2023 SBN-Fate Foundation Business Model Competition

The SBN-Fate Foundation Business Model Competition is open to support Nigerian nutrition entrepreneurs with tech solutions, supply chain efficiency, and partnerships for innovative, scalable models to improve nutritious food access.

Continue reading to find the detailed process of application for 2023 SBN-Fate Foundation Business Model Competition. Find more information about FATE Foundation here.

Program Summary

Category Entrepreneurship Prizes
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Sponsor FATE Foundation
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The Scaling Up Nutrition Business Network (SBN) is hosting the 2023 Edition of SBN’s Annual pitch competition in partnership with FATE Foundation. FATE Foundation is the longest-running enterprise support organization with over 22 years of delivering pre-incubation, incubation, and accelerator programs.

The project is a Business Model Research project and is part of a larger program grant of EUR80m focussed on six African countries (Benin, Ethiopia, Kenya, Mozambique, Nigeria, and Uganda).

The aim of this partnership is to identify innovative business models that are focused on accelerating low-income consumer’s access to nutritious food while being profitable; that is, the approach that can enable a company to capture value (and thus be profitable) while still providing the food at a price the customers are able and willing to pay. In addition, the project will provide technical assistance to entrepreneurs in the nutrition space to strengthen their capacity and develop their business models leveraging on innovation to improve access to nutritious foods in Nigeria.

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The terms and condition of the competition are as stated below:

  1. PRIZE – N 10,000,000 Grant
  • The top three winners from the pitch competition will be awarded the grant.
    • The second runner-up – N 1,000,000
    • First runner-up – N 2,000,000
    • Winner – N 3,000,000
    • N 5,000,000 will be shared equally amongst two participants whose pitch demonstrates the need for equipment and/or technical assistance.
  • The winners will receive the grants at the end of the program after satisfying the requirements for program completion.

2. PROFESSIONAL FINANCIAL SERVICES

  • At the end of the program in April, there will be a Program Close-Out event and Showcase.
  • The top three winners at this Close-Out event (excluding the winners of the pitch competition) will be awarded a free Financial advisory service.
  • Winners will be required to choose one of the following areas where they will need help;
    • Bookkeeping and Accounting
    • Tax Valuation
    • Business Valuation

The winners will receive the services at the end of the program after satisfying the requirements for program completion.

NB: The selection of winners is entirely at the Judges’ discretion and cannot be overturned.
– The grant amount per person is solely by the organizers and is not subject to appeal.”

Requirements:

To be considered for the SBN-Fate Foundation Business Model Competition, applicants must:

  • Must be a Nigerian citizen (male or female).
  • Must be between the ages of 25 and 50 as of January 2024.
  • Must be the Founder, Owner manager, or CEO of a growth-stage agribusiness. venture. (Only one applicant per business will be accepted).
  • Should have their Agribusiness focused on Nutrition and Innovation.
  • Should have a good business model that focuses on reaching low-income consumers.
  • Should have a unique/innovative marketing strategy.
  • Should have a minimum of three (3) full-time highly skilled staff in a managerial capacity (excluding part-time staff and low/semi-skilled staff).
  • Must have their Agribusiness venture registered with the Corporate Affairs Commission (CAC) and be currently operating and generating income.
  • Must be available to participate FULL-TIME in the one-week boot camp and ALL other activities required throughout the program.

Duration and Benefits

The benefits of the SBN-Fate Foundation Business Model Competition are as stated below:

  • 4 months Hand-holding Mentorship Community.
  • Access to our Alumni Community post-graduation
  • #1million to be shared amongst winners of the Pitch Competition

How to Apply

Interested and qualified candidates should apply using the button below or click this link

Deadline: 3rd December, 2023

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