The challenge seeks to foster the development of sustainable solutions that will identify socio-economic obstacles that can be alleviated through entrepreneurship. Small and Medium Enterprise’s contribute to 60 - 90 % of all enterprises, which create over half of the jobs in the private sector as they are the pillar of national economies in the world. They are more innovative as they contribute to exports and foreign exchange revenue.
Their services extend to the rural areas which alleviate poverty and improve livelihoods.The overall objective of the challenge is to enable entrepreneurs in Malawi to be key drivers of the economy. Applicants to the challenge will stand a chance to participate and win up to MK 20 Million.
Applications for the first round of the multi-phased competition are open on 23 March and will close on 31st of August , 2017 . Application forms will be available online and at various outlets.
Applicants will have to be aged above 18
Applicants will have to be a pre-start or start-up
Applicants will have to be founders
Applicants will have to be emerging entrepreneurs
Applicants will have to submit innovative and creative concepts
Applicants can be in a team of up to 3
Applicants will have to pay a registration fee of MK5,000
All applications will be reviewed in May by selected panel judges at Regional levels. 20 proposals will be selected to move to semi-finals.
After closure of submission of applications on the 31st of August 2017, semi-finalists will be shortlisted into two different categories; the business plan and business model, 10 of each will be considered.
A shortlist of 20 (Twenty) semi-finalists will then undergo a week long Incubation Program with intensive Training. During this period the semi-finalists, will be given media coverage with a purpose to engage the nation to vote for them through SMS and the internet.
Inspire the public to to vote through “sms” generation as event is beamed on live TV.
Finalists will have to pitch their business on live TV to a room of successful entrepreneurs, business leaders, investors and media, after which the winner of the challenge will be announced.