Kenes Rakishev to present promising start-up with $50 thousand

A well-known Kazakhstan businessman Kenes Rakishev will present 50 thousand dollars to the young entrepreneur who can persuade him in the viability of his or her business idea and the need for additional funding, reports Tengrinews . Rakishev does not seek a share in the business or a payback. The funds are for uncompensated use. The competition “Build your own business” was launched by Kenes Rakishev’s investment company Gensis Angels and Kazakh website Vox Populi. The conditions are simple: a contestant should present a short, up to 2 minutes, video where he or she tells about the business idea or the existing business explaining why the business needs more money. By the end of the year the jury will choose several ideas and then Rakishev will personally choose the best one that will receive the 50-thousand-dollar prize. Other four finalists will receive consolatory thousand dollars. “Only those under 35 are eligible to participate. A preference will given to the businesses that are already running and have proved their sustainability,” said one of the initiators of the contests, the head of VoxPopuli website, Sayan Bagaliev. The organizers promise that the winner will not only receive the monetary prize but will also get some advertising support. If the first contest proves to be a success, the contests will be held on a regurlar basis.