- The Union Bank UnionX Innovation Challenge is open to early-stage startups and entrepreneurs with innovative, cutting edge, technology-focused Minimum Viable Products (MVPs) that demonstrate a strong potential to transform sectors that include, but are not limited to the Financial Technology, Agriculture, Education, E-Commerce, and Health sectors.
- To enter the competition, entrant(s) must complete the application form here and confirm acceptance of T&Cs.
- In consideration for entrant(s) completing this application and submitting entries, Union Bank, its associated companies, and any company or individual authorized by Union Bank (hereinafter called ‘Union Bank”) shall have the unrestricted and non-exclusive rights to edit, adapt, publish, copy, display, perform, broadcast, modify, and otherwise use any or all entry materials and intellectual property, alone or in combination with other materials including but not limited to essays, photos and/or videos in any and all media, whether now known or later discovered, in perpetuity, without restriction of any kind whatsoever, without further compensation to the entrant or anyone else.
- During and following the culmination of the challenge, Union Bank reserves the right to use text, images, and video content for display purposes at conferences, meetings, and future challenges without copyright or royalty restrictions.
- The top ten entries will be admitted into a bootcamp where they will get access to Coach-Mentors, Capacity Building, a community of stakeholders, and strategic partnerships.
- The top three selected solutions will attract immediate support to scale the solutions and venture support to the winners which include supporting each solution to scale which will include linking and identifying relevant stakeholder to buy into the solution and providing specialized support based on the specific needs and advisory regarding the deployment and management of funding received.
- Entrants will retain all ownership rights and the intellectual property pertaining to their solutions. However, by being in the top 10, entrants agree that they shall be willing to partner with Union Bank (in a mutually beneficial arrangement) to distribute their solution if invited to participate in the incubation program – details of this will be communicated via a separate contract.
- By participating in the Union Bank UnionX Innovation Challenge and being shortlisted into the top 10, Union Bank has the first right of refusal in the event that further investment or partnership with a financial institution is required to develop the MVP further.
- Any entry that is incomplete or that contains inaccuracies will not be processed and will result in the automatic disqualification.
- Union Bank does not accept responsibility for lost, corrupted, or delayed entries as a result of any network, hardware or software failure of any kind.
- Entrants will not upload, post, or otherwise transmit any entry or content that contains software viruses, trojan horses, worms, time bombs, cancelbots, or any other computer code or files that are designed to disrupt, damage, or limit the functioning of any software or hardware.
- Entrants should have no more than two representative leaders. The leader(s) will be the main point of contact with Union Bank. The leader(s) must act as a coordinator with the other team members and personally handle the use and possible division of their member’s personal time and financial participation in the project expenses (if any). Union Bank will not be liable for any claims in this regard
- Once an entry has been submitted, no further changes will be accepted.
- Union Bank reserves the right not to accept an entry if it does not strictly comply with the terms and conditions.
- A panel of Union Bank appointed experts will judge the entries on their originality, functionality, perceived commercial feasibility, aesthetics, and potential to solve the problem outlined. Up to 10 top entrants will be notified. Shortlisted participants will be required to show identification or proof of address which will be verified before the pitch event. Shortlisted participants will have the opportunity to pitch their solution to the judges and the winning solutions will be chosen.
- The panel will select a maximum of three entries from all entries; the panel’s decision is final.
- The three winners will be notified at the event and by email or telephone using the information supplied at time of entry on the competition website. Each finalist may be required to sign and return an affidavit of eligibility, indemnity, publicity, and liability release, along with an assignment of all rights in and to his/her entry (including copyright and a waiver of any moral rights to the extent allowed by law), within seven days of notification. Each finalist may also be required to verify the facts of his/her story and/or provide additional documents as may be required by Union Bank to confirm and/or assign rights in the entry.
- The three winners will be required to submit a video still/image as a hero image for promotional purposes (including full credit and caption information).
- The top three solutions will receive scaling support with a range of services focused on product development and business modelling. Solutions must be working prototypes or MVPs that will be ready to be piloted with identified stakeholders or early adopters within three months from demo day.
- Each entrant (s) warrants that the application submitted by his/her team is an original work, and that they have the right to submit the application in the challenge.
- Union Bank reserves the right to make amendments to the selection criteria at any time, as it deems fit.
- Each entrant agrees and undertakes not to submit any application that (i) infringes any third party proprietary, intellectual property, industrial property, personal rights or other rights, including without limitation, copyright, trademark, patent, trade secret or confidentiality obligation; or (ii) otherwise violates applicable law in any countries in the world. To the maximum extent permitted by law, each entrant indemnifies and agrees to keep indemnified Union Bank, its affiliates (meaning any legal entity that directly or indirectly controls, is controlled by, or under common control with Union Bank), agents, directors, officers, employees, representatives and assigns harmless at all times from and against any liability, claims, demands, losses, damages, costs and expenses resulting from any act, default or omission of the participant and/or a breach of any warranty set forth herein.
- Entry in the challenge implies the unreserved acceptance of these Challenge Rules in full, along with any applicable laws, regulations, or other legislation applicable in Nigeria.
- In the event of any dispute, the laws of the Federal Republic of Nigeria shall apply.
- Union Bank reserves the right to limit, or restrict upon notice, participation in the challenge to any person who fails to comply with these terms and conditions.
