Frequently Asked Questions:
What are the age requirements for applying to the program?
Participants must be between the ages of 20 and 39.
Who is on the panel of judges?
The judges panel is made up of professors, successful African entrepreneurs, and government workers from the US states department.
How can I be sure of the confidential treatment of my business plan?
If your business plan contains any information the new entrepreneur wishes to keep confidential, he or she may want to sign a non-disclosure agreement (NDA) or any similar confidentiality agreement with IBA and YEP.
Is the business plan mandatory or is just a brief idea sufficient for applying to the program?
Yes, the business plan is mandatory to participate in the programme as it is an essential part of the application that judges evaluate when choosing finalists. The business plan does not need to be extensive but needs to contain relevant documents to demonstrate that the new entrepreneur has invested significant though into his/her company.
What is a business plan?
A business plan is a document that summarizes the operational and financial objectives of one's business, with detailed schemes and budgets to achieve the business start-up.
The business plan should contain:
• A description of the product or services on offer;
• A market analysis including a definition of the target market and a competitor analysis;
• A financial plan including a break even analysis.
Can I participate in the program if I live outside of Africa?
The current condition for all entrepreneurs is to be a permanent resident of one of the African countries participating.
What is the Young Entrepreneurs Program?
The Young Entrepreneurs Program (YEP) is an African entrepreneur exchange and opportunity programme. It provides the chance for newly established or would-be entrepreneurs to go to America, where they receive classroom instruction and business training. They study business at an accredited college and also spend time working at a company in their chosen field where they work closely with entrepreneurs who can offer them new business skills and contacts.
What are the Program’s Objectives?
• On-the-job-training for candidates in enterprises in America in order to facilitate a successful start and development of their business ideas;
• Exchanges of experience and information between successful companies and young entrepreneurs on overcoming obstacles and challenges to starting up, developing and growing their businesses;
• To enhance market access between American and African entrepreneurs as well as identification of potential partners for new and established businesses;
• Giving candidates the opportunity to network while building knowledge and experience in another country.
Who Can Participate?
YEPers are early stage entrepreneurs. This includes ambitious people with a progressive new business model that they would like to turn into a company. Young entrepreneurs do not necessarily need to have any previous business experience. YEPers should be interested in gaining useful know- how for their own business. Candidates must demonstrate dedication and passion as well as a viable business idea. They should also demonstrate vision, commitment, initiative and creativity. A candidate for the programme only needs to pay the initial application fee of R860, and all other costs will be covered.
What are the Benefits of Participating in this Program?
• Spend time at a successful company in another country to acquire valuable tips on start-up and business management;
• Experience a different cultural workplace setting;
• Learn about the American market and how it relates to and cross mingles with the African business sector;
• Benefit from possible co-venturing opportunities and the development of cross-country markets;
• Develop international contacts and learn about working with foreign markets;
• All-expenses paid trip to the USA. Accommodation, food, transportation costs and more all covered for the 6 week duration of the stay.
Who Covers Costs for Trip to America?
The International Business Academy (IBA) covers all costs for the trip to America including: transportation (ground and airfare), meals, accommodation, insurance, and university fees. A stipend will not be provided, and candidates must cover any extra costs themselves.
