- Who is eligible to register for the Africa Business Concept Challenge?
The competition is open to undergraduate and graduate students studying at a school on the African continent. At least two members from each team must be currently enrolled at the African institution.
- Do students have to register in teams?
Yes. Teams of two to four students may enter the competition. Each team must designate one team leader who will be the main account holder, contact and liaison. All team members and their information must be included in the submission form. We strongly encourage interdisciplinary teams
3. When is the registration period?
The registration period is December 6, 2021 – March 5, 2022.
4. How much does it cost to register?
Participation is free of charge. Any local expenses, if any, is the responsibility of the school. Internet access is a requirement, since the competition takes place on the virtual Peaqs platform.
5. When does the competition take place?
The Africa Business Concept Challenge takes place over a six week period beginning March 14 – April 18, 2023. The wnning team will be announced on April 19, 2023.
6. What do I need to have prepared to register?
Student teams will engage in a four-phased project development process where ideas, products and/or services are put up for sale on a virtual stock market on the Peaqs platform.
Projects must include:
- A community challenge
- A business solution being proposed or implemented
- A viable business concept
- A community need or challenge addressed
- Market competitiveness
Teams will be asked to address the following:
- The Challenge: Frame the problem and the need for the solution
- The Solution: Link the problem and explain how the solution addresses it
- Give Examples: What does this project look like in practical terms
- Impact: What will be its impact qualitatively and quantitatively
- Marketplace: What is the market for the product/service
- Sustainability: How sustainable and scalable is the solution
7. How should the registration be formatted.
Each student team looking to participate must register with all of the following information:
- Name and Email for team(s) mentor(s)
- Name, Email, Academic Level, and Field of Study for all student participants
- Project Executive Summary for each team (500 word maximum)
The length is limited to encourage clear and direct communication of the challenge, solution, model and impact.
Any further questions or concerns can be directed to Maddie Handler mhandler@gbsn.org
8. What communication channels will be available?
The competition will utilize a combination of Localized platform for communication and collaboration, Zoom and the Peaqs platform, used to execute Round #1 of the competition.
9. What is the prize?
The first place team will win a cash prize of $5,000 USD to be used for educational / training purposes. Second and Third place teams will each be receiving $1,000. Prize money will be sent directly to the student team’s host institution to disseminate to the students. If the funds are issued to the sponsoring university, it is up to the university/college/faculty mentor to manage disbursement of the funds to the team. Student teams are encouraged to consult with their university regarding their university’s disbursement policy. The entire team must be present (logged-in) at the award ceremony event to win. Teams who complete all four phases and do submit a pitch video, but do not qualify in the Top 5 teams, will receive a unique badge recognizing their completion. This badge does not expire and can be used on all professional profiles.