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The Centenary Innovation Challenge is looking for Nigeria's next big business

10 startups will be selected as semi-finalists and those 10 startups will go into an intensive bootcamp aimed at helping them develop and better flesh out their ideas.

Union Bank and CcHub announce the Centenary Innovation Challenge.

As part of celebrations for its 100-year anniversary, Union Bank is partnering with the Co-Creation Hub (CcHub) to launch the Centenary Innovation Challenge — a platform aimed at providing support for young technology startups and businesses to impact their environment and improve the country.

The bank, in partnership with CcHub, made the announcement at a press conference which held at the Union Bank head office in Marina, Lagos. Personalities in attendance include Union Bank CEO Emeka Emuwa; Lola Cardoso, Head of Group Strategy at Union Bank; CcHub CEO Bosun Tijani; and Femi Longe, Head of Innovation at CcHub.

The Centenary Innovation Challenge is targeted at businesses and ideas in the areas of financial inclusion, education and agriculture, so if you have an interesting idea or business in any of these sectors, be sure to apply. (Note: Businesses applying must be for-profit organisations). Application entries close on May 19, 2017.

“As an Institution we are taking the lead in tackling social problems in communities where we do business in a sustainable way. Last year, we kicked off our first ever internal innovation challenge in the bank — The Annual Case Challenge and we are currently working on implementing the transformational ideas that came through that would allow us provide the simplest and smartest solutions, making our customers’ lives better,” says Emeka Emuwa, Union Bank CEO.

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“We also believe that we cannot tackle these social problems alone which is why today we are partnering with Co-Creation Hub (CcHub) to launch the Centenary Innovation Challenge.”

From April 25, 2017, the bank (also in conjunction with CcHub) will hold 7 roadshows across the country in Lagos, Abuja, Enugu, Oshogbo, Kaduna and Yola. 10 startups will be selected as semi-finalists and those 10 startups will go into an intensive bootcamp aimed at helping them develop and better flesh out their ideas.

“Our approach to corporate citizenship helps us leverage on our heritage as a strong financial institution to support local efforts aimed at achieving sustainable development and driving social change. For the past two years, our approach to Corporate Social Responsibility (CSR) has focused on three strategic pillars — financial inclusion, agriculture and education and this is the foundation the Centenary Innovation challenge will be built on,” said Lola Cardoso, Head of Group Strategy at Union Bank.

“We have continued to engage communities across the country, which informs our internal decisions. For sustainability, we are also investing in provision of alternative energy sources and also leveraging on businesses that provide recycle resources. With the Centenary Innovation Challenge, there is no better partner than CcHub as regards our plans moving forward.”

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After the bootcamp, the 10 startups will pitch to a panel of experts and three startups will emerge winners. A N1 million prize awaits the second runner up, N1.5 million goes to the first runner up, and N2 million for the first place winner. This will be in addition to networking, mentorship and other non-financial opportunities that will be made available to the chosen startups.

“Based on our work for the past 7 years, we have seen that there are very few credible platforms to leverage on to build sustainable businesses in Nigeria. This partnership with Union Bank for the Centenary Innovation Challenge is important to us, especially in implementing platforms that can help us provide solutions for our communities and the country as a whole," said Bosun Tijani, Co-Founder and CEO at CcHub.

"Over 98 per cent of support we get is derived from outside Nigeria, so this relationship with Union Bank is our first with a Nigerian financial institution. Clearly, this is a commitment that we would want other reputable institutions to emulate.”

Interested applicants will also be able to go into Union Bank branches across the country to apply or make enquiries. Both the bank and CcHub are hoping to find the next big company will a sizeable socio-economic impact. It could be you, or yours. Get down to work!

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