The show is aimed at providing aspiring entrepreneurs with the opportunity to test their business acumen offering them a chance to obtain the investment they need to take their business ideas to the next level.
"Entrepreneurship is more than just the mere creation of a business - it's about vision, innovation, hard work and the realization of a dream, which CfC Stanbic Bank Magnate seeks to achieve," said Elly Odhong', CfC Stanbic Bank head of business and personal banking.
The 13-episode business reality TV show has been packaged to be an exciting, informative and above all an educative show. The CfC Stanbic Bank Magnate will identify, evaluate and encourage potential entrepreneurs who not only have the most deserving business ideas, but also possess the critical skills required to execute those ideas successfully.
The bank received 800 applications from which 100 applicants were shortlisted at the subsequent selection stage. A total of 14 applicants have been selected for the 10 week TV show that will air every Thursday from 8pm - 9pm on KBC, Kiss TV and Zuku TV starting today, Thursday 27th October, 2011.
Out of the 14 candidates, a panel of judges will pick one who presents the best idea that can be actualized. CfC Stanbic bank will then award KSh1.5 million (USD 15,000) in start up capital to the candidate with best idea to help him/her translate the idea into reality.
"Even those who will not be able to win this cash will come out of the house with a lot of experience which will be crucial in growing their businesses," said Odhong'.
In partnership with SME training firm Investeq Capital, the bank will provide training and mentorship to candidates during the entire period of the show.
The tasks will test the candidates' intelligence, business acumen, will to succeed, attitude amongst other important aspects that are key attributes of entrepreneurs. The candidates will also face the challenge of living in close quarters with other candidates that they will only have met and having to always strategize on how to emerge at the top either as part of a team or as an individual.
