The XcelHERate Women Entrepreneurship Challenge – Kenya

Bizzell, in partnership with the SNDBX, has developed the XcelHERate Entrepreneurship Challenge, to not only uplift and recognize women but also fuel the spirit of Kenyan women entrepreneurs and increase their impact on their communities.

Up-and-coming innovators will be identified and invited to participate in the challenge with the goal of receiving cash injections into their businesses to support their success and sustainability. The first and second runners-up will also get cash injections to expand their businesses. The prizes will include bootcamp-style business coaching for three months, mainstream media publicity, and business profiling opportunities.

Objectives

• This Innovation Challenge is an exciting platform designed to foster Innovation and drive positive change
• The Challenge objectives include:
  • Nurture, showcase and reward the entrepreneurial spirit in Women’s businesses in Kenya.
  • Upskill and educate young, innovative women-owned businesses and entrepreneurs in Kenya.
  • Entrench values of hard work, determination, resilience and passion in the Kenyan public, especially businesswomen.

Benefits

• Cash Prizes
  • The first, second and third placed winners of the competition will receive cash prices from their sponsor, Bizell.
• Bootcamp training from SNDBX Experts
  • The top 20 selected will got through an intense training program designed to help them take advantage of market opportunities to expand grow their businesses effectively.
• Business Coaching from SNDBX Experts
  • The top 20 selected will got through an intense training program designed to help them take advantage of market opportunities to expand grow their businesses effectively.
• Media and Publicity
  • The pitching and award events will have media coverage which will allow your business to get publicity from the media.
• Access to the SNDBX Community of Entrepreneurs
  • SNDBX is home to over 35 entrepreneurs in different fields. The winner will have access to this community for interactions which may lead to collaborations and partnerships.
• Access to the SNDBX Workspace
  • SNDBX will open its doors to the winner of this competition and allow them to operate from the premises.

The Challenge Bootcamp

The bootcamp offers a comprehensive program designed to equip aspiring entrepreneurs and business professionals with the skills and knowledge needed to succeed in today’s competitive market. The program consists of various content:

• Problem & Customer Segments: Learn to identify and analyze market problems, segment target customers, and validate demand.
• Developing A Solution: Understand how to build a solution that addresses customer needs, create Minimum Viable Products (MVPs), and achieve customer market fit.
• Strategy, Value Proposition & Business Model: Develop effective strategies, define your unique value proposition, and establish standard operating procedures (SOPs) for sustainable business operations.
• Marketing Strategy: Learn market research, branding, positioning, and messaging techniques to promote your products or services effectively.
• Digital Marketing: Explore digital marketing channels such as social media, SEO, content marketing, and email marketing to reach and engage your target audience.
• Sales Strategy: Gain skills in sales techniques, customer relationship management, and sales funnel optimization to drive revenue and build strong customer relationships.
• Go To Market: Learn go-to-market strategies, including distribution channels, pricing, partnerships, and product launch tactics for successful market entry.
• Operations & Excellence: Streamline processes, manage resources effectively, and ensure operational excellence through topics like supply chain management and productivity enhancement.
• Business Planning & Capital Readiness: Create comprehensive business plans, financial forecasting, and attract potential investors to secure funding for your venture.
• Pitch Readiness: Craft a compelling pitch, showcase your business potential, and secure financing and investment opportunities.

Eligibility Criteria

• The XcelHERate Entrepreneurship Challenge is designed for innovative Kenyan businesswomen who have overcome obstacles to transform their ideas into viable and sustainable businesses:
• The qualifications include:
  • Ownership by Women (at least 51% ownership by a women/women)
  • Young women entrepreneurs – 18–35 years
  • Duly registered business with relevant documentation
  • Minimum Viable Product: The business should have a product or service with enough features to attract and retain customers. It should be beyond the conceptual stage and be in the market already.
  • Proof of Paying Customers
  • Must have an already existing business (at least 2 years).

Selection Criteria

The following are characteristics of business-women that they are looking for:

• Business registration and relevant documentation
  • The business should be registered as a legal entity and posses all the necessary documentation required by local and national authorities, with a minimum of 3 years of business experience.
• Ownership by women
  • The business must be at least 51% owned and controlled by women entrepreneurs or women-led teams.
• Scalability of product/business
  • The business must demonstrate the capacity and potential to grow and succeed in different markets .It should have plans in place to expand its operations and reach a broader customer base.
• Ambitious and aspiring business moguls
  • Entrepreneurs that want to take their businesses to the next level and committed to make their dream and reality.
• Sustainable business model
  • The business should have a viable and sustainable model that ensures continuous revenue generation and growth . It should be capable of withstanding market fluctuations and challenges in the long term.
• Proof of paying customers
  • The business must provide evidence of a solid customer base through a database of paying customers for the product or service it offers.This indicates market demand and validates the business concept.
• Social Impact
  • The business should be dedicated to making a significant, positive change that addresses a pressing social challenge. It should contribute to the betterment of the community in a specific way, such as empowering women, youth, people with disabilities or benefiting the environment.
• Innovation
  • Business that are disrupting the way things are being done and have come up with a new way of delivering value to their customers.

For more information, visit SNDBX.