Entrepreneurs will have the opportunity to win a prize worth R1 million through Nedbank’s Pitch & Polish programme.
The prize consists of a R650,000 cash injection to help entrepreneurs grow their business and a R350,000 bursary for a two-year business development programme with African incubator, Raizcorp.
The competition is a blend of one-on-one mentoring and entrepreneurial learning that empowers South African entrepreneurs with the skills and knowledge they need to scale their businesses and improve their chances of securing investor funding.
For the 2024 edition, entrants will be whittled down to the top 16. Over four rounds, the contestants will be whittled down to the final two and which is when the wildcard entry will be introduced.
The wildcard contestant will go straight through to the final round where they will compete against the two finalists for one of the top three prizes.
While the winner bags the prize worth R1 million, the runner-up goes home with R100,000 in cash and the second runner-up gets R50,000.
According to Alan Shannon, Executive for Sales Strategy and Enablement at Nedbank, the programme has exposed some of South Africa’s brilliant entrepreneurial minds to an opportunity to scale their businesses through mentorship and funding opportunities.
“With entries now open for the 2024 edition of the competition, we once again look forward to showcasing innovative ideas and unique plans from small-business owners who want to add value in the market and bolster our economy as small businesses are known to,” Shannon said.
Criteria and entries
The competition is open to entrepreneurs from across South Africa who have either an already-trading, registered business or are sole proprietors are invited to enter online at pitchandpolish.com.
The most promising candidates will then be invited to submit 90-second video pitches along with supporting documents. Entries are now open and will close on Friday, April 5.
Tshireletso Mokate, 'The Camping Guy' who won the competition shares advice for this year’s contestants.
“Go into this competition to get the full value of what’s on offer. You’ll be pitching for a prize worth R1 million but only one person gets to take that home, so focus on the entrepreneurial learnings and development you’ll receive throughout the journey because those are 'prizes' that you can take back to your business,” Mokate said.
Audience prizes
The competition will be streamed on Facebook, YouTube and the Pitch & Polish website. People who watch the competition have the opportunity to win prizes too.
IOL Business