Get a piece of $1 million in 2nd edition of annual startup challenge

The press conference, which held at Filmhouse's IMAX cinema in Lekki, had Chivas executives, stakeholders and members of the press in attendance including Chivas brand ambassador and founder of the Chocolate City record label, Audu Maikori. Others present at the event include Sam Odesanmi, Brand Manager Chivas, and Zainab Balogun, actress and On-Air Personality.

The Venture, holding for only the second time in Nigeria, is currently taking applications from entrepreneurs who have a for-profit business that solves a social problem/challenge.

Selected participants will get a chance to compete for a piece of $1 million. 15 entrepreneurs will be selected on a national level, given access to an accelerator at Oxford University in the UK, before competing for a top three spot.

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From the top three, one entrepreneur will emerge as an eventual winner and go on to represent Nigeria in the global The Venture competition. 27 other countries will also be a part of this global challenge - the winner of which will take home the lion share of the $1 million.

Chivas Nigeria Senior Brand Manager Lola Ashafa, speaking at the press conference, said, "From inception, the founding fathers of Chivas, John and James Chivas, have always been huge contributors to their communities and why not continue that heritage by coming up with this initiative that helps our social entrepreneurs?"

For this year's edition of The Venture, Chivas has partnered with the Enterprise Development Centre (EDC). It will handle the selection process as well as two spots on the judges panel. Brand Ambassador Audu Maikori will hold the last spot. Chivas did not say if it will bring on more judges as the competition continues.

Winner of last year's edition Angel Adelaja, CEO and founder of WeFarm Africa, was also on hand to show support as this year's The Venture officially kicked off. Interested candidates can apply by visiting theventure.com or visit a Cranium One co-working space.