Projects we can supportIntroduction

To be selected and considered for support, every project must go through a formal application and qualification process. The final selection will be made by the Investment Committee and the Board at Idea Foundation. The Board is an independent body and do have the power to either support or reject any project.

The following information is made to clarify and simplify the dialog between attractive projects and ideas applying for support and the Foundation. It is the intention of the Foundation to support as many qualified projects as possible. We will actively promote the Foundation and its work and encouraged entrepreneurs to contact us for support and financing. Every project must however meet a set of requirements to be qualified for support. To prepare the applicant for the qualifying process and to secure a smooth and speedy process we have established a contact point with each university and business school participating in the program.

Idea Foundation must ask all interested parties to thoroughly reed the following headlines. This will hopefully clarify in more details how to proceed with an application and encouraged only those that really have an idea and a project that successfully will come out of the application process, receive financial and academic support and have the possibility to succeed and prosper in the market.

Idea Foundation’s vision is to potentially work with all Universities and Business Schools in Africa, that support our efforts and idea’s, are located South of Sahara and offer Master and MBA level education with a high quality and with focus towards entrepreneurship. To be qualified the institution need to have a formalized partnership with Idea Foundation. The foundation will actively try to expand the number of qualified institutions. This will be done through leveraging on existing networks, through development of direct relationships and through discussions where we exchange values and goals for improving local challenges. This dialog will be used to develop a formalized platform and partnership between the institution and Idea Foundation.

In the start up phase Strathmore University and Business School in Nairobi, Kenya is our first partner.

The purpose of the Foundation is to promote sustainable economic growth and entrepreneurship in selected African countries based on sound and ethical business principles. The purpose shall be maintained through investments and economic contributions, to initiate the start-up and development of actual business ideas by students at institutions of higher education in Africa.

The projects we support must meet a wide range of criteria’s. First of all they must fall within the The Millennium Development Goals (MDGs) that was adopted by 189 nations-and signed by 147 heads of state and governments during the UN Millennium Summit in September 2000. These goals are responding to the world's main development challenges and are listed in eight specific issues and referred to in an appendix further down this page.

On top of these rather general and far reaching targets, The Kenyan Government has envisioned a plan called” Kenya Vision 2030”. This is an economic plan to develop the country to a middle income country by 2030. In short, the plan is to produce annual economic growth rates of 10%. The vision calls for a series of five-year plans, the first one between 2008-2012. The plan targets six key sectors and industries:
1. TOURISM
2. AGRICULTURE
3. WHOLESALE AND RETAIL TRADE SECTOR
4. MANUFACTURING FOR THE REGIONAL MARKET
5. BUSINESS PROCESS OFF SHORING (BPO)
6. FINANCIAL SERVICES
For applications from Kenya Idea Foundation will focus its support towards projects that meet this criteria’s and support the development plan “Kenya Vision 2030”.

The aim is to support the development of more business competence and the ability to create enduring entrepreneurship. The projects funded shall potentially create value and employment to the local community and hence create prosperity and inspiration to others

All projects must meet ethical standards and values set by Idea Foundation (see our separate subject on ethical guidelines). Every project and all students involved must also be willing to enter into a formalized and signed agreement with Idea Foundation. The agreement will address issues as Ethical guidelines, milestones of the project, payment plans, etc. Se separate description.

To be accepted as eligible to support from Idea Foundation the project and business plan must demonstrate that the business scope comply with the goals and requirements set out in the Kenya Vision 2030 and support the Millienium Development Goals as defined by UN and the United Nations Development Program in Kenya (UNDP-Kenya).
Business Plan template including, timeframe, milestones, investment plan in addition to the concept idea, market and strategy must be developed and submitted together with the allocation. The student could get help and support to develop and finanlize a full businessplan by contacting faculty and University

The application process will be coordinated with each University. As a general guideline the selection committee will have an ongoing and open dialog with potential applicants during the semester and term. Two to four times a year, the selection committee will forward applications that have received their support and sponsorship, to the Investment committee. The Investment Committee will then review and discuss each application and in dialog with the Selection committee present a list of suitable applicants that meet all criteria’s to receive support. The final selection and allocation of support and funds will then be granted by the Board.

The Board is an independent body and do have the power to either support or reject any project that are presented to them and could for no reason and at any time or at any step in the application process, disqualify one or all applicants, at their own discretion. This could also apply to projects that meet all formal requirements. The rejection of any project will under no circumstances qualify the applicant or any other party the right to compensation.