For coming up with the idea of wearable technology to counter the increasing abduction of schoolchildren in Nigeria, Chioma Abone and Emmanuela Ilok of Greensprings School, Lagos, are on the verge of winning $960,000 worth of prizes. This report came from the organisers of the Young Tycoon Business Competition. According to them, the duo were among the 28 finalists out of the 7,000 participants from 80 countries.
Explaining their business idea, the two students said it was about a security company that develops two products to keep students safe by alerting family and friends in any emergency.
“The inspiration for our business idea came from the insecurity situation in the country. As students, we aren’t happy with the news of the constant abduction of fellow students in some parts of Nigeria. So, we decided to work on an idea about a company called Paramount Guard, which seeks to offer security services to school students, not only in Nigeria but all over the world. The company plans to introduce AirGuard Wearable, which pairs with the AirGuard App to help students quickly alert family members and friends when in a critical situation or a state of emergency,” they said.
Mrs. Magdalene Okrikri, the secondary school principal at Greensprings Anthony campus expressed her happiness in the students’ advancement to the final stage of the competition. She said, “Looking at the total number of students that participated in this competition, I consider the emergence of our students as finalists to be a great feat. This achievement is a testament to Greensprings School’s drive to raise young entrepreneurs. We are indeed very proud of them and I wish them success in the final.”
The Young Tycoon Business Competition is organized by a consortium of the world’s top universities and Silicon Valley entrepreneurs, with the aim to motivate and mentor aspiring high-school entrepreneurs across the globe. The competition started in May, and the finalists have gone through three rounds, in which they submitted their business ideas, developed their business plans, and defended their pitch decks. The fourth – and final – round will take place at a later date yet to be advised.