McDan Entrepreneurship Challenge – Program Outline, Guidelines & Requirements
McDan Entrepreneurship Challenge
The McDan Entrepreneurship Challenge’ is a 13 week TV reality show where young African entrepreneurs pitch their idea for up to USD $100,000 in funds and mentorship. It is more than just a reality TV show. It also seeks to uncover and incubate the best new Ghanaian entrepreneurs and businesses.
Apart from awarding prize money of USD $100,000 to budding entrepreneurs that provide solutions to challenges facing Ghana and Africa today, the Top 20 “All Stars” get to be part of an exclusive network, the McDan Incubator, and receive ongoing rewards and opportunities.
There will be only one winner but there are so many opportunities available to all contestants.
DESCRIPTION OF EACH PHASE
PHASE 1: CALL FOR ENTRIES
Organisers will receive applications from interested applicants to participate in Season 2 of the McDan Entrepreneurship Challenge. An announcement of the shortlisted applicants (herein the most promising businesses) will be made after a selection process by a team of consultants.
Guidelines to Contestants:
- Contestants must apply via the application form.
PHASE 2: ENTREPRENEURSHIP SUMMIT
All selected applicants will be invited for an entrepreneurship forum after which they will pitch their ideas to a panel of judges who will select the best 100 ideas to begin the TV reality show and the journey to win the grand prize.
Guidelines to Contestants:
- Each contestant is requested to prepare a 5 to 8 minute presentation. Please make sure to follow the scoring criteria to increase your chances of advancing into the final stage.
PHASE 3: WEEKLY PITCHES – TV PRODUCTION
The journey to the Grand Finale begins as the top 100 businesses pitch their ideas to a 5 member Jury every week (Chairman Dr Daniel McKorley, the 3 Permanent Jury Members, and a weekly Guest Judge). This will be recorded for a TV production.
PHASE 4: MCDAN INCUBATOR
The Top 20 businesses will go through a one week intensive incubation program to fine tune their ideas. The 10 finalist will be announced.
PHASE 5: GRAND FINALE
The Ten (10) finalists would spend a full day with TENGhana Faculty and visit a number of companies. During the tour, contestants are encouraged to interact with our hosts.
The 10 finalists will receive mentorship and support to refine their final pitch.
The 10 finalists battle it out in the Grand Finale for the ultimate prize. Prize money and other awards are given during the grand finale.
The organisers of the McDan Entrepreneurship Challenge recognise that no set of criteria can apply to every circumstance and therefore reserve the right to determine eligibility or to disqualify any individual/ team that it determines to be in violation of the spirit of the competition. Similarly, applicants who feel they fit the spirit of the competition, but may be in minor violation of the eligibility criteria, may submit a petition to email@example.com for a decision to be made by the organizers.
Applicants are encouraged, but not required, to work in teams instead of working alone to develop their ideas. For best results, team members should have complementary skills and a wide range of backgrounds. Competing teams should consist of no more than 5.
The applicant must have a minimum of 51% ownership in the venture and must have played a major role in creating the venture. The executive summary submitted must be original work done by the applicant.
The applicant must control a minimum of 51% of the venture’s voting rights. The McDan Entrepreneurship Challenge organizers recommend maintaining this control for at least 2 years beyond the date of the competition.
NATURE OF VENTURE
Businesses from across all sectors are welcomed.
Certifications and Agreements
By submitting a Business Model (“the Model”) to the McDan Entrepreneurship Challenge each Contestant listed below agrees to the following conditions:
• Originality of Model – The ideas and concepts set forth in the Model are the original work of the Contestants, and no Contestant is under any agreement or restrictions that prohibit or restrict his or her ability to disclose or submit such ideas or concepts to the Competition.
• Compliance with the Eligibility Guidelines of the Competition – Each Contestant has reviewed the Eligibility Guidelines (“Guidelines”) and by submitting his or her application, certifies that this entry and the team or individual it represents complies with the Guidelines and agrees to abide by the Guidelines. Each Contestant also certifies that the venture had no substantial revenues and raised no outside equity capital prior to the current academic year.
• Waivers and Releases – Each Contestant understands that the McDan Entrepreneurship Challenge organising committee, any co-sponsors, judges, mentors, co-organisers (“Competition Officials”) and its directors, officers, partners, employees, consultants, and agents (collectively “Organizer Representatives”) are volunteers and are under no obligation to render any advice or service to any Contestant. The views expressed by the judges, co-sponsors, co-organisers, and the Organiser Representatives are their own and not those of the McDan Entrepreneurship Challenge organising committee or any other person or entity.
Each Contestant also understands and agrees that although the Competition Officials have taken and will take the steps described in the Guidelines regarding confidentiality of the ideas and models submitted by the Contestants, the legal protection of the ideas and the Models submitted by the Contestants to the Competition is otherwise the sole responsibility of the Contestant. In consideration of the time, expertise, and other resources provided by the Competition Officials and Organiser Representatives to the Competition, each Contestant hereby voluntarily releases each Competition Official and each Organizer Representative from any further liabilities, responsibilities, and accountabilities relating to or arising out of such Competition Officials or Organizer Representative’s participation in the Competition.
Requesting Your McDan Challenge Prize
Contestants are allowed to remain at the status of “just an idea” rather than required to register as a legal entity throughout the competition as a temporary accommodation. However, prizes will be distributed to a legal business entity – and not to an individual or individuals.
Awards are not transferable.
GUIDELINES FOR SCORING
How are we going to evaluate the entries to the contest?
There are certain key areas the jury will focus on in arriving at which team/individual wins. Key criteria include the following:
- Significance of the Idea/concept: This criteria would be used to assess the likelihood of the idea or concept advancing or having substantial impact on society/humanity;
- Impact: Are the objectives of the project clearly defined and precisely stated? Does it focus on solving society issues? Does it address district, regional or national agenda? (15 marks)
- Continuation and scope: Does the project go beyond the contest? Are there plans to advance the project in the future, even encouraging other researchers and entrepreneurs to join or improve it? Do you have clear plans of supporting the project by itself? (15 marks)
- Innovation: Does the project reflect critical thinking? Does this project reflect a new approach other than the ones we know already? (20 marks)
- Results: Does the project clearly outline the expected results and products? How unique will the expected results be? Will the project lead to improvement and quality in society? (15 marks)
- Budget and Cost Effectiveness: extent to which the total budget adequately supports the project and is cost-effective.
- Budget: Is the money you are requesting reasonable and justifiable?Will the money be enough to carry out the project? (10 marks)
- Cost effectiveness: Does the project demonstrate creative use of limited resources? (10 marks)
- Overall quality of the project: How well does the project comply with the rules of the contest and how well has the project been edited and ensuring clarity? (15 marks)
TOTAL MARKS WILL BE OUT OF 100. Three contestants will make it to the Grand Finale where they would have an interaction with the Jury. The grand finale would involve a question and answer session. The jury reserve the rights to vote on the Winner of the Contest and the runners up.