Applications are open for the Nyamuka Zambia business plan competition, aimed at entrepreneurs creating sustainable employment and contributing to economic growth.
The Nyamuka Zambia competition invites Zambian citizens to submit a business plan for a new startup, or a plan to expand an existing Zambian small business, with participants standing a chance to win ZMW250,000 (US$32,300).
The competition will be formed of three phases. In the first phase, applications will remain open until May, with business clinics available to assist in the formulation of submissions. 60 applicants will be shortlisted for the second phase, which sees applicants take part in business development courses for entrepreneurs. Phase three will take place between August and September during which 20 finalists will be selected to receive expert training and mentorship, and will be introduced to investors.
The competition culminates in a Dragons’ Den-style televised award ceremony which sees five entrepreneurs named the winners.
“Nyamuka Zambia is a business plan competition that is transforming Zambia’s entrepreneurial landscape by inspiring ambitious businessmen and women to raise their game and take their ideas to the next level – creating employment and driving the economy forward in the process,” said Namaya Lewanika, Nyamuka business plan competition officer.
“It is also tasked with finding a new generation of business heroes and helping them put into place a gameplan to grow their enterprises and tap into new markets that the Zambian economy needs,” she said.
“Nyamuka targets entrepreneurs whose ideas will likely develop into projects that will bring about sustainable employment and help grow the Zambian economy. With innovation, growth and diversity as its watchwords, the competition strives to change uninformed perceptions towards entrepreneurship in Zambia.”
All 20 finalists in the Nyamuka Zambia competition will receive prizes to execute their business plans. The first place prize is ZKW250,000 (US$32,300); the second prize winner will receive ZKW175,000 (US$22,600); third prize winner ZKW150,000 (US$19,380); fourth prize ZKW125,000 (US$16,150); fifth ZKW100,000 (US$12,920); and the remaining 15 finalists will receive ZKW75,000 (US$9,690) each.
Nyamuka Zambia forms part of the five-year Private Enterprise Programme – Zambia (PEP-Z), funded by the UK government’s Department for International Development (DFID) that aims to stimulate the private sector through robust interventions targeted at transformative Zambian entrepreneurs and enterprises.
Lewanika said the project’s primary objective is to stimulate entrepreneurial activity and support entrepreneurs in the process of developing successful businesses.
The competition hopes to encourage the creation of an entrepreneurial culture in Zambia, and unlock the potential of the country’s citizens, which Lewanika says will serve to foster investment and growth.