2008 Wharton Africa Business Plan Competition (WABPC)
(A partnership between the Wharton African Students' Association & The African Network)

Final Business Plan Competition Results:

First Place:
Company Name: Dairyland
Team: Francis Bobie
MBA Program: NA

Second Place:
Company Name: Fair Goods
Team: Nishi Das; Kwasi Frimpong; Craig Doescher
MBA Program: MIT Sloan School of Management

Third Place:
Company Name: PayLid
Team: Banji Oladeji; Olu Ameye; Solomon Alawiye
MBA Program: NA

Other Finalists (in alphabetical order):
Company Name: Dango: Connecting Kenya's Informal Entrepreneurs
Team: Luke Davenport, Felix Macharia, Richard Rosenblatt
MBA Program: Columbia Graduate School of Business

Company Name:Micro-Equity Investing for Small African Farmers
Team: Brent Taylor, Joshua Yau
MBA Program: Wharton School

Short Business Idea Award:
Company Name: Lawpoint
Team: Adria Greene
MBA Program: NA

Prizes:
First Place: $5,000 in cash (in addition to 5 hours of free legal services from the Emerging Markets Practice of law firm, Edwards, Angell, Palmer & Dodge
Second Place: $2,500 in cash
Third Place: $1,000 in cash

Short Business Idea Award: $500 in cash

The Wharton Africa Business Plan Competition (WABPC), a key component of the 2008 Wharton Africa Business Forum, is organized to promote entrepreneurship in Africa. The program will link entrepreneurs with ideas for businesses in Africa to prospective investors such as banks, venture capitalists and private equity firms. During the 2008 WABPC, finalists will compete for valuable prizes as well as the unique opportunity to be considered for support, advice and investments toward the implementation of their business ideas.

The WABPC is structured in three phases as follows:

Phase 1 – Executive Summary Phase

Phase 2 – Business Pitch Phase

Phase 3 – Business Plan Completion & Marketing Phase

Click here to download the application.

Alternative (i.e. Entry without submission of Executive Summary)


Process

A. PHASE 1 – Executive Summary Phase:

- Submission of an Executive Summary of the Business Plan along with a completed application form and a Non-refundable $20 application fee

- The Executive Summary is an overview of the business plan for the proposed business in 2000 words or less. The Executive summary should include the following information:

1. A Description of the Company, including Products and/or Services
• Description of the features of the product and/or services
2. Target Market and Intended Customers
• Definition of the market need that is satisfied by the product/service
• Definition of the target market
• Estimate of the size and value of the target market (current and projected)
3. Revenue Model & Marketing
• Description of the how the company will generate revenue
• Summary of the company’s marketing strategy
4. Competitive Landscape
• Overview of main competitors and your assessment, if any, of their strengths and weaknesses
• Description of any intellectual property or other competitive advantages associated with the business
5. Risk Analysis
• Description of any risks/challenges inherent in the proposed plan
• Brief description of the measures that will mitigate these risks
6. Financial Projections & Plans
• Information on current status of project (i.e. design, prototype, etc)
• 3-Year financial projections
• Milestones for the immediate future (next 6-12 months)
7. Background Information on Proposed Management Team
• Brief overview of the professional background and qualifications of the proposed management team
8. Phase 1 Application Process
• Documents and payment must be submitted no later than October 27th, 2008. Candidates will be contacted with decision no later than November 3rd, 2008 at 11:59pm
• To obtain a copy of the application form, please visit: www.whartonglobal.com/africa. Send a copy of the completed application form and Executive Summary by email to WabPlanCompetition@wharton.upenn.edu. Any application which does not respect this guidance will not be entered in the competition
• Payment of $20 application fee (clearly labeled: WABPC Application Fee)
• By credit Cards: http://www.whartonglobal.com/africa/registration.html
• By check or Money Order: mail check or money order only to Wharton Africa Business Forum WGA Account 519, 3730 Walnut Street Suite 300 Philadelphia PA 19104 (other application material must be sent by email)

The executive summaries submitted during this phase of the competition will be evaluated by judges with experience in entrepreneurship and private equity in Africa. The judges will rank each summary on the basis of certain predetermined criteria including: viability, creativity and profit potential. The top 5 entrants will then be admitted to Phase 2 of the competition.

An official announcement of the 5 entrants progressing to Phase 2 will be announced at The African Network conference to be held in Palo Alto, CA on November 1, 2008. The theme of this year's TAN conference is Africa & the US: Entrepreneurial Opportunities - Taking the Leap of Faith. For more details, visit http://www.tanconf.org/usa/

B. PHASE 2 – Business Pitch Phase:

The top 5 entrants selected from the phase 1 pool will get the unique opportunity to pitch their business to a panel of distinguished judges with experience in banking, entrepreneurship and private equity in Africa. The business pitch will be interactive in nature, allowing the judges to ask the finalists specific questions related to their proposed businesses.

The business pitch portion of the competition will take place during the 2008 Wharton Africa Business Forum to be held on November 8th, 2008, and it will be open to all interested conference participants.

The top three entrants, so-designated by the Phase 2 panel of judges, will be awarded published prizes. The announcement of the winners will be made at the conference banquet ceremony later the same day.

C. PHASE 3: Business Plan Completion & Marketing Phase:

The top entrant will receive guidance from a team that will include Wharton alumni and other individuals with experience with entrepreneurship and investment in Africa. This guidance will include support in the completion of a full business plan, as well as support while the entrant seeks the initial financing for the proposed business.

The desired goal from this phase of the competition is to see the winning venture develop into a viable business.

Please click here to download the Rules and Legal Issues.

Alternative (i.e. Entry without submission of Executive Summary):

Individuals that have a business idea but do not currently have a completed Executive Summary can enter the competition in the following way:

• Submit a brief paragraph describing the business idea by October 27th, 2008. The description of the business can be any length but a minimum of 5 lines. (Entry of a short business description is completely FREE of any entry fee)
• The "Best short description" of this sort receives a prize of $500 (The "Best short description" winner will be announced on Nov 1, 2008)
• The best short description will also receive guidance from Wharton alumni and students in preparing an executive summary that will be entered into Phase 1 of the competition.
• Send any questions or short business descriptions to: WabPlanCompetition@wharton.upenn.edu

Official Parter: