Date these rules were first published: 12 September 2016
Date these rules were last changed: 12 September 2016

Read these competition rules carefully. These competition rules (“rules”) explain your rights and duties in connection with this competition. If you take part in this competition and/or accept any prize, these rules will apply to you and you agree that the promoter(s) can assume that you have read and agreed to be legally bound by these competition rules.

Competition name:

FNB Business Innovation Awards 2017

Promoter(s) name(s):

This competition is run by FNB Business, a segment of First National Bank, a division of FirstRand Bank Limited, Reg. No. 1929/001225/06 (“FNB”) and Endeavor Entrepreneurship Institute NPC, Reg. No. 2004/014973/08 (“Endeavor”).

In these rules we refer to the above promoter(s) as “the promoter(s)”, or “us” or “we”. We will refer to participants and winners as “you”.

Entries open:

Entries open on Monday 12 September 2016 at 08h00.

Entries close:

Entries close on Tuesday 31 January 2017 at 23h59. No submissions will be accepted after these deadlines.

All fully completed entries must be received by the promoter(s) before the closing time.

The promoter(s) reserve the right to extend the competition. Notice of this will be posted on www.fnbbusinessinnovationawards.co.za

Prize details:

The winner of the FNB Business Innovation Awards will be given an opportunity to participate in the coveted 2 (two) day Endeavor* International Selection Panel (ISP) during 2017. The ISP brings together high-impact entrepreneurs to have their businesses evaluated by world-class business leaders, and gives them the opportunity to become part of an exclusive global network.

The prize includes travel and accommodation for 2 (two) representatives of the winning business. Any additional representatives attending the ISP will be responsible for their own costs associated with the ISP. Please note that spending money is not included in the prize.

*Endeavor is the leading supporter of high-impact entrepreneurs around the world. By high-impact we mean individuals with the biggest dreams, the greatest potential to create companies that matter and grow, and the highest likelihood to inspire others. Endeavor is the only organization to focus on the scale-up, not the start-up, because that is where Endeavor thinks the highest job and wealth creation happens.

Winners announced in:

June 2017 or as soon as possible thereafter.

Eligibility: who qualifies to take part?

This competition is open to all South African businesses (companies, close corporations, trusts, sole proprietors) who meet the criteria set out below:

The businesses should:

  • Have a minimum annual turnover of R10-million.
  • Be founder led.
  • Be a unique business that cannot easily be replicated. It should not be a “me too” business, such as a consultancy or agency.
  • Have the potential to grow exponentially.
  • Have successfully raised the capital it needed to get to this point.
  • Be scaleable; in other words, the business should have the potential to grow and become a market leader with a business model that is repeatable in any country/region.

Furthermore, the businesses need to be able to meet the following standards:

  • Development impact: exhibit high-growth potential and the capacity to add substantial economic value by creating a number of high-value jobs.
  • Business innovation: demonstrate real innovation that has the potential to change the way an industry operates locally and/or internationally.
  • Fit with FNB and Endeavor: be interested in accepting advice and support from FNB and Endeavor, as well as contributing to the Endeavor network.

Who cannot take part?

The following persons may not take part in this competition even if they qualify to take part. They will forfeit (give up) any prizes awarded to them:

  1. Any employee of the promoter(s)
  2. Any director, member, partner, agent of, or consultant of the promoter(s).
  3. Any other person who is directly or indirectly controls the promoter(s).
  4. Any supplier of goods and services in connection with this competition.

The spouse, life partner, siblings, children, or parents of any of the persons named in a, b, c, or d, above.

Judging criteria:

The promoter(s) are looking for the most innovative entrepreneur business of the year.

All entries will go through a vetting and judging process to determine the winner.

There will be various phases of judging. Endeavor’s panel of senior business leaders will conduct the initial phases of the judging (including interviews and/or examining the participants’ financials) and will submit a list of finalists (who receive unanimous votes from the panel) to FNB for evaluation. FNB accepts no responsibility or liability for the entry filtering process and has no influence over the entry-filtering process and/or the choice of finalists.

FNB, together with Endeavor will interview the finalists and make the final decision as to the winner of the competition.

Broadly, judging of each entry will based on the following selection criteria:

  1. Turnover: In excess of R10,000,000.00 (ten million rand) per year;
  2. Leadership: Founder-led business;
  3. Development Impact: Exhibit high-growth potential and the capacity to add substantial economic value by creating a number of high-value jobs;
  4. Business Innovation: Demonstrate real innovation that has the potential to change the way an industry operates locally and/or internationally;
  5. Fit with FNB and Endeavor: Be interested in accepting advice and support from FNB and Endeavor, as well as contributing to the Endeavor network.

More detail on the judging criteria can be found at www.fnbbusinessinnovationawards.co.za

Important conditions – read carefully:

  1. If the business is owned by more than one person, the promoter(s) will not be legally responsible to anyone for disputes between such persons or for errors or omissions during the submission process. The owners each agree that they will not hold the promoter(s) legally responsible for any loss or damage they suffer because their business was entered into this competition. The person who enters on behalf of other persons warrants that they all have agreed to the competition rules. If the person entering breaches this warranty, he or she alone will be legally responsible to the other persons and will at the discretion of the promoter(s) defend the promoter(s) against any legal claim or action by that person. This means that if any of the promoters are sued, the person who entered will, at the promoter’s(s’) discretion, defend them against such claims, and pay all legal costs or expenses, or amounts they paid or must pay in damages to any person or to settle any claim, back to the promoter(s). Legal costs and expenses will be calculated on an attorney and own client scale.
  2. While the promoter(s) may provide assistance and advice to the winner, the promoter(s) cannot guarantee that the winner’s business will be commercially successful. By entering the competition and accepting the prize, the winner agrees to indemnify (hold harmless) the promoter(s) if the winner or any other person suffers any loss or damage because of their participation in this competition, regardless of how or when they suffered such loss or damage.
  3. You enter this competition at your own risk. The promoter(s) do not warrant that your business will be successful.
  4. Before the winner will be awarded a prize, they will sign a contract with Endeavor and must agree to Endeavor’s terms and conditions of service, confidentiality and so forth. Winners have the right to decline to do so. If they decline to do so, they will forfeit (give up) their participation in the ISP and any subsequent assistance from Endeavor.
  5. Winners must abide by the rules, terms and conditions which are determined by any third party carrier, transporter, accommodation provider, catering provider or other service provider associated with the prize.
  6. The promoter(s) reserve the right at their own discretion without having to give reasons for this to immediately remove any entry or disqualify a winner if his/her business or any aspect thereof is alleged to be an infringement of any 3rd party’s rights, including intellectual property rights such as copyright, patents, designs, trademarks, confidential information, etc. If this happens, the promoter(s) will not be legally responsible to any person and the winner will forfeit the prize or the remaining value thereof. The promoter(s) do not have to investigate the validity of such 3rd parties’ complaints before exercising these rights.
  7. You also agree to hold the promoter(s) harmless against any claims by parties that your business or any aspect thereof infringes their rights in any way. This means that if any of the promoters are sued, you will at their discretion defend them against such claims and/or pay back any legal costs or expenses, or amounts they paid or must pay in damages to any person or to settle any claim, back to the promoters. Legal costs and expenses will be calculated on an attorney and own client scale. It will be your sole responsibility to conduct, at your cost and prior to submitting your entry for the competition, all the necessary checks to determine whether your business or any aspect thereof infringes any third party’s rights. You should contact a reputable intellectual property lawyer to assist you.
  8. By entering this competition, you agree to release the promoters from any legal responsibility to you or any other person, because the promoters are developing, launching or considering identical or similar businesses. You need to be aware that the promoters receive, assist with or develop new ideas all the time and that it is possible that an identical or similar business may be in any stage of launch or development. You agree that you will not take legal action against the promoters because they or any person associated with them are developing, launching, assisting or considering a business that is similar to yours, provided the promoters can prove that they considered such a business prior to you submitting your entry for this competition or without reference to your entry for this competition.
  9. You also understand that your business innovations may or will be published on a public website. This means that other persons can copy your innovations. It also could mean that your innovation may no longer qualify for patent or eventually design protection. You carry this risk if you enter the competition. We recommend that, before submitting your entry to the promoters, you obtain legal advice from a reputable intellectual property attorney.
  10. The promoter(s) do however agree that your business’ financial details will be kept strictly confidential.

How to enter?

  1. You have to submit your entry online via www.fnbbusinessinnovationawards.co.za, using the online entry forms and online templates we make available. You must submit all the required information on time.
  2. All entries will be reviewed by the Endeavor and FNB judging panels.

Is there a limit on the number of times you can enter?

Yes, only 1 (one) entry per participant per year.

How will winner(s) be chosen?

Please refer to the judging criteria set out above.

Note: The judges’ decision is final and no correspondence will be entered into. This means you cannot appeal any decision by the judges.

How will winner(s) names be announced?

Winners will be contacted by phone or email, and will be announced on www.fnbbusinessinnovationawards.co.za and at the 2017 FNB Business Innovation Awards event.

Note: Whilst finalists and/or prize winners may be asked to take part in publicity for the competition, they have the right to refuse to do so.

Deadline for claiming prize(s):

Within 6 (six) months of announcement of the winner.

Questions about these rules:

You can forward your questions/queries to the following email address: innovationawards@fnb.co.za

General rules that apply:

The following rules apply to competitions run on social network sites like Facebook, Twitter, Foursquare or Pinterest:

The following rules apply to competitions generally: