African Challenge Business Model Competition 2019
The NTU-SBF Centre for African Studies invited the undergraduate business students of Singapore to participate in the 4th annual competition to develop a business model and plan for a new business in Africa.
Africa as a continent is a complex configuration of 54 countries, many more cultures and a whole range of diverse habitat. It is a developing continent, where countries are struggling to develop their economies. Africa’s middle class is growing amidst a strong trend of urbanisation. In addition, infrastructure challenges are many, as is the need for financing infrastructure.
Entrepreneurship has been identified as a game changer for Africa, as it can increase employment levels in a meaningful way. Venture capital companies such as NEST from Hong Kong are providing guidance and financing opportunities for African start-ups. Private equity companies are also stepping up to tap into the opportunities that Africa presents, in spite of the numerous risks that await the unwary investor.
Challenge
Students were invited to form teams of three (3) and to develop a business model and plan for a new business in Africa. The team could choose one of the following options:
• Develop a business model and implementation plan for a new start-up in Africa.
• Develop a business model and implementation plan for a new subsidiary in Africa of an existing Singaporean company.
Objectives
The objectives of the competition are as follows:
• To increase awareness of Africa as an investment destination amongst the young people of Singapore.
• To stimulate thinking of startups in the emerging countries of the world.
• To stimulate the entrepreneurial competencies of the young people of Singapore.
Competition Format
The competition had three (3) phases:
Phase 1: Decision to enter the competition and form a team of three (3) participants.
Phase 2: Analyses and development of business model and business plan.
• Do an analysis of the country in Africa and industry of choice.
• Develop a feasibility study of the selected target market.
• Develop a business model for the start-up.
• Develop a business plan to bring the business model to fruition.
Phase 3: Presentation by selected groups to the Adjudication Panel.
For this year, seven teams were invited to present their business models and plans on 19 October 2019. The panel of judges were as follows:
- Mr Saikat Chowdhury, MD of Nivesal
- Ms Suzhen Zheng, Senior Assistant Director, MTI
- Mr Lex Lee, Head of Strategy, Top International
- Mr Shaun Jayaratnam, Associate VP of Vega Foods
- Ms Saki Kobayashi, Co-Founder and COO of LCO-Creation, Singapore
The prize-giving ceremony of the competition was held on 30 October 2019. The congratulatory address was delivered by His Excellency Modise Mokitlane, the South African High Commissioner to Singapore. Olam, Top International, Indorama and PIL sponsored the prizes and expenses.
The ceremony was attended by the following dignitaries:
- His Excellency Akinremi Bolaji, High Commissioner of Nigeria to Singapore
- His Excellency Jean de Dieu Uwihanganye, Rwandan High Commissioner to Singapore
- His Excellency Modise Mokitlane, High Commissioner of South Africa to Singapore
- Mr Claudius Nhema, Charge d’Affaire of Zimbabwe to Singapore
- Mr Lucas J. Murenzi, Commercial Attaché of Rwanda
- Mr Ranveer Chauhan, Chairman of the Advisory Board of NTU-SBF Centre for African Studies
- Mr Saikat Chowdhury, MD of Nivesal
- Ms Suzhen Zheng, Senior Assistant Director, MTI
- Ms Saki Kobayashi, Co-Founder and COO of LCO-Creation, Singapore
- Various other senior executives from organisations with an interest in Africa, including from Mewah Group, Top International, Surbana Jurong and Sun Media.
First Prize
Peak Consulting (Ms Nur Hasyimah Binte Jasni, Ms Lau Shu Qing and Mr Alden Chen Yi Heng) developed an internship recruitment consulting company.
Second Prize
Green Lions (Ms Emilia Wong Xin Yi, Ms Tania Kristabel M and Mr Derrick Chua Lye Meng) developed a digital healthcare provider.
Third Prize
Afraca (Mr Shawn Van Gia Tua, Ms Chan Jie Yi and Ms Phoebe Chua Jia Jia) developed a tourism startup incubator & travel marketplace
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