Nairobi — Inoorero University has trained 3,000 young entrepreneurs on how to write successful business plans as an annual business plan writing competition enters submission stage.

Chase Bank Enablis Business LaunchPad Competition is an initiative of Enablis Entrepreneurial Network East Africa, in conjunction with Chase Bank, Safaricom Foundation, East African Cables, Access Kenya, Inoorero University and Nation Media Group.

It aims at creating opportunity for budding entrepreneurs with a business idea or existing firm, and who find it hard to secure conventional commercial funding, to be considered for start-up or funds for expansion.

Enablis East Africa regional director Moses Mwaura on Wednesday said that young entrepreneurs have shown the greatest interest in the competition.

"We are very encouraged by the enthusiasm of the Kenyan youth who want to venture in entrepreneurship," he said during final training at Kenyatta International Conference Centre, Nairobi.

Ingredient to growth

Chase Bank relationship manager Fenwick Obaka said the bank targets getting fundable business plans from the competition stating the bank's commitment to support entrepreneurs through affordable credit.

"We believe entrepreneurship is a necessary ingredient for stimulating economic growth and employment creation in all societies," he said.

In its second year

An evaluation panel started receiving business plans from Wednesday up to August 30, 2010 and first 100 finalists would be announced on October 14, 2010.

In its second year, the competition seeks to provide inspiration and support young individual entrepreneurs in setting up businesses.

The initiative targets 11 million youth across the country.

Prizes include cash, Internet access, business development support through Enablis membership and potential access to finances for qualifying winners.