With over half the population in Zambia being under the age of 35, seeking jobs to make ends meet but not finding any, it’s not surprising that many are opting to start their own businesses. Most startups find it difficult to raise their initial capital and this is where initiatives like the Zambia 2050 Business Plan Competition come in.
The competition will give a top prize of $6000 (or the Kwacha equivalent at the time) to the best business idea and the winner will be named 2015 Entrepreneur of the Year. There will also be a year-long mentoring session given to 10 young Zambians with the best business ideas that work well for the community, by a mentor based in the United Kingdom or within Zambia.
To enter the competition, follow the instructions here. The 10 startup entrepreneurs who will be chosen from the applicants will then be invited to the Zambia 2050 Business Conference in August where they will make 5 minute presentations of their business plans to a panel of judges who will then award the best idea. The winner will receive the prize money of $6000 or its Kwacha equivalent in two payments made out in a year.
To be eligible to enter the competition, applicants must be between the ages of 18 and 36, and their business may either be running with not more than 4 employees or still just a plan on paper.
A similar initiative was started by PEP Zambia called Nyamuka which invited business ideas from all over the country for a grand prize of K250, 000. Read more on that competition here.