Terms & Conditions

1. The Stanbic IBTC Innovation Challenge is open to development teams and technology startups across Nigeria that have the skills and expertise to execute on world class solutions.

2. The challenge is not open to:

  • Persons under the age of 18 (eighteen) years old.
  • Employees of Co-creation Hub (CcHUB), Stanbic IBTC and its affiliates.
  • Anyone professionally involved in the development or administration of this Challenge.
  • Any employee whose employer’s guidelines or regulations do not allow entry in the Challenge.

CcHUB/Stanbic IBTC reserves the right to limit, or restrict upon notice, participation in the Challenge to any person who fails to comply with these terms and conditions.

3. The top 3 ventures from the challenge will be supported to scale and grow through the CcHUB incubation support from November 2018 - March/April 2019

4. Following the culmination of the competition, Stanbic IBTC reserves the right to use text, images, and video content for display purposes at conferences, meetings and future innovation challenges without copyright or royalty restrictions.

5. The winner will receive incubation support via the Co-Creation Hub (CcHUB) incubation services, and the winner immediate cash prizes.

6. Entrants will retain the rights to any intellectual property pertaining to their ideas. By entering, except where prohibited by law, each Entrant grants to Stanbic IBTC (and their agents, successors, and assigns) the irrevocable, transferable, sub licensable, absolute right and permission to use, edit, modify, copy, reproduce, and distribute the Solution and any other Entrant content that comprises the Entrant’s Entry in perpetuity and in any medium (including online and in digital media) in any language, throughout the world, for the purposes of evaluating Entries, and administering and marketing this Contest, including (i) announcing and publicizing the name of each and every Solution submitted and its ranking in accordance with the Judges' scores and (ii) selecting, announcing, and publicizing each winner and its Solution.

7. Where a successful Entrant has participates in the Stanbic IBTC Innovation Challenge, is shortlisted into the top 10, but is not selected as the winning solution, where there is still an interest in the Entrant’s idea/s, Stanbic IBTC shall have the first right of refusal in the event that further investment is required to develop the idea.

8. Successful Entries/submissions will be acknowledged with a response.

9. Stanbic IBTC does not accept responsibility for lost, corrupted or late entries as a result of any network, hardware or software failure of any kind.

10. Once an entry has been submitted, no further amendments will be accepted.

11. Stanbic IBTC reserves the right not to accept entries that do not strictly comply with the terms and conditions.

12. A panel of Co-creation Hub (CcHUB) and Stanbic IBTC appointed experts (the panel) will judge the entries on their ability to meet the criteria outlined in the focus areas for the challenge and potential to solve the problem outlined. The top 10 idea proponents will be notified - shortlisted participants will be required to show identification or proof of address which will be verified before the pitch event in October 2018. Shortlisted entrants will have the opportunity to pitch their ideas to the judges and the top 3 ideas will be chosen.

13. The panel will select a maximum of three entries from all external entries; the panel’s decision is final.

14. The winner will be notified by email or telephone using the information supplied at time of entry on the competition website: http://www.sicchallenge.com. The winner may be required to sign and return an affidavit of eligibility, indemnity, publicity and liability release), within 7 days of notification. Each finalist may also be required to verify the facts of his/her story and/or provide additional documents as may be required by Stanbic IBTC to confirm and/or assign rights in the entry.

15. The winner will be required to submit a video still/image as a hero image for promotional purposes (including full credit and caption information).

16. The winner will receive cash prizes and be supported with a range of services focused on product development, distribution and business modelling to turn their ideas into fully working products to launch in March 2019.

17. Each entrant warrants that the application submitted by his/her team is an original work and that they are the sole and exclusive owner and right holder thereof, and that they have the right to submit the application in the contest.

18. Each entrant agrees and undertakes not to submit any application that (i) infringes any third party proprietary, intellectual property, industrial property, personal rights or other rights, including without limitation, copyright, trademark, patent, trade secret or confidentiality obligation; or (ii) otherwise violates applicable law in any countries in the world. To the maximum extent permitted by law, each entrant indemnifies and agrees to keep indemnified Stanbic IBTC, its affiliates (meaning any legal entity that directly or indirectly controls, is controlled by, or under common control with Stanbic IBTC), agents, directors, officers, employees, representatives and assigns harmless at all times from and against any liability, claims, demands, losses, damages, costs and expenses resulting from any act of negligence, default or omission of the entrant and/or a breach of any terms and warranties set forth herein.

19. In the event of any dispute, the laws of the Federal Republic of Nigeria shall apply.

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Implementing Partner