NBIC launches Business Plan Competition

The Namibia Business Innovation Centre (NBIC) launched its annual Business Plan Competition on 22 May 2013, giving Namibians the opportunity to submit their creative and original business plans that they hope to turn into a viable commercial endeavour. Submissions close on 06th September. The winning business plans will win cash prizes, mentorship and coaching to assist in their business sustainable.
From the initial launch in 2010, the Business Plan Competition created a platform for aspiring entrepreneurs to realise their dreams of becoming established entrepreneurs. So far, the competition has seen nine companies emerging from it, creating much needed employment within the country.
Bernice Karuhumba, NBIC Entrepreneurship and Incubation Manager says “Business Plans are important in ensuring that businesses have a clear road map that highlights the work they need to do in order to get the desired results ”. Bernice encourages start-ups to take part in the competition, as they will get much needed start-up capital if they are declared the eventual winner.
NBIC said that they are pleased to see local companies coming on board to play their part in assisting aspiring entrepreneurs to realise their dreams. The Development Bank of Namibia (DBN) has sponsored the 1st prize with N$ 17 000.00,the First National Bank of Namibia (FNB) has sponsored the 2nd prize with N$ 10 000.00 and Namib Mills has sponsored the 3rd prize with N$ 7 000.00 plus an additional N$ 10 000.00 for the organising of the event.
All Business Plans that meet the criteria will be subjected to internal as well as external assessment. The plans will be judged on quality, the business concept, innovativeness, usefulness, viability, growth potential and sustainability. The ten participants with the best plans will present their plans to a panel of judges who will make the final decision. Business Plans have to be submitted to the NBIC in soft copy by 06 September 2013.