Applications are now open
The Challenge Process
The Challenge will be launched at an event to be held in Kumasi. Applications will open immediately after the launch.
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
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
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.
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
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
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.
Prizes to be won
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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
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.