TEN participants have emerged as quarterfinalists in the Business Incubation Launchpad (BUILD) competition organised by the Nasrul-Lahi-Li-Fathi Society (NASFAT).
The chairperson of the BUILD initiative, Fatai Olayemi, explained in a statement that $10,000 (about N3.8 million) prize money will be presented to the winner.
According to Olayemi, “the initiative is aimed at seeking entrepreneurs and startups with innovative solutions, entrepreneurial mindset, can-do spirit and a big idea or solution that has the potential to positively impact Muslims, Muslim communities and the world at large.”
NASFAT had, as part of its 25th anniversary celebration, launched the BUILD platform to create funding and mentoring opportunities for young Muslim entrepreneurs and startups with innovative solutions aligned with the Health, Education, Livelihoods and Da’wah (HELD) agenda of the organisation.
The 10 quarterfinalists, Olayemi said, would undergo a virtual boot camp and showcase their solutions before a virtual panel of judges comprising industry experts, leading to announcement of winners in September.
He added that the winner would get a $10,000 investment from NASFAT, as well as potential investments by other angel investors, mentorship from renowned entrepreneurs, industry linkages, access to experts, access into incubator/accelerator hubs and accounting and legal support from NASFAT’s secretariat for 12 months.