In celebration of 100 years of heritage & service, Union Bank is running a Centenary Innovation Challenge to find and support great ideas that address the Sustainable Development Goals (SDGs) in entrepreneurial ways. The Sustainable Development Goals (SDGs), otherwise known as the Global Goals, are a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity
Union Bank is looking for innovative ideas to address the biggest problems affecting how people live, work, socialise and do business in Nigeria. In particular, the company is looking for great ideas that improve financial inclusion, agriculture and education of Nigerians.
The challenge invites entries from ALL eligible Nigerians particularly university students, software developers, academics and entrepreneurs from across the six geopolitical zones.
Prizes and Incubation process
The best ideas generated & submitted will leverage Union Bank’s expertise and the reach of its value chain to develop and scale. The top 3 ideas will receive immediate cash prizes of 2 million Naira, 1.5 million Naira and 1 million Naira respectively towards the execution of the idea. Further incubation support will be provided via the Co-Creation Hub (CcHUB) incubation services with full engagement with Union Bank.
Over the subsequent six months, the top three ideas will be supported with a range of services focused on product development, distribution and business modelling to turn their ideas into fully working products to launch in late 2017.
In addition to access to a range of different partners and mentors from the public and private sectors, winners will also have access to Union Bank’s customers and employees and also leverage Union Bank’s reach & strategic networks to bring their ideas to life.
To enter the competition, the entrant(s) must meet the following criteria (submission requirements) and confirm acceptance of these terms and conditions.
- Project/product/concept title.
- Entrant’s name(s).
- Entrant’s description (e.g. software developer/academic/entrepreneur /student/other).
- University or company name (if applicable).
- Email address(es)
- Phone number(s).
- City where entrant(s) is/are based.
- All submissions must include a full description of the project/product/concept in a document written in plain English and up to a maximum of 1,000 words. Each document should be split into three separate sections:
- An outline of the problem that your idea addresses; this could be an issue specific to your city or the country, or this could be a global issue. These ideas could be related but not limited to financial inclusion, agriculture and education.
- An explanation of your idea, how it relates to Sustainable Development Goals, and how it will work; provide clear details about how your idea will help to solve the problem you’ve outlined in (1) and demonstrate how the solution provides business and social and/or environmental value.
- An explanation of how your solution can be scaled into a successful business model.
- The entry or any part of it must not have won any previous awards.
- The entry materials (document and video) must be submitted online
The competition will run in the following stages:
Call for Ideas | 12th April – 19th May, 2017
Idea Sprint Workshops | 18th April – 9th May, 2017
Pitch Preparation | 2nd June – 20th June, 2017
Pitching Session & Selection of Winners | 27th June, 2017
Incubation | 30th June – 15th December, 2017
For more information, visit the official Union Bank Centenary Innovation Challenge page.