The 26th Harvard Business School Africa Business Conference will be held on February 16th – 17th, 2024 with the theme “Africa Forward: Competing in a Global Era.” As part of the conference, the Africa Business Club will be hosting the New Venture Competition which seeks to showcase the diversity of entrepreneurs making a difference on the continent today.
From the pool of applications, 10 semi-finalists will be invited to pitch their business in front of over 1,000 attendees and receive feedback from a panel of experienced judges. The winner and runner-ups for second and third place will be awarded cash prizes of $30,000, $15,000, and $10,000, respectively.
Select startups focused on serving the African continent will gain access to coaching from HBS students, networking opportunities with investors focused on the African continent, and a chance to win over $50,000 in prize money.
NVC semi-finalists will have the opportunity to get feedback, advice, and input from conference participants as well as senior partners at Africa-focused VCs from across the continent. Select ventures will also have the opportunity to showcase their companies at the Startup Fair networking and recruiting event and attend networking lunches with distinguished panelists.
The Harvard Business School New Venture Competition (NVC) stands as a premier platform that nurtures entrepreneurship and innovation among the Harvard community and beyond. Organized annually, this competition invites students, alumni, and faculty members to pitch their entrepreneurial ideas and business ventures in pursuit of financial support, mentorship, and validation for their innovative concepts.
The NVC serves as a launchpad for diverse business ideas, catering to ventures across industries, from tech startups to social enterprises and more traditional business models. Participants receive invaluable feedback from experienced judges, mentorship from industry experts, and the opportunity to refine their business plans through workshops and coaching sessions.
One of the notable aspects of the NVC is its structure, which involves various rounds of judging, culminating in a final presentation where finalists showcase their ventures before a panel of investors, entrepreneurs, and industry professionals. Winners receive substantial monetary awards and in-kind resources, serving as crucial seed funding for their startups.
The competition, backed by Harvard Business School’s resources, alumni networks, and established entrepreneurs, not only offers financial support but also provides invaluable exposure and networking opportunities. This platform has been instrumental in launching successful businesses, fostering innovation, and bringing groundbreaking ideas to the forefront of the entrepreneurial landscape.
In essence, the Harvard Business School New Venture Competition is a prestigious and comprehensive platform that propels innovative business ideas from conception to reality. It embodies Harvard’s commitment to nurturing entrepreneurship, fostering innovation, and supporting the growth of ventures that have the potential to make a significant impact in diverse industries.
Benefits
- NVC offers $50,000 in cash prizes to winning startups
Requirements For The Harvard Business School New Venture Competition.
The competition is open to all African and Africa-focused entrepreneurs with businesses focused on shaping our future. Entrepreneurs who offer unique and homegrown solutions to local problems and who meet the following eligibility criteria are highly encouraged to apply:
- Early stage startups (for-profit or not-for-profit)
- Africa-focused with a majority or all of its operations in Africa.
- Fewer than 50 employees.
- Fewer than 5 years of operations.
- Raised less $1,000,000 in funding to date.
Evaluation Criteria
The Competition is about assessing the commercial merit and potential viability of each proposed new venture. The judges will evaluate its potential for economic success and the likelihood of achieving that success based upon the team’s plan, experience, and the validation of key assumptions and a clear and convincing presentation of the following:
- Product/Service (what it is; why distinctive).
- Team (relevance to problem/breadth/depth of skills; ability to execute).
- Opportunity (timing, market size/need, ability to penetrate, strong value proposition and business model).
- Context (favorable regulatory/tax/political and industry context).
- Competitive advantage (Business & Product / Technology).
- Easy to copy? Barriers to entry? IP? Hiring capabilities, How many competitors? etc.
- Risk/Reward (ways to manage upside/downside).
- Structured Experimentation (market validation of value proposition/growth hypothesis).
- Financial (realistic assumptions underlying any financial projections).
- Traction & Execution (defined milestones).
- Go-to-market strategy.
- How will you or are you acquiring customers?
- Marketing/Sales Channels/Partnerships?
Method of Application
Visit The Official Website to Apply
Application Deadline: November 15, 2023.
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