Zimbabwe Stock Exchange-listed financial services group, Old Mutual, in partnership with the British Council yesterday launched the Value Creation Challenge in Harare. The challenge supports innovative ideas and sustainable solutions to socio-economic challenges.
Old Mutual Group chief executive officer Jonas Mushosho said the initiative started ten years ago with a view to tap into innovative ideas by young people, and the institution has since embarked on partnerships to make the initiative a success.
“We found the initiative very valuable that in 2016, the group partnered Udugu Institute to create B2C, a co-working space & incubator at one of our properties. There have been success stories from the space including Golix (a bitcoin trading platform) & 263 chat (a social media Co.). Old Mutual was largely a silent partner in the initiative,” Mushosho said at the launch in Harare yesterday
“The success of the partnerships boldened us to create a new entity called Eight2Five that focuses on driving innovation in the existing industry and creating new enterprises. Eight2Five will run innovation challenges, incubate new ideas, accelerate & grow new businesses, provide co-working spaces, among other things.” he said
According to the institution, creating shared values within societies is the most sustainable way to improve livelihoods in the long term.
“Data driven solutions will help address socio-economic issues and improve society as a whole. This journey starts with transformation of how we do business through digital solutions, accessing skills, technically assisting each other in our communities,” the financial services provider says.
The Value Creation Challenge is open to Zimbabwean citizens between the ages of 18 and 35. Applicants can submit their applications from August 1 to September 13, 2019 on the dedicated value challenge website. project entries will be evaluated fairly by a team of specialists in the business, innovation, incubation and start-up space.
The top ten winners of the challenge will receive business support, mentoring, and rent-free office space for a period of six months.
In addition, the top three winners selected by a panel of jury members will receive seed capital for their ideas.