Q1. What is the Challenge about?
It is an open-innovation challenge sponsored by Jaiz Bank PLC to spur scientists,
engineers, developers, inventors and social entrepreneurs to ideate,
experiment and build products/solutions to help address the Covid-19 crisis in Nigeria.
Q2. What is the scope of the Challenge?
Idea-driven entrepreneurs and innovators are expected to come up with ideas, products and services that can help Nigeria effectively fight Covid-19. These solutions could include, but are not limited to the following themes:
a. Relevant medical devices/equipment
b. Treatment and diagnosis development
c. Software/Artificial Intelligence in contact tracing/containment strategies
d. Livelihood and sustainable economic development of the populace post-Covid-19
e. Any other area that will support the fight against Covid-19 from a social enterprise perspective.
Q3. How can one enrol for the Challenge?
Each applicant is required to:
a. Complete the application
b. Upload power point presentation See Guidance
c. Upload a short video clip, maximum of 3 minutes long (optional)
Q4. Are there conditions attached to receiving the winning prize?
Details of the funding agreement will be shared with the shortlisted applicants.
Q5. Are there consolation prizes for other finalists?
Yes. Apart from the 1st prize of N50million, there are also other prizes: 2nd Position (N40million);
3rd Position (N20million) and 4th Position (N15million).
Q6. Must I have a company before applying for the Challenge?
No, but you need to register a company with the Corporate Affairs Commission of Nigeria.
Q7. Do I have to be resident in Nigeria to apply?
No, but you have to implement your solution in Nigeria.
The prize shall only be paid through a company that is registered in Nigeria.
Q8. Is the pitching session going to be physical, where is the venue?
The pitch is going to hold virtually. Date and details will be communicated to successful applicants.
Q9. When is the deadline for application?
Submission of application closes on 13th of May 2020 at 11:59PM.
Q10. How much time is allotted for the pitching session?
Pitching guidelines will be shared with shortlisted applicants. However,
you will find it useful to start practicing to pitch within 5 minutes.
Q11. Does a fully functioning prototype need to be finished by the application deadline of May 13th of May?
No. Apart from fully developed prototypes, proven concepts are as well acceptable.
Q12. Do the team members need to have a Jaiz Bank account to participate?
Subsisting banking relationship with Jaiz Bank is not a prerequisite to participate in the challenge.
Q13. What type of organizations or individuals are eligible for the Challenge? Are non-Nigerians eligible?
The Challenge is open to citizens from other countries provided the team has at least a Nigeria citizen as member.
Q14. Is the Prize transferable?
The price is not transferable from the Winner to another entity.
Q15. Is the Prize convertible to another currency?
The prize is both in cash and in kind. The cash portion is in Naira (NGN).
It is not convertible to another currency.
Q16. Can one individual make a submission?
Yes, an individual can make a submission.
Q17. How will patent applications be considered or dealt with, for any Submissions?
Applicants retain title and full ownership to their intellectual property like patent.
Q18. Can you clarify the eligibility with regards to the legal age limit?
The person signing the funding agreement with Jaiz must have reached the minimum legal age of 18.
In the case of a team application where the team members are under the legal age,
they will need a lead applicant that is a major (at least 18 years).
Q19. How do I know if my application is progressing in the Challenge?
Due to volume of applications anticipated, only shortlisted applicants will be contacted.
If no feedback is received from us after the application deadline,
it means your application is not progressing to the next round.
Q20. Is it compulsory to submit two projects, one on the “Fight against Covid-19” and the second on “Post-pandemic rapid economic sustainability”?
No, one project is acceptable. But while submission of two projects/solutions is not compulsory, the chances of success will be enhanced with solutions on both sides
(“Fight against Covid-19” and “Post- pandemic economic sustainability”) if overall entries get highly competitive.