Applications are now open
The Challenge Process
01.
Launch
The Challenge will be launched at an event to be held in Kumasi. Applications will open immediately after the launch.
02.
Online Applications
Interested candidates will submit applications through an online platform. The application forms will request information on:
- The founder(s) and team
- The business idea
- The product or service
- Value proposition
- Marketing strategy
- Business model
- Operational plans
- A short to medium term financial plan
- Long-term scaling plans
03.
Shortlisting
All applications will be reviewed by specially recruited team of analysts. These analysts will score all applications based on five categories:
- Problem-Solution fit
- Product/service viability and marketing strategy
- Business model, financial plan and going concern
- Risk management and Ethics
- Team Strength
04.
Stage 1 - Business Insitute
All ventures will take part in mandatory pre-recorded training. This will cover team building, product development, financial management, and managing risks. Ventures will be further screened to determine where they need specific assistance to improve their plans.
05.
Stage 2 - OEC Finale
At this point, candidates will be engaged in a six-week competition that evaluates:
- Team strength and team chemistry
- Product/service quality
- Marketing Plan
- Financial plan
- Social and environmental impact
06.
Top 3 Incubated
The top three businesses will receive support for a further three months. During this period, they will obtain guidance on:
- Raising funds
- Prototyping, testing, and refining their product
- Marketing, and Sales and
- Scaling operations
Eligibility Criteria
If you are applying as an individual, then you must be between 18 and 35 years old.
If it’s a team, at least half the number of people on the team must be within the age range.
If there are external owners of the business, at least half of the business must be owned by the youth applicant or the youth within the team of applicants.
Application Materials
Team Information
Details of the founder and members
Business Idea
The idea you want to transform into a business reality
Value Proposition
A description of your selling point and what makes you unique
Product or Service
A description of the product or service that is being offered to customers
Business Model
A Business Modelling Canvas (BMC) detailing various aspects of your business model
Marketing Strategy
Information about how you are making your product or service known to customers
Operational Plans
Information about how you will run your business in the foreseeable future
financial plan
The short to medium term financial plan of your business
long-term scaling plans
Details of how you expect to scale your business in the long term
Prizes to be won
WINNING TEAM
SECOND TEAM
THIRD TEAM
FOURTH TEAM
FIFTH TEAM
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incubator stage
The Top Three Businesses
The top three businesses will receive support for a further three months. During this period, they will obtain guidance on: Raising funds; Prototyping, testing, and refining their product; Marketing, and Sales and Scaling their business operations
Remember
All the businesses that participate in the Challenge will receive some resources, guidance, or knowledge to grow
There is nothing to lose!
All participants, irrespective of the stage at which they get “eliminated” will continue to be members of OEC’s community of businesses. These businesses will continue to benefit from our advisory and networking resources.