Brief: Come up with a creative business idea and plan, that has demonstratable social impact for Kenya.
You will need to submit 3 pieces covering the following information.
Business Pitch Synopsis: Describe what your business idea is (1 sentence limit)
- What is the problem you are trying to solve? Why is this an important problem to solve?
- What is the solution? How does your product/service solve the problem?
- Who is the competition? Why would customers choose your product/service? Why would you win?
- Why are you the right team for this business? What has your team done in the past that demonstrates you will succeed?
- Introduction - What is the name of your company? (This can be a fictional name, but one that doesn’t already exist)
- Company Overview - Describe in 1 sentence what your company does. How does your product/service work?
- Problem - What is the problem you are trying to solve? Why is this an important problem to solve?
- Solution - What is the solution? Hows does your product/service solve the problem?
- Market - Who is your target market? How big is this market in terms of number of potential customers that your business is addressing and the amount of money they spend today or are expected to spend on your business category?
- Monetisation - How would you make money? Think through how you will price your product/service and why your pricing will work.
- Competitive Landscape - Who is the competition? Why would customers choose your product/service? What is your competitive advantage that would make you win against the competition?
The competition will have 2 rounds
The first round will require the participants to submit their 3-minute video pitch, and short write up online. The judging panel will evaluate all the submitted pitches post the submission date, and shortlist the top 50 teams. The top 50 will be eligible for a public choice award through public voting online, and the top 5 will move on to the 2nd round
The second round will be in person where all the participants will be asked to make their 2-minute business pitch and demo’s in front of a panel of judges. The judges will ask them each some follow up questions, and score them with an aim of choosing, and then announcing, the top 3 teams. Craydel is working with a local media partner to have the final round televised on TV.