Glovo, in partnership with Esade Business School, Ashoka Africa and Boston Consulting Group (BCG) has organized a competition for Early-Stage Tech-Based Start-ups based in Kenya that deliver value to SMEs.
The aim of the competition is to help accelerate the progress and success of SME focused start-ups that are improving the operating and business environment and efficiency levels and ultimately increasing the chances of success for those SMEs.
To participate in the competition, the start-up must not have raised more than USD20,000 (Ksh2.2 million) in funding.
The Competition will be made up of two stages. The first stage will be through an online submission while the second stage will be a physical event where the top eight shortlisted businesses get to pitch their businesses in-person to a panel of judges.
For the first stage, interested participants are expected to submit a one-page executive summary of the business highlighting what problem is being solved, why the problem is relevant, target customers and how the problem is being solved. The document should also include key team members and their value addition, biggest operational/business challenge and three-year financial projection.
Applicants will also be required to submit an extended pitch deck of no more than 12 slides/pages detailing the problem, solution, product, business model, competition, go to market, unit economics, team, financial needs, and any additional relevant information.
“Africa is a massive opportunity to invest in, and we at Glovo are committed to helping build the Kenyan ecosystem for digital services, and we recognise the needs of SMEs as a critical part of the community. We believe Kenya is a hub for technology and innovations, we look forward to seeing the competition unfold and most importantly to help accelerate SMEs in the country on their digitalization journey,” said Sacha Michaud, co-founder at Glovo.
The top eight selected projects from the first phase will be invited to compete for the final prizes in front of a jury of experts including the co-Founder of Glovo, the Managing Director of BCG Kenya, and other tech leaders. The live pitch will be held on April 29, 2022 in Nairobi, Kenya. Invited to the panel of judges would be representatives from the Ministry of Industrialization, Trade and Enterprise Development and Information Communications, and Technology in Kenya.
There will be three prize winners – the 1st prize winners will receive a Mini Business Accelerator package through an all-expenses-paid trip to visit Barcelona, Southern Europe’s leading tech hub.
The 2nd place winner will receive a virtual session with Glovo top executives to get feedback and guidance on their business and to seek guidance on business opportunities and challenges. He/she will also get a Fast-Track Access to the Summer 2022 edition of the eWorks Accelerator program and pro bono consulting session with BCG Kenya consultants to help develop their business idea.
The 3rd place winner will get a Virtual session with Glovo top executives to get feedback and guidance on their business and to seek guidance on business opportunities and challenges. Also virtual consulting sessions with experts from the eWorks Accelerator, to get feedback and guidance on the business idea.
All applications should be submitted to Esade on or before March 31, 2022.
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