The acclaimed Stanbic Bank Uganda annual National Schools’ Championship (NSC) is back, and participants have up to March 8, 2022 to submit their business idea entries to stand a chance of winning grand prizes worth over UGX60million.

At least 60, 000 students from more than 100 Ugandan secondary schools are expected to participate in the months’ long grueling enterprise challenge that will climax in October with outstanding business ideas standing a chance of being linked to investors on top of winning expensive prizes from the bank.

Now in its seventh year, the 2022 NSC is running under the theme ‘Empowering the Job Creators of Tomorrow’ and will encourage participants to pitch especially climate smart business ideas in line with Stanbic Bank Uganda’s sustainability strategy.

“We are empowering job creators of tomorrow, but we also want to see them address global challenges such as climate change---that way, we can count on a generation of entrepreneurs that appreciate the importance of doing the right business, the right way,” said Cathy Adengo, Head of Business Sustainability at Stanbic Bank Uganda.

Launched in 2016, the NSC has registered growth each year from 32 schools participating in the inaugural year to over 100 (since 2020) with over 600 student business ideas generated.

At least 200 businesses have since been set up from the ideas submitted---90 of the 187 actively running student-led enterprises have received capital grants from the championship investor-relations initiatives that help link bankable ideas to financing.

Four-tier competition

The Stanbic National Schools Championship is a four-tier competition involving new schools (Startup Challenge); schools with existing businesses BizGrow Challenge); alumni (AlumGrow Challenge) and teachers (TeachGrow Challenge).

Participating students will have to compete in several qualifying rounds, including attending a boot-camp after which a winner is identified at a grand finale in September.

In the bootcamp, participants are taught different skills including business plan development, product development, customer care, communication skills, branding and marketing.

Elve Nshuti, 20-year-old alumni of the programme said, “I’ve been exposed to a variety of opportunities since my participation in the competition. Last year, I was able to win Ugx1.5million capital to invest in my tech company I-Tech Africa.

I’ve gained more exposure equitably to customers through the championship. I’ve learned to be responsible and empowered, valuing collaboration over division and long-term gain over short-term gain because this is how my future will be bright.”

Stanbic Bank Uganda through its Business Incubator has entered into a partnership with the Uganda National Oil Company to promote national content through the capacity building through offering business training for entrepreneurs, knowledge/sector information sharing and enterprise development.

Stanbic Bank’s Chief Executive Patrick Mweheire speaking during the MoU signing ceremony said they are pleased to be partnering with UNOC in this critical initiative that aims to facilitate participation and development of national content in the oil and gas sector.

“Oil is a game-changer in many economies and the only way we can benefit as Ugandans is if we have as many local companies participating as possible,” he said in a press release shared.

“As a way of ensuring Ugandan companies participate in the Oil and Gas activities, we established the Business Incubator with the aim to reach as many SME’s as possible and continue to support their growth and development across the nation.

The incubator trains and provides them with soft and hard skills necessary to improve their business operations and compete more effectively in the market place. It also deliberately prepares them to leverage the upcoming opportunities in Uganda’s emerging Oil and Gas sector,” he said.

Adding, “We are grateful for this partnership as through which the two entities will jointly develop and implement a series of initiatives on National Content through the Stanbic Business Incubator Centre and also cooperate in the development of National Content programmes.”

Proscovia Nabbanja, Uganda National Oil Company Chief Executive Officer, said partnerships with institutions like Stanbic are instrumental in promoting national content through providing the necessary training and information on the opportunities for local businesses in the oil and gas sector.

“UNOC will provide subject matter experts to support the development of businesses on the Enterprise Development programme and also provide support to the Stanbic Business Incubator Centre’s training and research activities in Enterprise Development.

It is important that local companies are kept abreast of the developments in such a dynamic industry to help them develop business models that are adaptable. This is fundamental if they are to remain relevant in such a competitive market place” she said.

Stanbic Head of Business Development, Tony Otoa while commenting on the partnership said, “Stanbic Business incubator will provide training to SMEs recommended by UNOC to the Stanbic Business Incubator Centre, and also avail its centres across the country for use by UNOC in its National Content programme.”

The two entities will also provide technical support in form of facilitators to help train the businesses to make them ready to partake in the oil and gas sector activities.