Eligibility Criteria to Join @iBizAfrica
To join @iBizAfrica you need:
- An innovative business idea, enabled by technology, that brings commercial value
- A comprehensive business plan and prototype of your business idea
- A business idea and team that fits with @iBizAfrica’s collaborative community
- A business idea that builds on Strathmore University’s reputation as a driver of leading edge education and experiential learning
The entrepreneur(s) must have a defined business idea / draft business plan. The following information should be included in the application:
About the Applicant:
- Letter of motivation
- Description of entrepreneur or group of entrepreneurs involved, including CV(s)
About the Business Idea:
- Description of the business idea
- Estimation of the market potential
- Profitability calculations for business idea / new company, incl. investment needs
- Planned concept for operations and maintenance
- Expected challenges when establishing the company
- A budget for the start-up and the start-up capital the applicant applies for. The plan must include milestones as the funds will be paid in installments after completion of each milestone in the plan
About the team:
Description of other partners or investors involved. Which role is the applicant(s) interested to have in the company in the future? Knowledge gaps in the team; what information is needed to develop the company? Areas identified where training is needed?
Plan for realization of the new company:
- Development status, time schedule, activity plan, needed approvals and licences, etc
- Does the entrepreneur(s) wish to develop the new company on a full-time-basis?
The Selection Process
Application submissions should be made through firstname.lastname@example.org.
The program will initially be open for applications four times a year. First deadline for applications was April 10th 2012. The evaluation and approval process will take approximately six weeks.
The business ideas will be evaluated by the Selection Committee, based on a set of questions/criteria. This includes:
- Are the entrepreneurs motivated and committed?
- Is the available knowledge and experience in the team relevant for the business idea?
- Is the business idea clearly described?
- What are the benefits of the business idea? Both business wise, for employment and general environmental and developmental impact
- Is the identified market for the products realistic?
- Is the project technically viable?
- Is the project commercially viable?
- Do the entrepreneurs have a viable plan for operations and maintenance?
- Are the realistic project risks / challenges identified?
- Is the plan for realization realistic?
- How mature is the project? How soon can it be implemented?
The final approval of projects to support will be done by the Investment Committee.