Old Mutual’s Eight2Five Innovation Hub, in collaboration with the British Council and the British Embassy, is poised to launch the 2024 Value Creation Challenge (VCC4). This competition seeks to uncover and bolster the most innovative business ideas from ambitious young entrepreneurs in Zimbabwe.
The annual challenge holds considerable significance in Zimbabwe’s financial calendar, playing a pivotal role in promoting innovation and entrepreneurship. It provides a robust support system, comprising expert mentorship, bespoke training, vital resources, and networking opportunities for promising business innovations. Participants will have the opportunity to engage with industry leaders, potential investors, and collaborative partners to elevate their business acumen and refine their strategies.
During the unveiling of VCC4, Samuel Matsekete, CEO of Old Mutual Zimbabwe Group, highlighted the alignment of Eight2Five with the national agenda. He stressed its focus on economic empowerment, job creation, and innovation, making direct contributions to the transformation of small and medium-sized enterprises into significant economic contributors.
The success of last year’s challenge was remarkable, with over 1,200 applications received and 533 proposals completed. Notable startups included Farmbuzz, an agri-tech company utilizing drone technology, and Taxpal, a regulatory tech innovation harnessing AI for tax filing. These startups address local and regional challenges and hold potential for broader market impact.
Looking ahead to 2024, Old Mutual aims to expand the Value Creation Challenge to support emerging industries, sustainability, the creative sector, and advanced technological innovations. This expansion is designed to attract more innovators and provide comprehensive support to turn ideas into market-ready solutions.
The challenge is open to early-stage startups with innovative prototypes and existing businesses with a minimum viable product (MVP), particularly those within their first two years of operation. VCC4 is particularly interested in businesses from emerging industries, innovative technology, the creative sector, and sustainability-focused ventures. Entrepreneurs from across Zimbabwe are encouraged to apply, ensuring inclusivity and broad participation.
In furtherance of this commitment, the Eight2Five team will conduct innovation clinics in Harare, Mutare, Masvingo, Gweru, and Bulawayo from May 20 to May 24. These clinics aim to reach entrepreneurs in various regions, ensuring wide accessibility to the challenge.
VCC4 also seeks to foster an inclusive and diverse entrepreneurial ecosystem by recognising and supporting women entrepreneurs, addressing the gender gap in entrepreneurship, and creating equal opportunities for women to succeed in their ventures.
The Value Creation Challenge has played a vital role in nurturing entrepreneurial talent and driving sustainable economic growth in Zimbabwe. VCC4 aims to transform innovative prototypes into viable businesses by providing aspiring entrepreneurs with the necessary support, resources, platform, and market access.
A key benefit of VCC4 is its focus on providing market access. Through pitching events and demo days, participants gain unparalleled business exposure and visibility. The program’s impact was recently demonstrated at the 2024 Zimbabwe International Trade Fair (ZITF), where startups from the previous challenge were featured. VCC alumni also participate in significant events such as the Creative Economy Week by the British Council.
Entrepreneurs interested in registering for the 2024 Value Creation Challenge can visit the Eight2Five social media pages or their website at www.eight2five.co.zw and seize the opportunity to turn their entrepreneurial dreams into reality.