T&Cs of the Value Creation Challenge powered by Old Mutual Zimbabwe Private Limited (OMZIL)
  1. The Competition
    • The Eight2Five Value Creation Challenge is a nationwide competition powered by Old Mutual which wants to support businesses and ideas that transform how we do business, help address socio-economic issues and improve the society of Zimbabwe as a whole.
    • The Competition is open, without charge, to any citizen of Zimbabwe between the ages of eighteen (18) and thirty-five (35).
    • The applicants shall complete the application process on the challenge dedicated website valuecreation.co.zw
    • Employees of the Old Mutual group, or family members of an employee of the Old Mutual group shall not qualify for the competition.
    • The Applicant should have ownership rights over the business or idea they submit for the competition.
  1. The Application process
    • The application process shall run from the 1st of August 2019 at noon until the 30th September 2019 midnight. Any entry submitted after the deadline shall not be accepted.
    • The website application platform will be open during the period of: 1st August 2019 – 30th September 2019
  • Submission of the application shall be made on an online platform accessible at the following address valuecreation.co.zw
  1. The Evaluation Process
    • The submitted ideas will be evaluated based on the working prototype available, Innovativeness. Funding risk, Short-term and Long-term competition risk and Market Risk
  • The evaluation shall be done in three phases as follows;
    • For the first and Second phase of selection of Top 100 and Top 50 , the files will be the subjected to an evaluation by a team of specialists in the business, innovation, incubation and start up space. The evaluation will be based on the development of the business or project and full completion of the application
    • The third phase of the selection process will see the 50 successful applicants from the second phase evaluations being requested to send a sixty second video within the stipulated timelines. The rules of the content of the video will be sent via email to the qualifying applicants. The evaluation for this phase will be based on the quality of the video and how well the Applicants can explain their business or ideas. The top twenty-five (25) projects (finalists) will be shortlisted for the boot camp and pitch day.
    • Last Selection Phase will see the finalists proceeding to the boot camp which will take place no later than the 31st October 2019 and will last for a duration of two days. This will be followed by a pitch event to be held not later than the 5th of November 2019 where the Finalists will present their projects within a period of ten (10) minutes before a panel of jury members, followed by a question and answer session, making it a total of 20 minutes for each pitch session per finalist.
    • Each jury member will score each finalist according to a judging rubric and the scores will be tallied by an audit team to reach the top 10 projects as well as the top three projects.
  1. Winners and their prizes
    • Old Mutual shall offer the following prizes to the successful Applicants;
      • Business development services in the form- Marketing, accounting, human resources, investment, intellectual property and legal and governance workshops and mentoring for the top ten winners
      • Office space allocation at the Eight2Five hub for a period of six (6) months free of charge.
      • In addition to the above mentioned, the top three winners will receive an equivalent of USD$ 50,000. This shall be paid in the local currency converted using the interbank rate
        • The first winner shall be entitled to an amount equivalent to USD$25,000.
        • The second winner shall be entitled to an amount equivalent to USD$15,000
        • The third winner shall be entitled to an amount equivalent to USD$10,000
      • The prizes will be paid through a CABS account and CABS will offer a personal banker free of charge during the period of funds disbursement
      • Disbursement of funds- The monetary prize will be distributed after the six (6) month incubation program has been completed at the Eight2Five Hub, or location to be advised by the company to the top three monetary prize winners.
  1. Application Timelines- Key dates
    • Top 100 projects shortlisting – 18th October 2019
    • Top 50 Dragon’s Den – 25th October 2019
    • Top 25 projects selection – 08th November 2019
    • Top 25 Bootcamp session – 11-13th  November 2019
    • Top 10 Jury/Pitch days – 14-15th November 2019
  1. Confidentiality

The applicant will be required to disclose if they currently have any pending partnerships relating to the submitted idea.

  1. Image Usage

Eight2Five and its partners shall be authorized to use the applicants’ image for marketing purposes without any monetary compensation or any other compensation for a period of two years.

  1. Ownership and Intellectual Property rights
    • In the event of misrepresentation or fraud of an idea or project, all blame rests solely with the applicant who submitted the idea. Old Mutual reserves the right to take down any infringing ideas/ work or part thereof until any infringement matter or dispute is finalised.
  • Old Mutual does not claim to hold copyright or other ownership to projects and ideas submitted during the competition. However, by participating in  the competition, the Applicants grant Old Mutual and others acting on Old Mutual’s behalf, the worldwide, non-exclusive, perpetual, irrevocable, royalty-free, sub-licensable, transferable right to use, exercise, and commercialise a summary of the project(s) or idea(s) while acknowledging authorship and/or ownership of the project by the applicant(s). The Applicants are responsible for the accuracy of the information submitted into the competition.
  1. Data Usage

The personal data submitted by the applicant can be used by Old Mutual and its partners to communicate any upcoming events or offers

  1. Indemnification
    • All Applicants, participants and winners shall indemnify and keep Old Mutual, its directors, affiliates, members, partners, employees, agents, consultants, suppliers, contractors and sponsors indemnified  against any loss or damages, either direct, indirect, consequential or otherwise, arising from their participation in this competition.  Prior to awarding your prize, Old Mutual may require the Participants to sign such an indemnity.
    • The Applicants shall further indemnify Old Mutual, its affiliates, directors, agents, consultants and employees and keep them indemnified against any damages, loss, costs (including legal costs on a Legal Practitioner-client scale) it may suffer as a result of the Applicant’s ideas or projects infringing any third party intellectual property rights.
  1. General
    • The dates and time periods provided in this document may be subject to change from time to time. The Applicants will not have a claim against OMZIL in this event.
  • Old Mutual and its subsidiaries shall not be liable for any damages arising from Applicants’ participation in the competition or for any technical malfunctions, failures or delays with respect to the competition or the announcement of
  • Old Mutual reserves the right to amend these Terms and Conditions at any time by posting amended Terms and Conditions on the Website. Such amendments take effect on the date on which they are posted. Continued use of the Website and involvement in the competition constitutes acceptance of the changes concerned. If an applicant explicitly objects to any new terms and conditions, the Administrators of the competition are entitled to revoke his/her participation in the competition
  • The Applicant undertakes not to commit, procure, or encourage bribery in relation to this Competition or to obtain any favours from any member of Old Mutual, its partners, agents or the Adjudicating panel. If Old Mutual becomes aware of any such prohibited practices, it shall have the right to immediately disqualify the Applicant from participating in the Competition and any other future Competitions,
  • If any provision of these Terms and Conditions is for any reason held to be invalid, illegal or otherwise unenforceable, such unenforceability does not affect any other provision; the Terms and Conditions are then to be construed as if they had never contained the provision(s) in question and are to be interpreted, in so far as possible, in such a way as to maintain their original intent.
  • These Terms and Conditions are governed by and interpreted in accordance with the laws of Zimbabwe. The courts of Zimbabwe will have exclusive jurisdiction in respect of any dispute which may arise in connection with these Terms and Conditions and/or the competition
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