Apply for the MIT Sloan Africa Innovate Business Plan Competition, Deadline is February 28, 2015

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We would like to share MIT Sloan Business Plan Competition details. Your idea might just be the winning one.

 

Africa has witnessed inspiring entrepreneurial success stories in the recent past, but for its future to be secure, we need to bring forward and energize the next generation. The continent is the final frontier for the maverick entrepreneur and through this competition, we aim to find, promote, support and connect these innovative driven change makers. 

Do you have an idea that is original and scalable and that solves an important problem for the continent’s inhabitants and stakeholders? We want to hear it! 

Enter the Africa Innovate Business Plan Competition 2015. Here’s how:  

Eligibility 
Submissions must be received by February 28, 2015. Eligible submissions must clearly demonstrate:

• Potential for direct and substantial commercial and/or social impact in Africa
• Feasibility of implementation within any African market 

Please note that ventures with up to $50,000 in funding will not be eligible for this competition. Competing teams must have one student member enrolled at a US University. If selected as a finalist, a team member must physically be present for the pitch competition on conference day – April 4, 2015.

Submission Details 
The submissions, which must be in PDF format, should include a 2 page executive summary and up to two supporting exhibits describing the business (supporting exhibits are optional). Submissions will be evaluated on the level of innovation, potential for impact, practicality and sustainability. Successful submissions will include and/or demonstrate the following:

• A description of the business model; the problem and the solution
• Target market and size of the opportunity
• Plans for sustainability; financial and otherwise
• A description of the management team and their relevant skills/experience
• Scalability of the model 

Evaluation Process  
Round 1: All submissions are reviewed by a preliminary panel of judges. All participating teams can receive detailed feedback on their submissions and/or ideas if requested.
Round 2:

• Finalists selected in round 1 will be notified and can revise and resubmit before the final round.
• On April 4th, during this year’s conference, all finalists will deliver a 2.5-minute pitch to the panel of judges and other guests. This will be followed by 1.5-minutes of Q&A.
• Judges will deliberate briefly and decide cash prizes for the Grand Prize (Winner); Gold Award and the Bronze Award winners.
• The conference guests will decide the Audience Favorite Award.

Key Dates: 
February 28th: Submissions deadline | March 9th: Finalists notified | March 21st: Finalist business plans deadline | April 4th: Conference, live pitches and Awards.

For more information and inquiries, please contact: sloanafrica@gmail.com