A Technological Company, FunZ, has unveiled an N25m entrepreneurship contest for young Nigerians to put their thinking ability to a test with the ultimate target of solving problems to earn money through innovative means.
The contest was also launched alongside an app specifically built for event ticketing. The ticketing platform creates a meeting platform for event organisers and fun-seekers/prospective event attendees.
On the app, event organisers can upload their upcoming events, while prospective attendees can buy tickets to the event through the same platform.
The founder and Chief Executive Officer of FUNz, Nate Ikechi, while speaking on the entrepreneurial contest, stated that the business game was organised to empower Nigerian youths who have business ideas without capital to venture into their dream businesses.
The contest, which is open for Nigerians between the ages of 18 to 40, will be registered for with a token of N100 but with a star prize of N25m.
At the initial stage, the founder stated that the contest would onboard 100,000 persons but would eventually be streamlined through a voting system to a sizable number of 16.
He said, “It is a business game show for Nigerian youths between the ages of 18 to 40 who will be coming up with an exciting brand. You don’t necessarily need to have a business; what you need to have is a business idea that will resonate well, and you will be welcomed to our database. Registration started on March 4, 2025. And the cost to be part of this contest is just N100. We decided to make it such a dismissive amount considering the economic situation in the country.
“We are looking to onboard a 100,000 Nigerian youths and the first stage of screening will be through voting while the people with the highest votes just like Big Brother Naija show will continue to stay on the contest, and we are going to reduce that number to just 16 finalists who will be making it to the house just like the Big brother Naija. Later, the 16 participants will also be shared into groups, and the group with the biggest idea will win this contest.”
On the FUNz app, he said the app integrates an advanced fintech solution that offers a secured payment method and real-time transaction processing to ensure a seamless and user-friendly experience for anyone looking to purchase tickets.
During the live demonstration of the app, Ikechi highlighted the app’s interface and distinctive features that set it apart from traditional methods of ticket buying.
“This is not just about unveiling our app; it’s about showcasing the technology that is simplifying ticket purchasing for users while enhancing the overall experience,” he said.
The keynote speaker at the event, Eddy Lawani, lauded the innovation, saying that it will help resolve a lot of bottlenecks in the event and entertainment industry, emphasising that it would improve organisational efficiency for event organizers.
He further said the e-ticketing system conforms with the rapid technological advancement the world is currently adhering to but must be handled with evolving innovations to always be ahead of hackers and fraudsters.
Lawani mentioned trust, internet glitches, security risks and potential for hacking and data breaches, among others, as challenges which must be addressed by the owners of the new app.
