Ghanaian student wins $10,000 Global Business Plan contest

A Ghanaian medical student studying at Ternopil State Medical University in Ukraine has won the maiden edition of the ImagineNations Global Business Plan competition 2011.

Kwame Kyei's business plan was selected as the best from over 1000 applicants from all over the world.

Kwame who doubles as a social entrepreneur and co founder of the Ghana Bamboo Bikes Initiative www.ghanabamboobikes.org will receive $10,000 prize to invest and grow his Kumasi-based enterprise.

Starting in January 2011, business plan competition entrants submitted a one- to two-page business concept plan that went through an initial round of judging.

After judges winnowed the field to 10 finalists, the finalists worked with mentors through ImagineNations Network, to develop and refine complete business plans for a final round of judging.

The Network is a platform of global and local portals that engages and connects young entrepreneurs to each other and to mentors, supporters, financing sources and markets to spur the development and growth of youth-led businesses.

Program Director, Stefanie Harrington, says the project “is all about creating opportunities, and we are very excited that our first business plan competition attracted so many great venture ideas.

“One of the goals of the competition was to enable our large user base of mentors to help the entrepreneurs with their project ideas by providing industry and technical experience, helping with organizational strategies, editing business and project plans, evaluating team presentations and facilitating the networks necessary for long-term success.”

Finalists were judged on how innovative their business plan was, how well they understood the market and possible consumers, their development and funding strategies, and the overall plan.

“In his business plan, Kwame demonstrated that he understood the market and consumers, and his overall plan was very impressive and innovative. The Ghana Bamboo Bikes Initiative is also socially responsible, which impressed the judges,” added Stefanie Harrington.

The Ghana Bamboo Bikes Initiative seeks to address the problems of climate change, poverty, rural-urban migration and high unemployment among the youth in rural Ghana.

The Initiative is creating employment opportunities and sustainable livelihood job skills for the youth through the building of high quality handcrafted second-generation bamboo bikes for the international export markets.

Kwame is hopeful the $10,000 investment in the Ghana Bamboo Bikes Initiative will offer the Ghanaian population access to high-quality, cheaper transportation while operating as a socially responsible and 100 percent clean-energy business.

Story by Kofi Adu Domfeh/Luv Fm/Ghana