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FAQ: Nigeria Fast Growth 50
FREQUENTLY ASKED QUESTIONS
• What is the Nigeria50?
• Why apply?
• How do I apply? What is the application process?
• How are companies selected and ranked?
• Why does AllWorld Network emphasize fast growth companies?
• Will my company's growth percentage be high enough to make the Nigeria50?
• How strong have the applicants been to date and what industries do they represent?
• My company's revenue growth slowed or declined in the past year. Does that disqualify my business or make it unwise to apply?
• Am I eligible to apply?
• What if my company had less than 80,000,000 Naira ($500,000 USD) in revenues in 2011, or was established later than 2009?
• My company is majority or wholly owned by a venture capital firm, a private equity firm, or an investment bank. Is it eligible?
• How does the list define revenue?
• When is the deadline for submitting an application for the Nigeria50?
• Is supporting documentation required?
• What if my company is public?
• What if my company is independent but about to be acquired or go public?
• Does my company have to be profitable to be eligible?
• Will being recognized on the Nigeria50 reveal information about my company to my competitors?
• Right now, I'm not sure if I want my company to be on the list? Can I apply now and withdraw my application later?
• Who are the partners in the program and what do they do?
• Who is AllWorld Network?
• What is a nominating partner?
• What if I have more questions that are not listed here?
AllWorld Network created the Nigeria50 to bring world-wide attention to growth companies of Nigeria and Africa. If you are an entrepreneur with a fast growing non-listed company, the Nigeria50 is for you.
The winning companies will be ranked according to their revenue growth/turn-over growth between 2009 and 2011. Companies make the Nigeria50 based on high quality performance and top-line revenue growth, with the fastest growing company achieving the #1 spot. Younger companies established after 2009 can qualify as Start-Ups to Watch or Company-to-Watch using the same application.
- YOU CAN EARN A POWERFUL ENDORSEMENT
Making the list distinguishes your company in the eyes of clients, prospects, competitors, investors, the media, your community, and the world at large. All winners receive considerable local and international media attention.
- YOU CAN BOOST EMPLOYEE AND INVESTOR MORALE
Recognition as a Nigeria50 winner is tangible, objective evidence that the hard work of your employees is paying off and that your investors made a good decision.
3. YOU WILL GET TO NETWORK WITH THE BEST
You will be joining a global network of high-growth entrepreneurs and global experts who will help you become a stronger and smarter business leader, and who will open up opportunities for you in other markets. Companies are invited to attend the AllWorld Summit@Harvard with fast-growing companies from around the world. You will also be invited as a speaker or guest to important business events representing your country as a top growth entrepreneur.
4. YOU WILL BE RECOGNISED AT THE NIGERIA50 AWARDS CEREMONY
With more than 500 winners and public and private leaders from around the world, you will be part of the Nigeria50 Summit & Awards Ceremony.
5. BECOME A MEMBER OF AllWorldXchange
As a winner you will join the AllWorldXchange, the most exclusive global network of growth
How do I apply? What is the application process?
Apply online at www.AllWorldLive.com with 3 easy steps.
1. Use a PDF copy of the application form our website to collect your information. With the information handy, application must be submitted online and takes about 20 minutes. You will be asked for information about the history of your company, the type of employees you have, your financing needs, and why you became an entrepreneur.
2. Submit your audited statements to confirm your revenue numbers.
3. AllWorld will interview you by phone or in person to learn more about your company and to complete the application process.
The winning companies will be ranked according to their revenue growth/turn-over growth between 2009 and 2011. Companies make the Nigeria50 based on high quality performance and top line revenue growth, with the fastest growing company achieving the #1 spot. Younger companies established after 2009 can qualify as Start-Up to Watch and Company-to-Watch using the same application.
We are looking for real companies, with real growth and real success. We reserve the right to disqualify companies for financial or other reasons.
Why does AllWorld Network emphasize fast growth companies?
Fast growth companies generate new ideas, new business models, and new markets. To sustain high growth rates for a number of years, a company is not replicating best practices, it is creating best practices. Closer to home, fast growth companies rapidly expand their employment base, and because of their growth, offer unparallel opportunities for employee training and advancement.
Will my company's growth percentage be high enough to make the Nigeria50?
This depends on your company's growth percentage in comparison with the rest of the private companies that apply. Remember that the award is based on 3 year growth rate, not one. Thus, if your company has experienced any growth during this period, we encourage you to apply.
Applicants to the AllWorld Rankings represent a wide range of sectors and industries. A company’s place on the list is determined relative to the strength of other applicants. Companies meeting the minimum revenue criteria and positive growth over the last three years (2009-2011) can be strong contenders for a place on the Nigeria50.
My company's revenue growth slowed or declined in the past year. Does that disqualify my business of make it unwise to apply?
Not at all. We look at your overall growth rate in comparison to the other applicants. Year-to-year declines are accepted and will most likely be common among other applicants.
- Have a three-year operating history with revenues/turnover of at least 80,000,000 Naira ($500,000 USD) in 2011.
- Smaller and younger companies can qualify as Start Ups to Watch
- Be an independent, private, non listed, for-profit, corporation or partnership, or proprietorship. The company can be an independently incorporated entity owned by a holding company
- Have its primary location in Nigeria, but the company can be legally incorporated elsewhere.
- The company can be invested in locally or internationally, but must not be 51% or more owned by a publicly traded company or by a government of any country.
- Must NOT be a non-profit, holding company, franchise, auto dealership, bank or utility company. Private companies established by any government are NOT eligible. Private companies owned 51% or more by a public company or 51% or more by local government are also NOT eligible.
Companies that are not yet three years old or are smaller in size can use the same application to qualify for recognition as a Startup-To-Watch. We look for companies that have the characteristics of performance and growth as the fully ranked companies and the AllWorld rankings have many Startup-to-Watch.
My company is majority or wholly owned by a venture capital firm, a private equity firm, or an investment bank. Is it eligible?
Yes, as long as none of these are publicly traded or are state-related entities.
How does the list define revenue?
We define revenue as gross operating revenue or turnover, less returns and allowances, before any cost of goods sold. If you do not have a final figure for your 2011 revenue when you apply, you may enter an estimate and give the more precise figure when you submit additional documents.
When is the deadline for submitting an application for the Nigeria50?
The deadline for the Nigeria50 process is October 31, 2012
Is supporting documentation required?
Yes. To ensure the integrity and credibility of the list, we require that all applicant companies submit audited financial statements or an audit letter for proof and verification for their revenue figures. A sample audit letter can be found on our website, wwww.allworldlive.com or will be provided to you.
What if my company is public?
Public companies are not eligible for the Nigeria50. However, if a company was privately held and independent up to December 31, 2011, it is still eligible.
What if my company is independent but is about to be acquired or go public?
Your business is eligible as long as it is privately held and independent as of December 31, 2011.
Does my company have to be profitable to be eligible?
No. The lists are solely based on revenue growth, and profitability does not enter into the equation.
Will being recognized on the Nigeria50 reveal information about my company to my competitors?
All information provided by you is used to qualify your company for the program and will be kept strictly confidential. No one will ever see your financial statements except for AllWorld.
Should your company qualify for an AllWorld ranking, only the name of the company and CEO name, industry, number of employees, revenue range (reported in ranges such as ($0-5 million,10-50 million, 50-200 million etc.), and revenue growth rate will be shown. Your specific revenue numbers will not be published.
Who is AllWorld Network?
AllWorld’s mission is to find and scale ALL the growth entrepreneurs of the emerging world, creating the largest information system and network of growth entrepreneurs. We are building a global platform to spark the next economy. We are building the Facebook of economics. To learn more about AllWorld Network visit our web site www.allworldlive.com
What is a nominating partner?
Nominating Partners are actively involved in building the programs. Each organization participating as a Nominating Partner agrees to nominate at least 10 fast growth companies to the list. The logo of each nominating partner is showcased on our web sites.
To become a Nominating Partner, please contact Ebi Brisbe at email@example.com
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