2. PRELUDE
PRIME POPULATION
Nigeria remains the most populous black nation on earth, blessed with diverse
natural and human resources, yet plagued by high poverty and unemployment
issues.
BUDDING INNOVATION
Frontier markets like Nigeria provides a fast and cheap route to create jobs thereby
reducing poverty
3. The PURSUIT
ENCOURAGING STUDENT
ENTREPRENEURSHIP
The focus of this endeavor is to develop Nigerian student entrepreneurs who
would be independent, problem solving, job creating and contributing to the
economic growth of our nation.
4. PRE-WENNOHUNT
The WENNOVATION HUB started in February 2011 with a
goal of providing innovative entrepreneurs with a cheap and
quick means to turn their ideas into bankable businesses via
the provision of our five main services
◦ Access to full office support
◦ Access to Mentors
◦ Access to Business consultants
◦ Strategic Management advice
◦ Access to Funding
The WENNOVATION HUB has proven track records of
businesses she has incubated within the last one year, some of
which were ideas of final year students of Nigerian
Universities
5. The PHASES
I. The Business Idea Challenge
II. The Business Plan Competition
III. The Incubation Phase
6. Phase I
The Business Idea Challenge: Participants will submit a 2-page executive
summary to be uploaded to our online platform developed for the
competition. Three winners(teams) from each school will win $100 cash prizes
each and will move on to the next phase which will be an inter-university
competition among the winners from the participating schools.
There will also be consolation prizes for the top 5 runner ups which will include
access to exclusive mentoring and business plan templates. Also, winners and
runners up will be matched to form single teams around winning ideas. i.e.
Runners up will be encouraged to join winning teams to give them a chance to
compete in the inter-university event.
7. Phase II
The Business Plan Competition: Participants qualified from their
respective institutions in phase 1 will be required to develop and submit a full
business plan of not more up 20 pages supporting their idea. Clear market
position, competent team, practicality and financial viability in Nigeria are key
issues that will be judged in this plan.
Three overall winners will be rewarded with cash prizes earmarked for
product & business incubation through the Wennovation Camp (based on the
Terms & Conditions). This is an opportunity to work closely with experienced
local and international mentors and also secure further funding for their ideas.
Also, brackets of similar ideas in a Face-Off challenge will be formed to have
ideas from one university compete with another for winners to emerge based
on the quality of development and plan proposed.
8. Phase III
The Business Incubation Phase: Selected successful
participants from the second phase are drafted into Nigeria’s
foremost business incubation facility, WENNOVATIONHUB, where
their ideas will be transformed into bankable businesses via tested and
proven business strategies and vehicles adopted by the Wennovation
model- they will be matched to mentors (Wennovation Fellows) ,
and will use our Virtual Incubation Platform (VIP).
9. The award
I. The top three winners from each school at this first Phase will get
$100 each. While, the five runners up will get consolation prizes.
II. Three winners will emerge from this phase who will proceed to
the business incubation phase and their prizes(meant for
incubation) are as follows: 1st Prize:$6,000, 2nd Prize:$5000, 3rd
Prize:$4000.
III. The prizes in phase II above will be used for Business development
and Incubation.
IV. Upon success of business development and incubation,
Wennovation Hub will assist participants to raise proof of concept
funds and enter the market as full fledged businesses.
10. Previous Achievements
Name of Description Web Address Year of
Business Incubation
Mobiqube Nig Application and www.mobiqube.com 2011
Limited software development
Valleybits Life style technology www.valleybits.com 2011
Technologies Ltd company
Opacus Consumer -brand www.opacustech.com 2011
Technologies Ltd solution company
OTGPlaya Entity Smart Devices and www.otgplaya.com 2012
LLC/PCH Nigeria media company
Ovotek Technology solution http://ovotek.crospat 2012
Technologies company hs.com
Vertext Media Nig Media Business
Ltd.
11. Proposed Timeline
• Information Sessions, Publicity, Student Ambassadors Meeting @ Schools
April 1
• WennoHunt launches at selected universities
(4 Weeks)
• All Applications for Phase I accepted.
May 1 • Selection of winning Ideas in Phase I.
(4 Weeks)
• Online access to business plan writing resources
June 1
• Winners Phase I announced.
(4 Weeks) • Applications for Phase II opens.
• Applications for Phase II accepted.
July 1 • Selection of winning Ideas in Phase II
(4 Weeks)
• Award ceremony for Winners of Phase I and Phase II & Kickoff of Phase III
August 2nd
12. The PILOT
Website: www.wennovationhub.com
E-mail : ideaslab@loftyincltd.biz
13. About Wennovation Hub
The Wennovation Hub provides office space, ongoing support, network
& contacts, funding and affordable project support for innovative early
stage companies in Nigeria.
Currently, the following programs are available on the Wennovation
Hub stable for different categories of entrepreneurs:
◦ WennoConsulting
◦ WennoCamp
◦ Wennovation Platform
◦ Wennopreneur-In-Residence
◦ WennoSpace
