The Value Creation Challenge (VCC), an initiative of the Eight2Five Innovation Hub powered by Old Mutual that targets innovative start-ups and small business owners across the country, has announced the top ten finalists who will advance to the next phase of the program. The program’s goal is to prepare entrepreneurs for success through business development, coaching, funding, and acceleration. The ten finalists who have undergone rigorous screening processes, a boot camp, and a challenging pitch session, will now move forward to the acceleration round. They will have the opportunity to pitch for a spot in the top three and the grand prize. The overall benefits of the challenge extend beyond the winners, thanks to an invaluable alumni program courtesy of the VCC partners including the British Council, the British Embassy, and EFT.
The Value Creation Challenge 3 has come a long way having received 533 applications in April, to the top 50 selection in May, to the selection of the top 25 startups who then went through an intensive boot camp last week. Notably, this year saw an improvement in the number of female-led startups that applied for the challenge, with 44% of the Top 25 being made up of female founders. The boot camp covered all things business including, Intellectual Property, finance, compliance, marketing, and governance. Participating startups had a chance to delve into the details of building a sustainable business and put what they learnt into action at the pitch event held on Friday 9 June 2023 at the Eight2Five Innovation Hub. There were also networking opportunities and a chance to share experiences with fellow startups, which made it possible to build connections that could lead to exciting collaborations and partnerships.
Through one-on-one mentorship sessions, mentors will evaluate each startup’s unique challenges and opportunities, and develop a customized roadmap for success. They will also benefit from the free workspace at the Eight2Five Innovation Hub in Harare and access to practical workshops. In addition, three startups that show the most progress by the end of the incubation program will receive cash prizes to fuel their growth and possible partnership opportunities. While the monetary reward is appealing, the real value comes from the skills and relationships developed along the journey.
Overall, the Value Creation Challenge has been instrumental in helping purpose-driven startups in fields like emerging technology, fintech, sustainability, and creative industries, get off the ground and work towards building sustainable businesses. Its alumni program continues to provide opportunities for startups to meet their goals and scale up. The funding and support the Challenge provides have been vital to the success of companies like The Noble Savage, and Nhanga Trust.
At the end of the day, the Value Creation Challenge is a spark that ignites growth, fuels progress and spreads opportunity. Furthermore, it creates a conducive environment for startups to flex their creative muscles, build new skills, and form key partnerships. Who knows, maybe this VCC will spark the next big idea that transforms the Zimbabwean economy. The future is bright for startups, and the Value Creation Challenge is helping make it happen. Visit eight2five.co.zw to learn more about the Value Creation Challenge and other exciting opportunities from Eight2Five Innovation Hub and its partners.
