With a competitive element to these initiatives, it can be hard for companies to secure funding from a government agency or banks. We now have set aside N15,000,000 to fund ideas from development to market, especially ideas that will help in the agricultural, education or health sector, but we are open to all ideas:
Ideas you present to us are judged by independent experts in each industry so that the winners selected are truly pushing the boundary of innovation. But what exactly does innovation mean? What qualifies as innovation and how can it be demonstrated to a panel of judges? By definition, innovation means using new ideas to meet the needs of customers. It means applying expertise to meet an opportunity that will have an economic and social impact.
We always advise companies to present the opportunity for the project, the business case and the commercial value. Plenty of applications stumble at this hurdle because they cannot clearly and concisely demonstrate the value that they will create and capture. Those that apply for this funding should take this into consideration because, while we want to see creativity, we also want to ensure that any funding provided can, in some way, be returned to the funders.
Applying for funding from Bilyak Consulting Start-up Fund. Our advice to any fast growing start-up looking to accelerate growth, would be:
Keep it relevant:
The application process is very competitive and while there may be a lot to say, in the first instance, stick to the guidelines and keep it concise. We want it to be easy to apply for. Take the time to prepare, so that your compelling idea stands out and is invited to the second round for depth and detail.
Decide how much funding will achieve maximum impact:
It can be easy to assume that the maximum funding available is what will make a difference to your project. This is not always the case. We want to see that you have thought through how the money applied for will be used to maximise impact.
Finally, take the risk:
We wants to see companies pushing boundaries and changing lives. If a risk is involved that inhibits this project from taking shape, we can be the facilitator to alleviate this. Sometimes, the riskier the project the better. If nothing else, it demonstrates commitment to the idea and nerves of steel, which are two things that we need from the technology industry today.