Malawian incubator mHub has partnered Her Liberty, an organisation that empowers disadvantaged young women, to launch of an MWK20 million (US$27,000) competition to identify bankable business plans from youth people.
The “What Will Do with K20 Million Challenge” is looking to apply innovation and entrepreneurship as a catalyst for socio-economic development, job creation and youth empowerment.
“The overall objective of the challenge is to enable entrepreneurs in Malawi to be key drivers of the economy. Through the contest, young SMEs stand a chance to boost their capital and enhance their knowledge in business and financial management through an intensive one week training for the winners,” said mHub chief executive officer (CEO) Vincent Kumwenda.
“The youthful population continues to suffer the effects of the economic crisis and without a robust job creation systematic model in place, we fail to reap the demographic dividend that would foster economic development for the country.”
The seed capital is expected to kick-start six winning business ideas, with the criteria including business concept, strategy, value proposition, financial soundness and social returns.