The Youth Enterprise with Innovation in Nigeria (You WiN!) Program is currently seeking entries from young, enthusiastic entrepreneurs in Nigeria for the annual Business Plan Competition (BPC). You WiN! is a joint program of the Ministry of Finance, the Ministry of Communication Technology (CT), and the Ministry of Youth Development of Nigeria.
The competition has been designed in accordance with the Federal Government’s policy to generate more job opportunities for the Nigerians and gets funding support from the private sector in Nigeria.
The main objective of the You WiN! Program is to generate jobs by encouraging and supporting aspiring entrepreneurial youth in Nigeria to develop and execute business ideas that will lead to job creation. The program will provide aspiring youth with a platform to show case their business acumen, skills and aspirations to business leaders, investors and mentors in Nigeria.
The specific objectives of the program include:
- Attract ideas and innovations from young entrepreneurial aspirants from Universities, Polytechnics, Technical colleges, and other post-Secondary institutions in Nigeria;
- Provide a one time Equity grant for 1,200 selected aspiring entrepreneurs to start or expand their business concepts and mitigate start up risks;
- Generate 40,000 to 50,000 new jobs for currently unemployed Nigerian youth over the three years during which the three cycles will be implemented;
- Provide business training for up to 6,000 aspiring youth entrepreneurs spread across all geo-political zones in Nigeria;
- Encourage expansion, specialization and spin-offs of existing businesses in Nigeria; and,
- Enable young entrepreneurs to access a wide business professional network and improve their visibility.
- YouWiN is an equity contribution to your business. It is therefore not a loan but a grant.
- Award recipients will be paid according to the needs of the business and specific mile-stones stated in the business plan.
- Award recipients must be registered before disbursement of funds even though they do not need registration to apply. You WiN will support the registration process.
- Award recipients will operate accounts using their registered companies, with any of the participating commercial banks prior to disbursement.
- Award recipients must sign a grant agreement with the managers of YouWin before disbursement of funds.
Last date for submitting the first round business concept is November 18, 2011.
For more information, visit this link.