UnionX Innovation Challenge – FAQs

Frequently Asked Questions

Why is Union Bank running the UnionX Innovation Challenge?

As a response to the uncertainty around the world, Union Bank is running the UnionX Innovation Challenge to explore new and innovative tech solutions in different sectors. Through the challenge we hope to unearth ‘A New Discovery’, put forward by a cohort of talented innovators, that will take Nigeria and the global marketplace by storm.

What are the phases of the Union Bank UnionX Innovation Challenge?

The Challenge will run in the following stages:

    • Applications Open: 4 weeks
    • Bootcamp Launches (top 10): 3 weeks
    • Pitch Competition: 1 day
    • Incubator Program (top 3): 2 months

Who will be participating in the judging panel and how are judges selected?

The Judges will include Union Bank employees and industry experts. The judging panels are typically designed to ensure there are subject matter experts, who generally reflect aspects of the submitted entries.

How will successful entrants be notified?

Due to the volume of submissions we anticipate, only semi- finalists (top 10 entrants) will be notified via email, once selection has taken place.

Who can participate?

Early-stage startups (represented in the challenge by 2 members of the startup’s team) from Nigeria, with a business registered in Nigeria and an available Minimum Viable Product (MVP).

What types of innovative MVPs would be considered for submission?

The 2021 UnionX Challenge is Union Bank’s flagship innovation challenge. It aims to discover innovative digital solutions in a fast-changing global environment. Entrants are to submit a creative and innovative MVP, with a digital focus, addressing a pain point in sectors that include but are not limited to Financial Technology, E-Commerce, Health, Education and Agriculture

Will winners be incubated?

The top 3 selected MVPs will recieve cash prizes from Union Bank and incubation support from GreenHouse Capital with full engagement with Union Bank.

Where can I view the full terms and conditions for the UnionX Innovation Challenge?

You can view the full terms and conditions for the UnionX Innovation Challenge here