The Group Chief Executive Officer of Moniepoint Inc., Tosin Eniolorunda, has awarded three young Nigerian entrepreneurs who are based at the University through the first-ever Tosin Eniolorunda Innovation Challenge.
The challenge is an initiative of the Management Students Association, University of Lagos, and aims to foster innovation and open up new avenues for prosperity in the future. The 4th Annual Students Entrepreneurship Programme, a one-day event with keynote addresses, panel discussions, and networking opportunities, saw the announcement of the winners.
The program’s goal according to Brandspur national news story, was to give aspiring business leaders the information and abilities they need to support SME innovation and growth. under the theme of “Bridging The Gap From Micro To Macro: Empowering SMEs To Drive Sustainable National Growth” in Lagos.
The participants were challenged to explore simple but creative solutions to the challenges faced by SMEs while underscoring the necessity of fostering an entrepreneurial mindset, and equipping emerging business leaders with the tools to innovate and solve problems effectively.
Tosin Eniolorunda, who was represented at the event by Efemena Ogie, Head of Partnerships, explained the reasoning behind the Challenge, pointing out that small businesses are hubs for innovation and problem-solving, and that empowering them is not just a strategic necessity but also a moral duty to ensure inclusive and sustainable prosperity for all.
He continued by saying that, given his own early beginnings as an undergraduate at Obafemi Awolowo University, where he was helping his colleagues on campus with challenges, the project struck a deep chord with him.
According to him: “This initiative aligns with our vision of powering dreams and being critical enablers for the growth of the SMES across Nigeria. We have seen firsthand the transformative power of innovation and problem-solving as pivotal building blocks for unlocking value, considering that the world belongs to dreamers and doers. Our growth has been driven by our ability to listen to the customers as well as provide innovative solutions to the challenges they have faced. Dreams and passions are the fundamental instruments for entrepreneurial activities and the drive to provide financial happiness for all Nigerians has kept us going.
“This Innovation Challenge is a solid platform to help more dreamers move their innovative ideas into becoming tangible ventures that can increase their contribution to the broader economy,” he added.
The Tosin Eniolorunda Innovation Challenge, which featured an impressive array of entrepreneurial talent and innovative ideas, not only provided seed funding or funds to upscale their ventures (for already existing businesses) but also offered mentoring initiatives, workshops, and training sessions to participants who are committed to identifying problems and proposing solutions as well as making a great impact in their communities.
“After a rigorous selection process, five finalists emerged to present their ideas to a distinguished panel of judges, with the winners announced as follows:
A platform that offers retail as a service that enables student entrepreneurs to launch and expand their enterprises inside the campus community. To help student enterprises succeed in the campus marketplace, it provides basic listings and premium shop pages.
Following preliminary rounds, these winners were chosen by a panel of judges comprised of experts from the business and technology ecosystem. The judges included prominent figures in the industry like Gabriel Balogun, who heads Learning and Development at Moniepoint Inc.; Katherine Adesomoju, CEO of Spectrum Holdings; Samuel Olatunde, CEO and founder of Edala Homes; and Adeola Sanusi, CEO and founder of XL Homes.
Key variables used in the review process included market potential, financial management comprehension, growth strategies, business value, and competitiveness of the suggested solution, as well as the caliber of the presentation and execution.
Halimat Ariyo, who received N1 million in prize money and returned home, exclaimed: “I’d like to thank Moniepoint and Eniolorunda for this opportunity and the cash incentive. I am energised to take my business to the next level, and the world would know my name.”
Speaking further: “The Tosin Eniolorunda Innovation Challenge is identifying promising small businesses on campus and providing valuable training and exposure to them underscores the importance of nurturing young talent and fostering innovation for Nigeria’s socio-economic advancement while validating Moniepoint’s commitment to support entrepreneurship, and position young Nigerians for global relevance.”
