Hobeei, a freecycling application developed by Executive MBA (EMBA 25) student, Nnanna Madu has emerged winner of the 2020 Entrepreneurship Expo and Contest Programme organised by the MBA department of Lagos Business School (LBS). Madu’s company received the first prize of investment between $20,000 and $2 million in the form of technical expertise and development.
The Entrepreneurship Expo & Contest which held virtually on Saturday, May 16, 2020, is an avenue for entrepreneurs in all LBS MBA cohorts to showcase their purpose-driven businesses, products and services to investors, successful entrepreneurs (LBS alumni and others). It also helps to stimulate entrepreneurial initiative among MBA students.
Six out of 14 original contestants were selected to deliver a 5-minute pitch of their growth plan to investors. The finalists included:
At Your Service, a Human Resource company founded by Full-Time MBA 18 student, Uchenna Okezie
KoWork NG, a business support company, owned by Teinye Isokariari of Modular Executive MBA 7
Zing Communications, an internet radio station tailored to the interests of children and young adults and founded by MEMBA 7 student, Anuli Ajayi
Surtii, a fintech solution business run by Nnaemeka Nwosu of Modular MBA 1
Fresh Farmers Market, a combined e-commerce, intercity ride-hailing and logistics company owned Matthew Nyiakura of MEMBA 8
Hobeei, a freecycling app that connects people with unwanted possessions to others who need them founded by Executive MBA 25 student, Nnanna Madu
The contestants were judged by representatives of three investors, Faster Capital who presented the first prize, Double Feather Partner, and Spurt Group. Alongside the first prize of investment, Hobeei will receive three months of free business advisory worth N2.4m in value from Spurt Group and N100,000 cash prize from Lawrence Egunjobi on behalf of i-impact Thermal Papers. All six contestants will join the Double Feather Partner investment pipeline and will be able to tap into their global network of investors.
The event moderated by LBS Entrepreneurship Faculty, Dr Henrietta Onwuegbuzie also featured a panel session of top business owners in Nigeria including alumnus and CEO, Auldon Limited, Paul Orajiaka; alumna and online course expert, Stephanie Obi; and founder of CleanMax Industries, Richmond Okafor.
The keynote address was delivered by CEO and Founder, Interswitch Group, Mitchell Elegbe, who spoke extensively on business innovation, especially as it concerns the changing needs of customers. According to Elegbe, “Financial capital is necessary for business growth, but it is not sufficient. Sustainable value can only be created when operational excellence, product leadership and customer intimacy become the goal for businesses”. He went on to advise the entrepreneurs to “design for seasons but be discerning enough to recognise times”.
LBS has a mission of building socially responsible leaders, and among other programmes, the annual entrepreneurship contest is one of the ways it achieves this mission.