Application Deadline: March 8, 2010

Around the world, people like you explore countless new business concepts every day, including creative business ideas that might help people in need reach their fullest potential. The MFBIC’s goal is to identify, reward and promote the best of these life-changing ideas. The competition will be soliciting 3-5 page executive summaries of high-potential ideas for Microfinanced businesses from Feb 1st – March 8th. MFBIC entries are judged by a panel of experts and, when possible, vetted in the very community that they are intended to serve.  Upon submission, all entries for the Tanzania project become property of the Eric C. Douglass Centre for Entrepreneurial Studies. Top entrants receive cash prizes in both the Tanzania and Victoria categories.

The only limit to the range of projects eligible for the award is the ambition and imagination of each contestant.

No matter what your specialty may be, or whether you work in a team or as an individual, we challenge you to unleash your energy and develop a Microfinance plan to create entrepreneurial job opportunities for one of two locations: Victoria, British Columbia or the villages in the region of Moshi, Tanzania.

Competition Details

The MFBIC operates like a business-plan competition, with an expert panel of judges awarding a total of $10,000 in prize money.

Submission Criteria

Tanzania

  • Entries in the Tanzania specific category must be consistent with a business that can be realistically started in a Developing country.
  • While the entry must be a viable business opportunity for Tanzania, it may be modeled after a successful business idea in a similar area.
  • The business Idea must have a start up budget no greater than $500 dollars as per typical Microfinance loan availability.

Victoria, B.C. Canada

  • Entries in the Victoria, B.C. specific category must be consistent with a business that can be realistically started in a Developed country.
  • While the entry must be a viable business opportunity for Victoria, it may be modeled after a successful business idea in a similar area.
  • The business Idea must have a start up budget no greater than $5000 dollars as per typical Microfinance loan availability.

Judging Criteria – General

1. Concept

  • Originality of idea.
  • Scalability, in terms of the potential for growth or replication of the venture.
  • Overall likelihood of achieving demonstrable results.

2. Market

  • Evidence of demand for the venture in the marketplace; market size and growth opportunity.
  • Demonstrated knowledge of target market.

3. Social Impact Assessment

  • Reach, depth and quality of social impact.
  • Rigor and validity of social impact analysis.

4. Financial Viability and Sustainability

  • Fundability: the potential for the venture to receive financial support from a Microfinance institution.
  • The rigor and feasibility of the venture’s financial model and goals given the market opportunity.
  • Potential for follow-on funding to grow the venture through self-sufficiency or profitability.