XCELHERATE WOMEN ENTREPRENEURSHIP CHALLENGE ($5 000)

Deadline:September 30th 2023 | XcelHERate Women Entrepreneurship Challenge ($5 000)

Title:	XcelHERate Women Entrepreneurship Challenge ($5 000)
Organisation:	Bizzell
Fund/Benefit:	$5 000
Deadline;	September 30th 2023
Eligible countries:	All countries

It is well acknowledged that women business owners are the main forces behind economic growth; they are the ones that put ideas into practise and give back to their communities. One definition of an entrepreneur is a person with the capacity to monitor her environment for possibilities, identify them, acquire the resources needed to seize them, and carry out successful action to take advantage of them.

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The XcelHERate Entrepreneurship Challenge was created by Bizzell in collaboration with the SNDBX to empower and honour women, as well as to inspire Kenyan women entrepreneurs and broaden their social influence. Women who are navigating difficult times by turning local obstacles into genuinely profitable business opportunities.

Emerging innovators will be selected and encouraged to take part in the challenge with the intention of giving their companies financial boosts to help them succeed and endure. The winner and second place finishers will also receive financial assistance to grow their companies. Three months of business counselling in the style of a bootcamp, mainstream media exposure, and opportunities for business profiling are among the prizes.

Objectives

The Challenge’s goals consist of:

• Encourage, promote, and recognise the spirit of entrepreneurship among Kenyan women-owned enterprises.
• Improve the skills and education of Kenyan young, creative women-owned enterprises and entrepreneurs.
• Establish work ethic, tenacity, resiliency, and passion as core values among Kenyans, particularly among businesswomen.

Benefits

What benefits do you expect from this contest?

• Cash Awards
  • Our sponsor, Bizell, will award cash prizes to the competition’s first, second, and third place finishers.
• Training in a bootcamp from SNDBX Experts
  • The top 20 candidates will go through a rigorous training programme that will teach them how to efficiently grow their businesses by taking advantage of market opportunities.
• Business mentoring from SNDBX professionals
  • The top 20 candidates will go through a rigorous training programme that will teach them how to efficiently grow their businesses by taking advantage of market opportunities.
• Publicity and the Media
  • Since the pitching and award events will be covered by the media, your company will benefit from media exposure.
• Access to the SNDBX Entrepreneur Community
  • Over 35 entrepreneurs working in various sectors call SNDBX home. The winner will receive access to this network for encounters that could result in partnerships and collaborations.
• The SNDBX Workspace is accessible.
  • The winner of this contest will be welcomed within SNDBX and be able to conduct business there.

Eligibility

• Women’s ownership (minimum joint ownership of 51% women)
• 18 to 35 year old young women entrepreneurs
• properly registered company with the necessary documentation
• The company should have a minimum viable product (MVP) with sufficient functionality to draw and keep customers. It should already be on the market and be past the conceptual stage.
• Evidence of paying clients
• Must already be in business for at least two years.

The Bootcamp for Challenge

• Our bootcamp offers a thorough curriculum created to give ambitious business owners and professionals the knowledge and abilities necessary to thrive in today’s cutthroat industry. The programme includes a range of content:
• Problem & Customer Segments: Acquire knowledge of problem identification and analysis, target customer segmentation, and demand validation.
• Understanding how to develop Minimum Viable Products (MVPs), achieve customer market fit, and develop solutions that satisfy customer needs.
• Develop sound strategy, specify your distinctive value offer, and build standard operating procedures (SOPs) for long-term business operations.
• Marketing Strategy: To effectively advertise your goods or services, become familiar with market research, branding, positioning, and messaging strategies.
• Digital Marketing: To reach and engage your target audience, investigate digital marketing channels including social media, SEO, content marketing, and email marketing.
• Sales Strategy: To increase sales and forge enduring relationships with clients, develop expertise in sales methods, customer relationship management, and sales funnel optimisation.
• Learn go-to-market approaches for a successful market entry, such as pricing, distribution channels, alliances, and product launch plans.
• Operations & Excellence: Through subjects like supply chain management and productivity improvement, you may streamline operations, effectively manage resources, and guarantee operational excellence.
• Business Planning & Capital Readiness: To get money for your project, develop thorough business strategies, financial projections, and network with possible investors.
• Pitch Readiness: Develop a persuasive pitch, highlight the potential of your company, and find funding and investment options.

Selection Standards

• The qualities of successful businesswomen that we seek include the following:
• Registration of businesses and supporting documentation
  • The company should have a minimum of three years of business experience, be registered as a legal entity, and possess all the relevant paperwork required by local and federal authorities.
• Possession by women
  • Women entrepreneurs or teams managed by women must own and control at least 51% of the company.
• Scalability of the company or product
  • The company must show that it has the ability and capability to expand and flourish in many areas.It should have strategies in place to grow its business and attract more clients.
• Wannabe business moguls with ambition
  • Entrepreneurs who are driven to turning their dreams into reality and who want to expand their enterprises.
• Model for a sustainable business
  • The company should have a workable and long-lasting business plan that guarantees ongoing revenue generating and expansion. Long-term market changes and difficulties should not be a problem for it.
• Evidence of paying clients
  • The company must show through a database of actual paying clients for the good or service it supplies that it has a strong customer base.This illustrates market demand and supports the viability of the business idea.
• Social Effects
  • The company should be committed to bringing about a big, constructive change that tackles an urgent societal issue.It should provide a specific contribution to the community’s improvement, such as empowering women, young people, people with disabilities, or the environment.
• Innovation
  • Businesses that are changing the way things are done and have developed a novel method of providing value to their clients.

For more information, visit XcelHERate.