TIC

Background

In recent years, there has been increased emphasis on the need for young Nigerians to develop entrepreneurial skills. Many public and privately-led youth schemes have been organised to promote entrepreneurship and self-reliance, to ramp up the rate of economic development and reduce the level of unemployment.

While entrepreneurship is credited as a critical driver of economic growth, recent industry studies reveal that 65% of start-ups in Nigeria die within the first 3 years, no thanks to the country’s current 131st position in the global ease-of-doing-business ranking. A position attributable to the poor quality of infrastructure in the nation.

This dire situation has increased the need for aspiring and established entrepreneurs to employ innovation as a vital tool for business success and socio-economic impact.

Introduction

iQube regards an innovative concept as a developed idea, product or service that can create new value through its potential to solve a social or economic problem. The Innovation Challenge is a uniquely designed contest aimed at promoting and rewarding innovation. The Innovation Challenge is organised by iQube in conjunction with its strategic partners.

Objective of The Innovation Challenge

  • To provide a platform for the Nigerian youth to present innovative concepts that can provide significant economic and social  impact
  • To promote innovation and ‘out-the-box’ thinking  among young professionals
  • To reward innovation challenge participants and winners with N5million reward.