African Challenge Business Model Competition: Previous Years

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.

African Challenge Business Model Competition 2019

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:
  1. ​Mr Saikat Chowdhury, MD of Nivesal 
  2. Ms Suzhen Zheng, Senior Assistant Director, MTI
  3. Mr Lex Lee, Head of Strategy, Top International
  4. Mr Shaun Jayaratnam, Associate VP of Vega Foods
  5. 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:
  1. His Excellency Akinremi Bolaji, High Commissioner of Nigeria to Singapore
  2. His Excellency Jean de Dieu Uwihanganye, Rwandan High Commissioner to Singapore
  3. His Excellency Modise Mokitlane, High Commissioner of South Africa to Singapore
  4. Mr Claudius Nhema, Charge d’Affaire of Zimbabwe to Singapore
  5. Mr Lucas J. Murenzi, Commercial Attaché of Rwanda
  6. Mr Ranveer Chauhan, Chairman of the Advisory Board of NTU-SBF Centre for African Studies
  7. Mr Saikat Chowdhury, MD of Nivesal 
  8. Ms Suzhen Zheng, Senior Assistant Director, MTI
  9. Ms Saki Kobayashi, Co-Founder and COO of LCO-Creation, Singapore 
  10. 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.

Second prize winners winners with the guests of honor

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

Third prize winners with the guests of honor


African Challenge Business Model Competition 2018

NTU-SBF Centre for African Studies shortlisted 10 teams to present their business models and plans to a panel of judges on 6 October 2018.

Judges front (from left): Eileen Lee (Singapore Business Federation), Amrish Nair ​(Bio-Rithm), Saki Kobayashi (LCO-Creation), Shaun Jayaratnam (Vega Foods). 

First Prize

NUS Team FJM, comprising Natasha Murali, Fion Lim and Jasmine Madalia, developed an e-learning and mentorship programme/platform in Tanzania. 

Second Prize 

NTU Team Victoria Consulting (Ang Shi Jie, Natasha Tan and Ryan Sim), developed a business plan for the expansion of Katfood into the Nigerian personal skincare market. 

Third Prize

SMU Team PTS (Nghia Phan, Ng Shi Min and Thaddeus Yeo), developed an online marketplace platform connecting all stakeholders in the agriculture value chain.

Olam, Indorama and PIL sponsored the prizes. NTU-SBF CAS hosted the prize-giving ceremony, which was attended by the following dignitaries: 
  • HE Guillaume Kavaruganda, Rwandan High Commissioner to Singapore 
  • HE Ogbole Amedu Ode, Minister Plenipotentiary / Ag. High Commissioner of Nigeria to Singapore 
  • Mr Claudius Nhema, Charge d’Affaire of Zimbabwe to Singapore 
  • Mr Lucas J. Murenzi, Commercial Attaché of Rwanda 
  • Mr Chan Chek Chee, Executive Chairman of Asiatic Agricultural Industries 
  • Mr Thomas Wee, Deputy Managing Director of The Ascot 
  • Mr Venkataramani Srivathsan, Managing Director Africa and the Middle East for Olam International 
  • Mr Shaun Jayaratnam, Associate VP of Vega Foods 
  • Ms Saki Kobayashi, Co-Founder and COO of LCO-Creation, 
  • Executives from Ministry of Trade and Industry, Surbana Jurong and Enterprise Singapore, organisations with an interest in Africa 

African Challenge Business Model Competition 2017 

Eight teams were invited to present their business models and plans on 30 September 2017 to the following panel of judges:  
  • Mr Wong Toon Joon, Director Emerging Markets Division, Ministry of Trade and Industry 
  • Mr Shaun Jayaratnam, Associate VP of Vega Foods 
  • Mr Amrish Nair, CEO of Bio-Rithm Mr Ola Olaniyi, Director Triox Capital 
  • Ms Cherisa Kwong, Singapore entrepreneur and owner of a tourism business in Africa 
  • Ms Eileen Lee, Senior manager SBF ​ Winning Teams:
  1. Gramcole Consulting from NUS (Fun Jin Wen Grace, Lim Yun Yee Nicole & Lee Shea Min Samantha) developed a business model for a tourism app for South Africa, with potential to later expand it to other parts of Africa. 
  2. NUS Team Ignitus (Lim Jin Ming, Liu Meizhen, Andre Tan) developed an app for connecting blue collar workers with prospective employers in Nigeria. 
  3. Team Alliance Consulting, comprising Jaylen Li (SMU), Chin Zhao Yuan (NUS) and Darren Ong (SMU), developed a business model for terrace farming in Rwanda. 

African Challenge Business Model Competition 2016 

28 teams registered for the competition. 10 teams were invited to present their business models and plans on 20 August 2016 to the panel of judges: 
  • Mr V Srivathsan, MD and CEO, Africa and Middle East, Olam International 
  • Mr Prakash Kejriwal, Vice President, Indorama 
  • Mr Wong Toon Yoon, Director Emerging Markets Division, Ministry of Trade and Industry
  • Ms Eileen Lee, Singapore Business Federation Mr Ola Olaniyi, Director Triox Capital
  • Ms Shumei Lam, Azul World 

Winning Teams: 

  1. NTU Team Lekker Consulting (Tay Woon Yeow, Ng Jun Jie Shawn and Fong Kai Yin) developed a business model for a food court in Johannesburg, South Africa. 
  2. Team Ubuntu, comprising Koh Kang Liang (SMU), Samuel Lim Yong (SMU) and Koh Xin Yue Valerie (NUS), developed a business portal for tourism in Uganda. 
  3. NTU Team Hakuna Matata (Dinh Thi Thao Ngan, Chau Phuong Thao and Pham Do Uyen Nhi), developed a biofuel business in Kenya.

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