The Innovation Challenge (N5 Million Prize Money) by iQube for Young Nigerians

The Innovation Challenge

Course(s) Offered: Innovative concepts
Course Level: Entrepreneurial Contest
Provider: iQube
Country to Study in: Nigeria

Scholarship Description
In recent years, there has been increased emphasis on the need for young Nigerians to develop entrepreneurial skills. Many public and privately-led youth schemes have been organized to promote entrepreneurship and self-reliance, to ramp up the rate of economic development and reduce the level of unemployment.

While entrepreneurship is credited as a critical driver of economic growth, recent industry studies reveal that 65% of start-ups in Nigeria die within the first 3 years, no thanks to the country’s current 131st position in the global ease-of-doing business ranking. A position attributable to the poor quality of infrastructure in the nation.

This dire situation has increased the need for aspiring and established entrepreneurs to employ innovation as a vital tool for business success and socio-economic impact. The Innovation Challenge is a uniquely designed contest aimed at promoting and rewarding innovation. The Innovation Challenge is organised by iQube in conjunction with its strategic partners.

General guidelines:
  • Interested contestants of the Innovation Challenge could either be an individual or team.
  • Contestants must be between 18-35 years old.
  • All individual applicants or team members must be residents or citizens of Nigeria. Documentation will be required of the finalists.
  • There is no limit to the number of innovation concept should be submitted per individual. However, submissions from the same team or individual must be materially different in content and may not represent minor modifications or different versions of the same concept.
  • There is no limit to the number of teams in which an individual may participate.
  • The Innovation Concept must be the original work of the team submitting.
  • Employees or their family members from iQube or any of its strategic partners are not eligible to compete.
  • While participants will retain ownership rights to intellectual property relating to their Innovation Concept, they must be willing to provide shareable information to the media and general public.
  • Failure to meet any of the eligibility requirements will result in disqualification from the contest.
Evaluation Criteria:
Each innovation concept submitted will be assessed by a team of expert based on:
  • The quality of thought, research and analysis conveyed by Innovation Concept
  • Extent to which an individual or team demonstrates innovation and out-of-the box thinking in its proposed approach
  • The extent to which the innovation opportunity, as presented, is both attractive and realistic.
Eligible groups
Citizens or residents of Nigeria

Fields of study
This challenge is all about developing Innovative Concepts. iQube regards an Innovative Concept as a developed idea, product or service that can create new value through its potential to solve a social or economic problem.

Tips for Innovation Concept Development:
Describing the Innovation Concept
  • What is the innovation opportunity/challenge, market need or social problem your concept addresses?
  • What is the innovation concept (i.e. product or and how does it meet this need?
  • Is the product or service technologically feasible?
  • What is the target market/beneficiary? What is the size and what are the characteristics of this market?
Defining the Industry
  • What industry or sector is the concept directly or indirectly related to?
  • What is will be your unique value proposition to this industry?
Creating the Innovative Solution
  • How do you intend to bring this idea to life?
  • How will the concept deliver social and/or economic value?
  • How well do your financial projections prove the economic viability of the concept?
Identifying Critical Issues to Resolve
  • What are the critical issues to resolve as you move forward in your planning and execution process?
Number of awards
Not specified

Scholarship benefits
The benefits of this program to the Participants include: Assessment of the Innovation Concept by a panel of innovation and business experts; AND a N5 million prize reward to be won.

Method of Application
To REGISTER for the Innovation Challenge:
Applicants should download, complete and submit registration forms to on or before 12pm of the deadline date indicated below.

To download 'The Innovation Challenge Contestant Brief', 'Competition Guidelines', AND 'Registration Form'; visit the official website (link to it is below).

All applications for the 2013 Innovation Challenge should be submitted not later than 12pm on 18th October, 2013.

The Program Schedule:
1Contest Announcements/Kick-offSept 13, 2013
2Registration of Innovation Challenge ContestantsSept 13-Oct 18th, 2013
3Submission of Innovative Concepts (in Ms. PowerPoint or Video Format) with a 1-page Executive Summary (in Ms. Word)November 15th, 2013
4Shortlist and Announce Top 15 Shortlisted Contestants.Provide Review Feedback on Innovative ConceptNovember 29th, 2013
5Conduct Live Presentations of Top 15 ContestantsDecember 2nd -6th, 2013
6Conduct 2nd Live Presentations of Top 7 ContestantsJanuary 13th-17th, 2014
7Announce Top 3 Winners of the contestFebruary 26th, 2014

iQube is a multi-channel platform, designed to foster knowledge-sharing and collaboration within corporate business communities. iQube – Inspiration, Innovation and Insight – is a platform which celebrates innovative ideas that are breaking the mold in different industries in key regions of the world.

Objective of The Innovation Challenge:
  • To provide a platform for the Nigerian youth to present innovative concepts that can provide significant economic and social impact.
  • To promote innovation and “out-the-box” thinking among young professionals.
  • To reward innovation challenge participants and winners with N5 million reward.
All applications should be directed to

Application Deadline: 18 October, 2013
Open to International Applicants: No (ONLY Nigerians)

More Scholarship Information and Application

Related: World Bank Group Youth Summit for Young People Worldwide

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