CfC Stanbic Bank to award Ksh1.5 in seed capital to top entrepreneur as it seeks to promote entrepreneurship and innovation within the Small and Medium Enterprise segment in Kenya
Nairobi 26 October 2011: CfC Stanbic Bank has announced its sponsorship of the upcoming television reality show ‘The CfC Stanbic Bank Magnate”, which seeks to find and nurture Kenya’s future entrepreneurs.
While unveiling the details of the show, CfC Stanbic Bank head of business and personal banking Elly Odhong’ said the business reality TV Show which will air on KBC and KiSS TV aims at providing aspiring entrepreneurs with the opportunity to test their business acumen for a chance to obtain the investment they need to take their business ideas to the next level.
“Entrepreneurship is more than just the mere creation of a business – it’s about vision, innovation, hard work and the realization of a dream, which CfC Stanbic Bank Magnate seeks to achieve,” said Mr Odhong.
The 13-episode Business reality TV show has been packaged to be an exciting, informative and above all an educative show. The CfC Stanbic Bank Magnate will identify, evaluate and encourage potential entrepreneurs who not only have the most deserving business ideas, but also possess the critical skills required to execute those ideas successfully.
The bank received 800 applications from which 100 applicants were shortlisted at the subsequent selection stage. A total of 14 applicants have been selected for the 10 week TV show that will be aired every Thursday from 8pm – 9pm on KBC, Kiss TV and Zuku TV starting 27th October, 2011.
“Out of the 14 candidates by a panel of judges will pick one who presents the best idea that can be actualized. CfC Stanbic bank will then award Ksh1.5 million in start up capital to the candidate with best idea to help him/her translate this idea into reality. Even those who will not be able to win this cash will come out of the house with a lot of experience which will be crucial in growing their businesses,” said Mr Odhong’.
He continued: “As a bank we seek to promote entrepreneurship and innovation in Kenya in line with our intent to be a key contributor to the economic development of this country. Small and medium-sized businesses are capable of being the 'engine of growth' for the economy.”
In partnership with SME training firm Investeq Capital, the bank will provide training and mentorship to candidates during the entire period of the show.
The tasks will test the candidates’ intelligence, business acumen, will to succeed, attitude amongst other important aspects that are key attributes of entrepreneurs. The candidates will also face the challenge of living in close quarters with other candidates that they will only have met and having to always strategize on how to emerge at the top either as part of a team or as an individual.
Accomplished entrepreneurs will be featured regularly during the programme to provide the convergence between business concepts learnt and their applicability in the real business world.
“CfC Stanbic Bank is committed to the advancement of the Kenyan economy, believing that SMEs are indispensable contributors to the future viability of this country. We are certainly proud to bring together such a diverse group of people to share experiences, visions and advice.” said Mr Odhong.For more information visit: www.the-magnate.com