Six undergraduates had the arduous task of convincing judges of the infallibility of their business plans in the final of the FirstBank Business Smart contest for undergraduates.
It was organised by FirstBank Plc in conjunction with the Students In Free Enterprise (SIFE) Tuesday last week.
But, of the lot, none impressed them like Ifeoluwa Olutayo, a 400-Level English Language student of the University of Ibadan (UI), with her solution to kitchen troubles for busy workers.
Business Smart is an on-campus business development and management programme designed to provide hands-on experimental learning opportunity nurture entrepreneurial skills of students in higher institutions.
The road to the final held at the Eko Hotel and Suites, Victoria Island, Lagos was strewn with difficulties for Ifeoluwa, who was still recovering from a gas explosion accident when she entered for the competition two days to the deadline in July.
The 23-year-old still finds it miraculous that her entry was one of the best 20 selected from the 400 received from students nationwide, which earned her a place in the four-day workshop organised for students to learn about business plans.
The four days proved vital for the contestants as they were mentored by six business development experts from the Lagos Business School, PZ Cussons, Guaranty Trust Bank, Fetz Consulting and Collect Marketing Nigeria to develop viable business plans and avenues to enter competitive online business.
The students were tasked by their mentors to develop practical business proposals that could survive in a competitive environment. That process produced the six finalists who were adjudged the best for a final that brought them in contact with top managers from FirstBank branches nationwide.
The five others that joined Ifeoluwa in the final were Obinna Onyekwere, 300-Level Biochemistry, Ahmadu Bello University (ABU), Zaria; Olusegun Anjorin, 300-Level Electrical and Electronics Engineering, Obafemi Awolowo University (OAU); Ibikunle Afolabi, 300-Level Economics, OAU; Kehinde Ayoade, 100-Level Philosophy, OAU and Olumide Ogunlana, 500-Level Electrical and Electronics Engineering, University of Lagos (UNILAG).
Representing Innovative Foods Limited, Ibikunle’s idea was to provide innovation into African cuisine through processing of garri. He said the questionnaires answered by OAU students showed that if garri could be nutritionally repackaged, the demand for the cassava grain would go beyond local market. He calculated his start up cost to be N928,200 and profit to be N177,904 at end of the first month. The judges averred that the business would run out of cash in practice.
After his presentation on inverter technology as alternative to the epileptic power supply in the country, judges concluded that Olusegun of Dreams Technology was an intelligent but impatient entrepreneur without business savvy. “He is an IT-crazy young man but lacks viable business idea,” one of the judges noted.
But when it came to Ifeoluwa, who represented Soupah Kitchen, the judges marvelled, not only because they were surprised she entered for the competition, despite being treated for second-degree burns she suffered in a gas explosion in her kitchen in June, but because her concept and presentation were brilliant.
Ifeoluwa, through her idea, seeks to reduce the time people spend in their kitchens.
During her presentation, she analysed how she would achieve prosperity through the sale of parboiled chickens, tomatoes and vegetables. She factored a loss of N436,000 during the first year but projected a gain of over N8 million in the second year if she invested N1 million in the business.
Ifeoluwa’s presentation was described as super by the judges, who also gave a verdict that her profit projection “may be hypothetical but her passion and drive were intense and convincing.”
She won N1 million for her effort. Second and third placed Kehinde and Obinna were rewarded with N500,000 each.
Speaking on behalf of FirstBank, Mr Leo Ezeokana, Head of Retail Banking (Southsouth) and one of the judges, congratulated the participants for showcasing their entrepreneurial skills. He said the management of the bank was delighted partnering SIFE to drive its youth empowerment programme.
“The FirstBank believes in development of Nigeria, which informed our resolve to empower students in higher institutions to build viable and elephant enterprises,” Ezeokana said. In an interview, Ifeoluwa, who was moved to tears by the feat, said the doctor’s advice won her the money.
“Before I was discharged from the hospital after the fire, the doctor told me not to move towards heat, so I had the opportunity to surf the internet extensively. It was then I discovered the competition and I sent in my entry two days before its deadline.
FirstBank officials among the judges included Oyinade Kuku, Team Lead, Manpower Planning; Yinka Ijabiyi, Brand Strategy, Special Projects and Consumer Insight; Yewande Adesina, Strategy and Corporate Development Manager; Funmilayo Akadiri, Corporate Transformation Manager and Mr Shehu Aliyu, Retail Banking (North).
