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Millions await brains behind creative plans
2007-04-08 11:00:51
By Correspondent Christopher Kidanka
Multi-million shillings prizes have been lined up for visionary business plans, thanks to the University of Dar es Salaam Entrepreneurship Centre (UDEC), a Netherlands-based Business in Development Network Foundation and some local partners.
A cash prize of up to 44m/- is set exclusively for investment in the winning business idea.
UDEC Director, Dr. Donath Olomi, said in an interview that the initiative called BID Challenge aims at stimulating creative business ideas that impact development by creating employment, fighting poverty, conserving the environment and empowering the indigents.
``The initiative targets start-up and existing business with capital ranging from 8,500,000/- to 800,000,000/- Business plans can be submitted by individuals, sole proprietors, partnerships or limited liability companies,`` he said.
A two-page business plan has to be submitted via the internet through http://tanzania.bidnetwork.org . The exercise started on April 2 and will stretch to May 31 this year.
Dr. Olomi said the plans will be pre-screened to get the best 100, and the figure will subsequently be trimmed to 25 by June this year.
The best 25 will be linked to coaches who will assist the writers to develop them into bankable business plans by September 4, 2007.
He said that out of the 25 plans, five of them will be selected and awarded local prizes whereas one will get 12 m/, two will scoop 8,000,000/- each and other two will get 5,000,000/- each.
``Ten finalists will participate in the International Challenge organized by the BiDNF. There are prizes of up to 20,000 Euros (32m/-) each to be won at the International Challenge.
Since one can win both a local and an International prize, each plan can potentially win up to 44 million shillings,`` he said, adding that the money is exclusively for investment in the business.
The most promising plans will be linked to international and local financiers who will explore possibilities to fund the project which must prove profitable after three years.
The local partners who, according to Dr. Olomi have agreed to fund the challenge, are Tanzania Investment Bank (TIB), CRDB Bank, Akiba Commercial Bank (ACB), United Bank of Africa (UBA), Euroafrica Bank, United Nations Development Program (UNDP) Tanzania office.
Other local partners will promote the competition to their clients and provide screeners or coaches. These include SME Department in the Ministry of Industry, Trade and Marketing (MITM), Small Industries Development Organisation (SIDO) Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) Tanzania Traditional Energy and Environment Organisation (TaTEDO), Centre for Sustainable Development Initiative (CSDI) and Private Agriculture Sector Support Limited (PASS).
``This is a unique opportunity for all Tanzanians since this competition has neither age limit nor kind of business. Whether registered of not registered business, you can scoop these enormous prizes,`` said the university don.
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