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Firm to support social entrepreneurs with $1m global contest

By Benjamin Alade   |   14 October 2016   |   3:01 am


Whiskey brand, Chivas Regal has sought entries for its 2016/2017 global contest as part of efforts to support social entrepreneurs in financial investment through ‘The Venture’ initiative.

The Venture initiative provides social entrepreneurs with the opportunity to compete for a share of $1 million in financial investment, invaluable contacts and global exposure of their company as well as mentorship from world-famous business leaders.

The launch according to the promoters, was spurred by the recent release of a global report, which revealed that 95 per cent of young professionals are looking for businesses to take more responsibility in solving global problems.

This year, 32 countries across 6 continents will be taking part and applications will be accepted from any for-profit-startup that creates both financial value and a positive impact on the lives of others.

Speaking at the press launch in Lagos, Marketing Director, Pernod Ricard Nigeria, Craig Van Niekerk, said the Venture was launched to offer significant resources to help drive and support the social entrepreneurship movement worldwide and in Nigeria.

He said: “A new breed of entrepreneur is emerging in Nigeria; one that uses business ideas to succeed whilst making a positive impact on the lives of others.

“We are thrilled to be back again this year to connect with local social enterprises and give them the opportunity to develop and grow their businesses”.

Chivas Regal has partnered with Enterprise Development Centre (EDC) of the Pan Atlantic University in Lagos to help facilitate the entry process for Nigerians who will be participating in the contest.

Speaking on the partnership, Deputy Director, EDC, Pan Atlantic University, Nneka Okekearu, disclosed that Centre is in charge of recruitment and selection process.

She explained that the contest is seeking for entrepreneurs at various stages to include, hydration, adventure, which could be established. We are looking for businesses that actually have an impact. They must be for profit but no Non-Governmental Organisations.

Besides, she said there is no age restriction for participants.

“The businesses must be registered and the turnover must not be above $1.5 million. I know we are going to have a lot of application from the tech industries but it is not restricted to the sector alone. There is a business for agro-allied entities with social enterprise. When they apply, we go through the process and select the best. There is no limit to the number of entries expected but it is restricted to entrepreneurs in Lagos as other states would be included in subsequent contest.

However, the winner will join the other 32 participants across the world in an Accelerator Week programme in Oxford, UK and will represent Nigeria at ‘The Venture’ final event in the USA, July 2017.

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