INSCAE Innovation Idea is a competition launched to encourage and support young project leaders. Thus, 17 young Madagascans presented their business project on January 26. Coming from different higher institutes, these students presented their respective projects in front of a panel of amateurs and professionals. Three groups were awarded following this competition.
3rd edition of the INSCAE Innovation Idea competition
The INSCAE Innovation Idea competition, which ended on 26 January, is already in its 3rd edition this year. 17 young people from various higher education institutions presented their business projects. They were evaluated by both professionals and amateurs. Last Saturday, the members of the jury, as well as the donors and incubators, were able to discover six new projects initiated by these young people.
Encouraging young people to become entrepreneurs from an early age
These projects were designed by students from various fields and sectors, including online sales, catering and real-time traffic information. In addition to fast food and e-commerce, school transport and laterite building materials were also on the agenda. The primary objective of this competition is, as it is every year, to encourage young people to become entrepreneurs. The idea is to get them to start at a young age. Moreover, it is also about encouraging young entrepreneurs from various sectors to participate. For example, students in agriculture, engineering, hotel management, medicine, among others.
The national economy relies on the potential of young entrepreneurs
According to Harimino Rakoto, the Director, “it is time for young people to take their future in hand, the national economy depends on it.” Indeed, she believes that the Malagasy youth has potential and that it is necessary to encourage any initiative to create a business. She adds that it is the fear of failing or of going to partners (technical and financial) that puts them off and prevents them from moving forward.
“We have to overcome fear, because it is always the fear of failing or of approaching technical and financial partners that blocks young people from moving forward,” says the Director.
The winners were awarded on Wednesday 30 January
Four donors will finance the best projects. These are Venture-capital FIARO, SOciété NAtionale de PARticipation (SONAPAR), the AXIAN group (Nexta) and the oil distribution company TOTAL. As a reminder, INSCAE Junior Entreprise is a student association. It goes from the first year to the Master’s degree, and offers services to companies. In addition, it allows their peers to apply their skills and discover the professional world. This association is actively involved in promoting entrepreneurship and supporting young entrepreneurs in Madagascar.
Incubation leading to the final presentation
The call for projects is open every year. This is an opportunity for the best bidders to be selected and incubated. The latter follows the final presentation for funding. On the other hand, incubation is about taking the project out of the theoretical stage and pushing young people to come into the world of entrepreneurship in droves. With the resources present in Madagascar and the number of young people with great potential, it is enough to encourage them. This kind of competition aims to open the doors to project leaders and support them because entrepreneurship is a factor of development.
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