Do you have an innovative idea or technology-driven solution? If your answer is yes, then the Stanbic IBTC Innovation Challenge might just be a platform for you to showcase your idea.
The Stanbic IBTC Innovation Challenge is a competition aimed at developing solutions to improve service offerings and delivery through collaborations with entrepreneurs in the digital technology and innovations space. In conjunction with CcHub, the Stanbic IBTC Innovation Challenge seeks to improve service delivery and chart the course of the digitization of the current model of financial servicing in Nigeria.
Also, the challenge seeks to leverage digital technology, innovation and expertise outside the traditional financial service providers, to improve efficiencies and capture new opportunities that add value to customers. The competition was launched on 06 August 2018 and the deadline for submission of ideas is 14 September 2018. The winning solution will receive total funding valued at $15,000; $12,500 in cash, and workspace in the Stanbic IBTC Blue Lab (valued at $2500).
                              Solution Areas
The Stanbic IBTC Innovation Challenge invites entries from technology startups and product development teams across Nigeria, with the skills and expertise required to execute world-class solutions to identified areas within Stanbic IBTC:

  1. The branch network aims to revamp the card issuance system, to ensure that every customer is able to claim their debit cards.

How might we improve the process of customer card deliveries to be more seamless and cost-efficient?

  1. Stanbic IBTC Asset Management Limited houses vast amounts of data that can be utilized to serve its customers better.

How might we create an efficient data analytics system that collects and collates relevant customer data, and transforms them into insights used to improve service delivery?

  1. With changing consumer behaviour, Stanbic IBTC Stockbrokers Limited needs to constantly adapt its online trading platform to users’ preferences.

How might we improve the customer trading experience through creating a simplified trading platform that is easy to understand?
                                Terms and Conditions

  1. The Stanbic IBTC Innovation Challengeis open to development teams and technology startups across Nigeria that have the skills and expertise to execute on world class solutions.
  2. The challenge is not open to:
  • Persons under the age of 18 (eighteen) years old.
  • Employees of Co-creation Hub (CcHUB), Stanbic IBTC and its affiliates.
  • Anyone professionally involved in the development or administration of this Challenge.
  • Any employee whose employer’s guidelines or regulations do not allow entry in the Challenge.

CcHUB/Stanbic IBTC reserves the right to limit, or restrict upon notice, participation in the Challenge to any person who fails to comply with these terms and conditions.

  1. To enter the competition, the entrant(s) must meet the following criteria (submission requirements) and confirm acceptance of these terms and conditions.
    Submission requirements
  • Name of Startup.
  • Year the business was launched.
  • Entrant’s name(s).
  • Email addresses (es).
  • Phone number(s).
  • City where entrant(s) is/are based.
  • Number of user/customers
  • All submissions must include a brief description of the business including:
  1. An outline of the problem that your business/venture addresses.
  2. An explanation of the solution that is being deployed to address the problem above.
  •  The top 3 ventures from the challenge will be supported to scale and grow through the CcHub pre-Incubation programme from July-January 2019
  1. Following the culmination of the competition, Stanbic IBTC reserves the right to use text, images, and video content for display purposes at conferences, meetings and future innovation challenges without copyright or royalty restrictions.
  2. The top three (3) selected ideas will receive immediate cash prizes and further pre-incubation support via the Co-Creation Hub (CcHub) pre-incubation services.
  3. Entrants will retain the rights to any intellectual property pertaining to their ideas. By entering, except where prohibited by law, each Entrant grants to Stanbic IBTC (and their agents, successors, and assigns) the irrevocable, transferable, sub licensable, absolute right and permission to use, edit, modify, copy, reproduce, and distribute the Solution and any other Entrant content that comprises the Entrant’s Entry in perpetuity and in any medium (including online and in digital media) in any language, throughout the world, for the purposes of evaluating Entries, and administering and marketing this Contest, including:

(i) announcing and publicizing the name of each and every Solution submitted and its ranking in accordance with the Judges’ scores
(ii) selecting, announcing, and publicizing each winner and its Solution.

  1. Where a successful Entrant has participates in the Stanbic IBTC Innovation Challenge, is shortlisted into the top 10 but is not selected as one of the top three (3) ideas, where there is still an interest in the Entrant’s idea/s, Stanbic IBTC shall have the first right of refusal in the event that further investment is required to develop the idea.
  2. Successful Entries/submissions will be acknowledged with a response.
  3. Stanbic IBTC does not accept responsibility for lost, corrupted or late entries as a result of any network, hardware or software failure of any kind.
  1. Once an entry has been submitted, no further amendments will be accepted.
  1. Stanbic IBTC reserves the right not to accept entries that do not strictly comply with the terms and conditions.
  2. A panel of Co-creation Hub appointed experts (the panel) will judge the entries on their ability to meet the criteria outlined in the focus areas for the challenge and potential to solve the problem outlined. The top 10 idea proponents will be notified – Shortlisted participants will be required to show identification or proof of address which will be verified before the pitch event in July, 2018. Shortlisted entrants will have the opportunity to pitch their ideas to the judges and the winning ideas will be chosen.
  3. The panel will select a maximum of three entries from all external entries; the panel’s decision is final.
  1. The three finalists will be notified by email or telephone using the information supplied at time of entry on the competition website: Each finalist may be required to sign and return an affidavit of eligibility, indemnity, publicity and liability release), within 7 days of notification. Each finalist may also be required to verify the facts of his/her story and/or provide additional documents as may be required by Stanbic IBTC to confirm and/or assign rights in the entry.
  1. The three finalists will be required to submit a video still/image as a hero image for promotional purposes (including full credit and caption information).
  2. The winner will receive cash prizes and be supported with a range of services focused on product development, distribution and business modelling to turn their ideas into fully working products to launch in January 2019.
  3. Each entrant warrants that the application submitted by his/her team is an original work and that they are the sole and exclusive owner and right holder thereof, and that they have the right to submit the application in the contest.
  4. Each entrant agrees and undertakes not to submit any application that (i) infringes any third party proprietary, intellectual property, industrial property, personal rights or other rights, including without limitation, copyright, trademark, patent, trade secret or confidentiality obligation; or (ii) otherwise violates applicable law in any countries in the world. To the maximum extent permitted by law, each entrant indemnifies and agrees to keep indemnified Stanbic IBTC, its affiliates (meaning any legal entity that directly or indirectly controls, is controlled by, or under common control with Stanbic IBTC), agents, directors, officers, employees, representatives and assigns harmless at all times from and against any liability, claims, demands, losses, damages, costs and expenses resulting from any act of negligence, default or omission of the entrant and/or a breach of any terms and warranties set forth herein.

In the event of any dispute, the laws of the Federal Republic of Nigeria shall apply.
Source: Innovation Village