A one day programme ‘Small-Medium Enterprises (SMEs) Empowerment Innovation Challenge East and West Africa’ geared towards finding and strengthening new initiatives that can empower startups and SMEs in the field of justice, organised by HIIl Innovating Justice Group and Ford Foundation held in Lagos identified a range of factors inhibiting entrepreneurship growth. It also gave grants to entrepreneurs with new ideas and products, DANIEL ESSIET reports.
One of the biggest challenges facing entrepreneurs and small businesses is not lack of ideas, energy or commitment, but access to investment finance, professional services support and mentoring, the Chief Technology Officer, ispace Ghana, Fiifi Baidoo, has said.
He spoke during the ‘SME Empowerment Innovation Challenge East and West Africa’ organised by HIIL Innovating Justice and Ford Foundation, in Lagos, where he was one of the international delegates that attended the programme.
According to him, it is not easy for aspiring business owners to get started with plenty of challenges.
Although the environment is still very conducive for business growth and startup ventures, he said the cost of setting up a business has gone up. He said while some banks are ready to lend to existing businesses, very few will provide facilities to start-ups.
He however, said support was required to increase business expertise and develop a pool of professional consultants able to advise small and medium enterprises.
Isaac Aggrey of West Africa Social Entrepreneurship Network, Ghana, said there was need for governments to look at how to provide flexible access to finance so SMEs can meet their financial needs.
General Manager, Enterprise Development Centre(EDC), Pan Atlantic University, Olawale Anifowoshe said SMEs are facing the challenges of lengthy procedures required to start a business.
He identified quality of leadership as a big challenge as there were business owners who were not properly trained and mentored into management roles. He said identifying and recruiting the best people for the right roles and finding the right skills is sometimes a big problem for SMEs.
He said the centre supports entrepreneurs and enterprises to strengthen their skills and abilities, helping them grow businesses that generate income, sustainable economic growth and impact.
The Head, Innovating Justice Accelerator –Investment Programme, Mr Wilfred De Wever told The Nation that his organisation is promoting entrepreneurship by finding the best innovations across the world through the ‘Innovating Justice Accelerator Issues Challenge Competitions.’
According to him, three finalists from the SME Empowerment Innovation Challenge will pitch their innovations at the Innovating Justice Forum 2015 scheduled between December 3 and 4 at the Peace Palace, The Hague, Netherlands.
He said HiiL’s Innovating Justice Accelerator is a crucial intermediary for developing more legal startups around the globe. In its efforts to improve access to justice, he said HiiL builds local Innovating justice hubs and establish investment funds dedicated to justice innovations.
According to him, the group is working to establish an investment fund dedicated to justice innovations in Nigeria.
During the Innovating Justice Boostcamp , the finalists selected from a list of 21 startups that were shortlisted for the voting phase of the challenge were presented. The seven finalists include DIYLaw, mSME Garage, BudgIT, ShopOfficer, Tunga, Atikus and Justart. Wilfried de Wever congratulated the startups, stating that he was encouraged by the enthusiasm of young entrepreneurs who work to improve the local environment for businesses.
Chief Executive Officer (CEO) HiiL, Dr Sam Sam Muller, said the SME Empowerment Challenge is an initiative geared towards finding and strengthening new initiatives that can empower startups and SMEs – specifically, innovations that address regulatory hurdles and bureaucratic red tape faced by youth-led startups in East and West Africa.
He said his organisation seeks to introduce new solutions around specific topics. Every year, according to him, the most promising innovations receive an Innovating Justice Award and professional support to accelerate their impact.
He said his organisation is spearheading an innovation wave that has been engulfing sectors in the justice sector. He said many people in Nigeria and other parts of Africa would profit from fantastic innovations designed by young entrepreneurs.
During the event, the seven finalists pitched their innovation to an audience of justice, technology, government and academia. After the pitching event, Kenya’s ShopOfficer, Uganda’s MSME Garage and Nigeria’s DIYlaw were named as finalists. The three startups will now head to the Innovating Justice Forum in The Hague, Netherlands on December 3-4 to compete for seed investment of US$70, 000, acceleration support and access to funding, networks and expert advice.