The LAB Annual Conference is a place for Investment Promotion, dialogue and gathering for entrepreneurs and decision makers from the entire continent of Africa and Europe, who are committed to Africa’s inclusive growth and sustainable development. At this year’s Land of African Business Forum, we are glad to equally announce the 2nd edition of the Africa Rethink Award-ARA coming up at the side-line of LAB event on 22-23rdOctober, 2016 in Paris, France.
As part of LAB’s corporate Social Responsibility, the ARA event which is being supported by the Mayor of Paris is a competition dedicated to promising young African entrepreneurship start-ups with a mandate to identify, analyze, promote and provide financial support to prospective young African entrepreneurs, having considered the difficulties they face in raising initial start up capitals to develop their businesses within the continent. It equally serves as a meeting place between African entrepreneurs and foreign investors where businesses can be expanded through networking and knowledge sharing.
At this year’s event, ARA will give out financial awards to a minimum of 100 young African entrepreneurs and each participant will be expected to present his or her business models in front of an assembly which comprises of Business managers, politicians, Academicians, Investors, Experts in Business Development and the Media.
Categories of prize award in Euros
There are four categories of cash financial prize award to be given out at the event, based on Juries decision which is as follows:
- The Grand Prize cash award is EUR5,000
- The Women Entrepreneurship cash Prize award is EUR3,000
- The Diaspora award cash prize award is EUR3,000
- The Jury Award cash Prize award is EUR2,000
Mode of submission
Application is free of charge
All applications MUST be submitted online to firstname.lastname@example.org
Each application will be validated by completing the application form and submitted online
Deadline for registration/submission of entries
August 15th, 2016
Selection procedure and prize attribution
Once submissions are closed, the pre-selection Jury will review all applications and chose the 100 shortlisted candidates.
Start-ups applications will be evaluated by the ARA Jury according to the following criteria:
- Sustainability and Financial viability
- Pertinence and opportune Timing of the business model
- Capacity and potential to further development
- Social, societal and environmental values integration to the business model
- Originality on economic, technology, social and environmental level.
Each shortlisted applicant will be offered:
- Schengen Visa processing documents
- Free Return Flight Tickets to Paris and Accommodation during the competition in Paris.
- A free and complete access to the LAB sessions on October 22nd and 23rd 2016,
- The possibility to pitch business models.
- The possibility to meet all LAB and ARA partners, and exchange with them during One on One session.
- One day sightseeing and excursion in the beautiful city of Paris
Eligibility/requirements for participation
Each applicant must fulfil the following requirements:
- Must not be above 35 years of age-Copy of birth certificate is required
- Minimum academic requirement: WASC/GCE or NECO attempted
- Must be fluent in English
- Must have a business Plan
- Must show proof of ownership of the business
- Must show proof that the business is not more than 5 years in existence
- Must Show proof of implement CSR policy
- Must present innovative products and services
Date of award in Paris, France
The award ceremony will take place during the closing night on Sunday, October 23rd, 2016.
Preparatory Training on how to prepare an acceptable Business Plan for the Competition is being conducted by the official country representative of ARA in Nigeria: KLEEF and VTS OIL and Baumat GmbH NIGERIA.
Role of official representative of ARA in Nigeria.
- To promote the competition across NIGERIA for young start-ups
- To encourage entrepreneurs to register and undergo preparatory training for the Competition.
- To conduct the Entrepreneurship Training across the country
- Registration for the training, log on to: www.africanbusinessforums.
Registration: N6,500 per participant
Account Details: Zenith Bank
Account Name: BAUMAT GmbH NIG LTD