‘Plans Are Useless, But Planning Is Indispensable’ (Dwight D. Eisenhower)
The NBIC – Namibia Business Innovation Centre – is launching its annual Business Plan Competition. Aiming at stimulating ‘innovation and creativity among future entrepreneurs’, the competition will mark the ‘novelty and quality of the idea, the strength of the management team and execution strategy of the proposed business as well as the clarity and persuasiveness of the written plan and oral presentation.’ Enter the game and win a prize that can help you start up your business.
The NBIC Business Plan Competition is open to individuals and teams, who seek to further their entrepreneurial skills and to develop their business idea into a viable business plan. Participation in the competition is open to all members of the public aged 18 and older. The good news is the competition is not limited to Namibian nationals. It is also welcoming teamwork specifying that ‘the compilation of a business plan can be a more rewarding and successful experience if shared with others and chances for success are higher if the founding team has complimentary knowledge and skills.
Because the competition was designed to foster innovation in Namibia and enhance competitiveness, some rules apply:
1. Business plans have to be prepared by the participants personally. Business plans that have been prepared by consultants or others will be excluded.
2. Business plans, which already form the basis of a currently running business, will not be accepted.
3. Business plans that involve creating a subsidiary, franchise, distribution or sales outlet for foreign companies are not eligible for participation.
After a tidy process where judges will be pre-screening, selecting and nominating the business plans submitted, finalists will have the opportunity to present their business plan in a pitch (see http://www.demo.com). This step is crucial in order to stand a chance to be selected as winner of the competition.
Prizes are N$15,000 for the winner, N$8,000 (2nd) and N$5,000 (3rd).
So, if you are a motivated entrepreneur with an idea worth being fought for, get your business plan ready – you can have a look on our Africa Report story ‘How to Write a Business Plan’ for advice and insight [1] – and enter the competition. This may be your one lucky chance! Good Luck to all our entrepreneurs!
Last date for submission: 28th of August 2011 and their website www.nbic.org.na
Submissions are to be made in soft copy and delivered to NBIC via email to jandima@polytechnic.edu.na. Note that exceptions from this rule for entries from rural areas may be granted after prior arrangement with NBIC.
Should entrants already have secured loans, venture capital and/or other means of funding for the business presented in the submitted business plan, these must be disclosed in the documents submitted, including amounts and conditions agreed upon.
