourages applicants to propose innovative ideas that solve fundamental social and commercial challenges faced by Nigerians in a range of sectors starting in one community but potentially scalable across the nation.
The Centenary Innovation Challenge was launched yesterday and is done in partnership with Co-Creation Hub.
Through the challenge, the bank hopes to find hidden social innovators across the length and breadth of Nigeria, supporting them to develop their ideas and to scale leveraging digital technology and Union Bank’s reach and networks.
Only Individuals and partnerships (of not more than 3 persons) from university students, software developers, academics and entrepreneurs in Nigeria can participate in this challenge.
To apply, kindly fill the application form. Deadline for submission of ideas is the 19th of May 2017.
Interested applicants will be invited to attend one of seven ‘idea sprint’ workshops to be held in 7 cities across the 6 geopolitical zones and Abuja between 18 April and 9 May.
These workshops, facilitated by CcHUB will ensure individuals & startups understand the purpose of the challenge and are able to submit applications that are fit for purpose. These refined ideas will be entered into the innovation challenge.
Union Bank staff will be available at the workshops to share more information about the resources that the idea owners can leverage from their organisation’s assets.
The workshops will discuss the following:
- Themes and innovation options – mobile apps, small business ideas etc.
- Specific ideas and applications that can be tested and implemented during Incubation
- Specific Sustainable Development Goals that could benefit from innovation e.g. financial inclusion, education sector, teachers, farmers, agriculture etc.
- Tips for social innovators and key learnings regarding how to start and scale a business
If you are interested in participating in the workshops, and to find out more details, apply here
Pitch Preparation
All entries will then be judged and 10 semi-finalists will be shortlisted.
The semi-finalists will be coached by CcHUB to:
- Build basic prototypes of the proposed ideas.
- Develop a plan for how the product will be launched to acquire its first 10,000 users.
- Develop a plan for how the venture will generate revenue to become self-sustaining
- Develop and deliver compelling business pitches.
Pitch Sessions
Semi-finalists will pitch their solutions to a panel of judges, select press and the public in June 2017.
A judging panel – comprised of Union Bank and CcHUB executives – will select the top ideas based on their capacity to address the problems that have been identified, their potential impact and the probability of their implementation.
Shortlisted ventures based in Lagos will pitch physically at the day-long event while ideas from the other markets will pitch virtually at connected events on the same day at the designated local Union Bank branches. All pitches will take place on 27 June, 2017.
On the same day, the judges will announce the top 3 ideas. The three winners will then advance to the incubation programme where they will be supported to bring the ideas to life.
The top 3 selected ideas will also attract immediate cash prizes from Union Bank
