The winner of the maiden edition of the McDAN Entrepreneurship Challenge with practical business ideas is expected to receive US$25,000 as prize money to start their business venture.
Speaking at the launch of entrepreneurship challenge on Monday in Accra, Kelvin Peter Atuguba, founder of Today’s Entrepreneurs Network (TEN) Ghana, explained that the format for the challenge has transitioned from a business plan to a business module competition through a 13-week television reality programme.
This programme will encourage participants to design new and innovative business modules using the “business module canvass”.
He also added that: “Participants are then encouraged to get out of the building to test and validate their business module assumptions. Emphasis is placed on the customer discovery, validation process and concept of learning from follower which is very much part of the lean start-up approach”.
Over 5,456 applications were received by organisers at the end of the scouting period, out of which 600 were selected through an independent rigorous review process by experts from all sectors of the economy.
The semi-finalists who have been shortlisted are expected to receive coaching and mentoring by the McDAN Group. Furthermore, the semi-final competition is scheduled to take place on March 12- 14 at GIMPA.
The winner is also expected to receive an all-expenses paid trip to the United States of America to continue their business development and receive funding to start up new business.
The McDAN Entrepreneurship Challenge 2018 is a business idea competition geared toward providing employment through entrepreneurship.
The goal of the challenge is to raise entrepreneurship awareness, encourage collaborative thinking and promote civil discourse, to promote employment and overall development of the country.
The contest will help prepare budding entrepreneurs for the workplace by enabling them to develop their skills and abilities and provide them with real-work experience.
Jobs no longer with gov’t
The CEO of the National Youth Authority (NYA), Emmanuel Asigri, encouraged the youth to dare to dream by venturing into self-employment to help government manage the rising unemployment phenomenon in the country.
Roberta Mckorley, the wife of Daniel Mckorley who represented her husband reaffirmed McDAN’s commitment to supporting budding entrepreneurs.
She also indicated that the challenge will help address the alarming rate of youth joblessness in the country.
The McDAN group is financing the entire business challenge as part of its passion to unearth and nurture young Ghanaian entrepreneurs.
There were solidarity messages from the Business Development Ministry, the National Entrepreneurship and Innovation Plan (NEIP) and the Ghana Institute of Management and Public Administration (GIMPA).
Sources: B&FT, March 15, 2018