Tanzania's Mengi unveils competition on business ideas

Building on his longstanding initiatives of encouraging an entrepreneurial spirit amongst ordinary Tanzanians, the Chairman of the Tanzania Private Sector Foundation (TPSF), Dr Reginald Mengi, yesterday launched a business idea competition, where about 6 winners will collectively take home Sh60 million as capital grant to start a business of their choice.

The contest is specific to Tanzanians using online platform twitter and is named   3N – taken from Kiswahili words Nitabuni wazo bora la biashara, Nitatekeleza, na Nitafanikiwa, which can be translated as – “I will come up with a good business idea, actualize it and succeed.”

To compete one must pitch a good business idea to Dr Mengi, in a tweet tagging him at his handle @regmengi.

Participants are at liberty to enter as many proposals as they wish.

The new competition - the results of which will be adjudicated every month - will last for six months (January 8, 2015-June 30, 2015). The monthly winner will be given Sh10 million with which to implement his or her ‘winning’ business idea.

The business ideas will be appraised by a panel of experts in related fields. 10 ideas will be selected every month for consideration and interviews by experts in efforts to determine the winner for a given month – whose idea will be deemed the best of the month, winning fairly and squarely on merit alone.

Speaking at the launch, Dr Mengi said the competition is about ‘encouraging people to have eyes that see business opportunities, adding that the contest aimed at  joining the government and the private sector in developing entrepreneurial capacity for Tanzanians.
Source: The Citizen, reported by Veneranda Sumila from Dar es Salaam, Tanzania
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