The
winners of the 2003 business plan competition were announced
on Saturday November 15th 2003 after each presenting their
plans to the participants of the conference. The results
below show the selection of the judges:
1st
Prize - MindaXcess Ventures
2nd Prize - Semester on Safari
3rd Prize - Barlay Construction
1st
Prize - MindaXcess Ventures
MindaXcess
Ventures is a start-up company, seeking to publish comics
targeted at youths aged between 8 and 24. The company's
mission is to develop reading habits and problem solving
skills among youth in Nigeria, while providing them with
a source of entertainment. The stories will be African and
will reflect the life, and activities of youth mainly in
Nigeria and the rest of Africa.
In Nigeria
there are currently very limited entertainment options,
(such as comics) for children. Consequently, children and
young adults rely on television programs and other forms
of entertainment that some parents consider highly unacceptable.
In the mid to late 1980s the only comics that were available
in Nigeria were Ikebe Super and Lolly. These comics contained
sexual graphics and literature, yet, were readily available
to young adults. Several parents and teachers were unhappy
with this situation and the public outcry against these
comics led to their withdrawal.
The
1991 census figures estimates the percentage of Nigeria's
population under the age of 19 years to be 55%. We believe
that this provides an indication of the size of the target
market. A study of the academic performance in primary schools
indicates that English remains one of the weakest areas
for these youths. Based on our market studies, we attribute
this weakness to the poor learning and reading habits of
the youth during their formative years.
Our
company intends to establish reading habits among the youth
in Nigeria. We believe that by incorporating learning aids
into our comics we will achieve this objective. The need
for our product arises from the fact that the majority of
comics currently in circulation in Nigeria are foreign (eg.
Tintin, Archie, Asterix) and are expensive. We propose to
sell our comics at a price that is 90% lower than these
foreign comics, and our products will have more of a Nigerian/African
context.
2nd
Prize - Semester on Safari
Semester on Safari Inc. (SOS) is an initiative that offers
students a one-of-a-kind opportunity to attend a premier
African study abroad program. The program takes cohorts
of 200 students through rigorous academic course work in
Developing World and Africa-related disciplines, including
a 10-day safari where students experience a safe and up-close
exposure to nature and wildlife. Active web-cams on safari
vehicles will allow friends and family to share the experience.
Courses will be accredited by reputable sponsoring universities,
while teachers will come predominantly from specialized
departments within South African universities.
The SOS price tag is approximately 40% less than that of
the closest competitor, Semester at Sea, yet still allows
SOS to offer full scholarships to up to 30% of each cohort.
SOS facilities will double up for the use of community development
initiatives within local areas. Each campus will host a
childcare facility and feeding scheme, as well as a medical
clinic to service both the student body and the community's
health car needs. As part of their experience, students
will tutor schoolchildren and participate in a variety of
local community development initiatives under the guidance
of leading non-governmental organizations (NGOs).
SOS will bootstrap its growth in order to avoid possible
future conflicts between investors' profit objectives, SOS's
community development initiatives and student scholarships
objectives. Consequently, SOS will begin by offering only
shorter Summer on Safari programs in 2004 and 2005, while
building its brand and accumulating the necessary capital
to construct its first campus by 2006. This approach, although
generating operating profits from year 1, will result in
net operating losses for 2005 & 2006 due to capital
investments. Over subsequent years, economies of scale in
marketing, travel, and administration from the addition
of own campuses will lead to profit realization of $2.01
million by 2007.
3rd
Prize - Barlay Construction
Services
Provided
Barlay Construction provides facility management services,
facility maintenance planning services, and facility renovation
services to property owners in Nigeria. By performing repairs
and maintenance in a timely manner, managing waste disposal,
caring for gardens and environmental surroundings, and auditing
facility infrastructure (electrical and mechanical systems,
lifts, and fire prevention technology), Barlay is able to
offer property owners improved services at a competitive
cost.
Target
Market
Barlay's target market is comprised of owners of residential
homes, apartment buildings, estates, office buildings, and
shopping complexes. It is estimated that there are over
a million residential buildings, office buildings, and shopping
complexes in the Lagos target market serving a population
of about 10 million. The need for facility management in
Lagos, and in Nigeria as a whole, cannot be overemphasized
since most facilities are being put to use at increasing
rates. As the scale of real estate projects grows, property
owners increasingly lack the time and the expertise to provide
maintenance services efficiently.
Competitive
Landscape
Facility management is an emerging sector of the Real Estate
industry in Nigeria. Although estate surveyors are responsible
for the valuation of property and its leasing or rental,
their services are incomplete since they are not able to
offer maintenance and property management. Barlay will provide
these services at a competitive cost and superior level
of service. Unlike the few existing facility managers in
Nigeria focusing on large corporate clients, Barlay will
also offer services to underserved private real estate developers
and residential property owners.
Implementation
Plan
Barlay will begin its operations in Lagos, Nigeria in January
2004. In its first year, it will manage a minimum of 100
buildings and 3 residential estates. Within five years,
this base will grow to include 500 facilities in Lagos and
1,000 facilities across the nation. Barlay's initial entry
will be focused on renovation and maintenance. Over the
first three years, it will then grow into a facility management
company managing larger enterprises such as market complexes,
stadiums, office blocks, and auditoriums.
Management
Team
Barlay's management team is extremely dedicated and uniquely
suited to this endeavour, with academic qualifications in
mechanical engineering, business management, and environmental
design, and highly relevant work experience in facilities
management, real estate, and environmental services.
Financials
Barlay requires an initial investment of N2,500,000, which
will be used to develop marketing materials and provide
working capital during the first three months of operation.
Barlay expects to provide a return on capital (ROC) of 2.28
by its 5th year.
