Call for Business Proposals For The NUL Innovation Hub!

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The National University of Lesotho Innovation Committee has been tasked with coordinating the NUL Innovation Hub activities. The call is hereby made to all NUL staff members with innovative business ideas that can be incubated within the NUL Innovation Hub space.

Since this is a trail phase, applications are expected only from NUL staff members, not NUL students or graduates.

The NUL’s Old Laundry Building will be renovated to house at least six businesses. Four or more rooms will house manufacturing businesses and two or more rooms will house service businesses.

Assessment will be made by an independent panel and it will be based on merit, specifically, [1] Viability (is it feasible?), [2] Strong business case (does it make a business sense? Is it more likely to generate profits?) [3] Innovation (does it reflect an innovative approach to filling existing gaps in the market?).

Although under the ownership of the university, all proposed businesses will be run by staff members who proposed them but these staff members are free to find interns or volunteers among NUL graduates (or NUL students where possible). In a case where NUL graduates are interns, the following shall apply: [1] they must be paid at least M1, 500 per month and [2] they must be willing to live in Roma.

It is expected that at least six businesses will be incubated, in which case, an average of M200, 000 per business will be used as a startup fund to support the businesses. The businesses are expected to be self-funded beyond the start-up funding and they will be incubated for a period between two to three years beyond which they will graduate.

Short business plans (10 pages or less) with a budget should be sent to nulistice@gmail.com not later than Tuesday the 9th of August 2017.

B. THE BUSINESS PLAN MAY HAVE THE FOLLOWING POINTS

DESCRIPTION OF THE BUSINESS CONCEPT: Describe in a few sentences or a paragraph, the product/service

MARKET DRIVERS: What are the problems, conditions or events that will make this business attractive or successful?

TARGET MARKET: Who is this being sold to? What are the characteristics of the target market? Size and demographics?

VALUE PROPOSITION TO THE CLIENT: Why would they buy this product/service?

WHY WOULD THE TARGET MARKET BUY FROM YOU? Who are the competitors?
What unique characteristics do you have that would give you an advantage?

REVENUE MODEL: How will you get paid?

DISTRIBUTION MODEL: How will this be sold? Who will do it?

WHAT IS THE POTENTIAL REVENUE? High, Med, Low: gross margins

Estimated revenue and expenses? How long to profitability?

MANAGEMENT: List current team members with school affiliation, and role or function. What additional talent do you need to start the company? How will you fill the gaps?

ADVISORS: List faculty and other advisors if you have them and/or background or expertise of advisors that you would like to find.

BUDGET: How much money will you need to run the business successfully and how will you use the money?

C. TERM AND CONDITIONS

Each business may negotiate a ratio such that money is not given all at once for accountability

Each business may have to provide report on stipulated time

There may be an MoU between University and each business

The university may have to benefit from the profits of each business
even when the business has graduated from the incubation centre.

The staff members’ involvement in the business should not interfere with normal work requirements of the university.

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