The Nation Newspaper

Category: Small Business and Entreprenuership

  • Boost for entrepreneurship

    Entrepreneurship is a key driver in job creation that can further boost the economy. An Abuja-based organisation has held a forum to empower Nigerians with entrepreneurship skills. DANIEL ESSIET was there.

    Although experts have said the economy is strong, many youths still have economic problems. By  focusing more on entrepreneurship, analysts believe that Nigeria can help the youth to acquire necessary skills to start their businesses.

    Against this background, Corpus Business Development Limited has held Global Entrepreneurship Week (GEW) in Abuja to recognise women and youths in entrepreneurship as well as connecting the ecosystems around the world.

    The aim was to help accelerate  entrepreneurship growth to ensure that Nigeria has a strong and diversified economy.

    The five-day event tagged: “Inclusion and ecosystem connect among women and Youth” saw five  entrepreneurs winning a grant of N500,000 each to support their businesses. The event attracted government officials, seasoned entrepreneurs and the media among who were Bankole Williams (LydAfrica); Chief Executive, Red Media, Adebola Williams; Arese Ugwu (Smart Money Africa), Chief Executive, Elpee Consults Lanre Philips; and founder PS Nutraceutical Intl Limited, Ogbole Samson.

    Speaking on the topic “Entrepreneurship in Africa; The place of young people”, Williams said Nigerians have the potential for  growth in entrepreneurship, adding that there were resources are to support them. He charged the delegates to think big as an entrepreneur and envision the  long-term benefits.

    On why the event was put-together, the co-founder of Corpus Business Development Limited, Mr. Chibuike Okoli said: “Corpus BDS Limited seeks to provide a platform for entrepreneurs to engage, network and form collaborations that will not only increase their business performance but also create a sustainable brand.”

    Okoli said Corpus BDS will  support entrepreneurs through business development services, mentorship and financing to scale and expand their enterprise.

    The highlight of the event was the pitching of businesses by several entrepreneurs who wanted funding. Of the 22 entrepreneurs pitched, five were selected and given a grant of N500, 000 each to support their business.

  • Grooming change makers

    TEDxIkeja, a Technology, Entertainment, Design (TED) New York licensed conference that is organised to tell stimulating stories and showcase unusual ideas to inspire people to change their lives, communities and their world, was held in Lagos, DANIEL ESSIET reports.

    Yearly, TEDxIkeja brings  together speakers to share their knowledge, insights, and experience, ranging from building successul businesses to quality education.

    This year’s edition, which held in Lagos, was titled:  “Tongues and crescent”.

    Chief Reading Coach and co-founder, Readland Leadership Centre for Children, Mrs Temiloluwa Adeshina, spoke at the forum.

    She works with children and spends time teaching them.

    She said teaching children to read better through her club makes her happy.

    She had wanted to work in the bank, but realised that she could make the world a better place by  teaching children to read  books and live with the right values.

    Through her reading club, Mrs Adeshina realised how important it was to help kids build their confidence, self-esteem, innovation and creativity. She feels fulfilled.

    Another speaker was Lagos-based sculptor, Ernest Nkwocha, who turn used tyres into art.

    Nkwocha, a graduate of Auchi Polytechnic, uses old tyres  to create artworks.

    Today, his sculpture is being celebrated in Lagos. This is evident in how his works sell at exhibitions.

    Marketing and Communications Manager, Stanbic IBTC, Usman Imanah narrated his experience of making it to the top of Kilimanjaro mountain. He described the adventure as challenging and would have taken his life. His words: “I nearly lost my life.”

    For him, it was a gruelling  seven-day event climbing Africa’s highest mountain.

    But  for  his resolve, Imanah  said he wouldn’t have been alive to tell his  friends the story, to  inspire others to tackle the world’s highest free-standing mountain. He  was delighted he endured  en route to Uhuru Peak, 19,340ft above the level more commonly associated with holidays.

    There were parties on the way down that thrown up, gave up, and not wanting to go.

    At the end, he made it to the top. He described the experience as incredible and inspiring.

    Other speakers were Spoken-Word Artist, Benny Finisher; Director, Brian Reuben Advisory, Dr Brian Reuben and Head, Sustainability, Access Bank Plc, Omobolanle Victor-Laniyan.

    The Event Curator, Ademola Adeshola, said TEDxIkeja was organised to support the spread of innovative new ideas that can drive change and inspire everyone to make a positive impact on the world.

    According to him, there was need to encourage innovative thinking and find real-world solutions to the most pressing issues we face.

     

  • Lagos hosts Netherland incubation scheme

    Orange Corners, an initiative of the Kingdom of The Netherlands to encourage and support entrepreneurship in Africa, will hold in Lagos in July.

    The six-month Lagos incubation programme organised in collaboration with FATE Foundation is aimed at supporting the nation’s young and increasingly techno-savvy population likely to be the driving force behind its socio-economic development.

    The FATE Foundation Executive Director, Mrs Adenike Adeyemi, said the programme will offer an opportunity for entrepreneurs looking to launch their businesses.

    She said the programme will support 20 entrepreneurs to incubate their projects.

    Backed by experienced mentors, the programme gives ambitious entrepreneurs opportunity to launch an innovative business anywhere in Nigeria.

    In addition to project-incubation, entrepreneurs participating in the programme will grow their own leadership ability, learn innovation tools, and join a global network of socially minded alumni.

    Also Read :Lagos introduces new classification, price schedule for public procurement

    To qualify for participation, she said the applicant must be resident in Lagos, under and have product/service, which responds to a local challenge and related to the Sustainable Development Goals (SDGs).

    She explained that the first batch of the six-month programme will be covered as scholarships by the Dutch Government.

    To apply, she advised youths to visit www.fatefoundation.org/orangecorners for more details.

    Orange Corners is an initiative of the Kingdom of The Netherlands that provides young entrepreneurs across Africa and the Middle East with the necessary training, networks and facilities to start and grow their startups. Orange Corners currently operates in South Africa, Mozambique, Angola, Morocco, Sudan and Nigeria and new programmes are being initiated in various other African and Middle Eastern countries.

  • Startup, truckrtech wins N1m

    Truckrtech, an online marketplace for listing and booking of third-party trucks, has won N1 million equity-free funding as the top startup from  Pitch2Win, 2019 edition held in Lagos.

    Pitch2Win is a competition launched by TechCircle,  in partnership with Japan’s FreakOut Holdings, to find the most disruptive startups in Nigeria, and give them local and international investment opportunities.

    Founded last year by Caryl Joshua Akonor, Truckrtech gives real-time visibility, cargo-in-transit insurance and proper communication channels to shippers and drivers.

    Read Also: Accelerating agribusiness Startups

    Call for application made early in May got over 200 entries across Africa. This was followed by a rigorous screening session, then selection of 10 finalists, culminating in the grand finale where selected startups had to battle for N1 million equity-free funding.

    The winning startup, TruckrTech, fought its way through to beat other three impressive startups, all aiming for the grand prize. Judges were impressed with its scalability potential to multiply its trucks, and expand services beyond Ghana.

    “We did our pilot between January and April, and started full operations in May 2019.

    “Between May and June, we’ve done $12,000 in revenue. We can look to 15 per cent  month on month revenue increase with this funding from Pitch2Win, Caryl Joshua Akonor, Founder”, TruckrTech said.

     

     

     

  • Edo, BoI, others brainstorm on access to finance for MSMEs

    The Edo State Government and other stakeholders in the investment sector, including officials of the Bank of Industry (BoI) are finetuning modalities to ease access to finance for Small and Medium Enterprises (SMEs) in Edo State to boost productivity.

    During a presentation on ‘Sector Opportunities and Ease of Doing Business in Edo State,’ Senior Special Assistant to the Edo State Governor on Investment Promotion, Mr Kelvin Uwaibi, said the state has immense  opportunities for investment in the oil palm industry and automobile sales, as records show that the state records the second largest automobile sales in Nigeria.

    Uwaibi noted that Edo ranks 8th in terms of ease of doing business in Nigeria and is largely becoming an investors’ hub with the increasing reforms in the industrial sector.

    READ ALSO: BoI, devt agencies, others tour facilities for MSMEs in Edo

    He added that reforms in land management through the Edo Geographic Information System Agency (Edo-GIS) has improved access to land and the state intends to partner with development finance institutions to create more opportunities for SMEs.

    The discussion featured expert session focused on agriculture, skills development, Information and Communication Technology (ICT) and entertainment.

    Deputy General Manager on SME (South), BoI, Mr Ayo Bajomo, said the major role of the bank is to support Nigeria’s economy and industrialisation by supporting medium and large scale industries.

    Commissioner for Women Affairs and Social Development, Hon. (Mrs) Magdalene Ohenhen, in her closing remarks, said the ministry is also looking to partnering with organisations in creating opportunities for women.

    She encouraged start-ups with creative ideas and solutions to take advantage of opportunities offered by BoI to expand their businesses.

  • Exploring opportunities in blockchain

    Young men and women are being empowered to find new jobs through emerging technologies, such as blockchain. Blockchain, which is described as an online ledger, is seen as a safe and secure way for transaction. It is gaining traction, DANIEL ESSIET reports.

    The blockchain is an ‘open ledger’ which records and manages transactions. Each record is called a ‘block’ and contains details of the transaction timestamp along with a link to the previous block. This protects the data from being manipulated retrospectively. Since each transaction is recorded over a distributed ledger in an encrypted manner, the technology is designed to be secure. Blockchain duplicates data across an open network so all parties in the blockchain see updates simultaneously, and all updates are validated through a public verification process that ensures accuracy without the need for a central authority, like a bank.

    Founder, Blockchain Nigeria Users Group, Chuta Chimezie said  no  forward looking organisation can operate today without thinking about block chain technology. This is because it records information in decentralised ledgers that all parties can access at the same time, eliminating the need for intermediary institutions and accelerating the transfer of data and money.

    He said blockchain helps to protect government and private digital assets and transactions, preventing tampering by outsiders or even government insiders. Also, it is almost impossible to hack, corrupt or destroy it.

    Companies are leveraging the   technology to create better financial services for consumers and businesses.

    These include companies operating in insurance, payments, asset management and personal finance.

    He said the technology holds the promise of business transformation, adding that it is providing jobs and creating entrepreneurial opportunities.

    He said  blockchain is one of the fastest growing segments in the digital world, as evidenced by the explosive growth in job openings within the sector.

    For candidates with the right skill set, there are a variety of career opportunities related to blockchain.

    Chimezie said blockchain has opened several new career opportunities such as developers and designers.

    According to him, there are jobs for developers to help companies create blockchain payment solutions and earn good money.

    Openings are emerging for blockchain attorney for companies who need their legal expertise while launching blockchain technologies to understand the implications of how business and finance are managed, besides tracking and confirming transactions platforms.

    According to him, the technology is poised to revolutionise many businesses. Employers and job candidates are investigating how cryptocurrency-related positions could be of use to their business.

    Chimezie said the technology has created opportunities for Nigerians to monetise their skills and talents as it becomes a mainstream technology in banking, finance and other sectors. There would be need for a lot of people who can write codes. There are jobs for software engineers, engineers, product managers,  data scientists, bitcoin full-stack developer among others. With cryptocurrencies such as bitcoin and ethereum becoming more and more engrained within society, he said interest in blockchain has risen.

    He said organisations willing to embrace blockchain are now on the lookout for developers and experts with skills and experience in blockchain to help them do it.

    Chimezie said the group is encouraging young people to learn skills associated with blockchain with openings as companies are looking for people that can build applications in the areas.

    Internationally, the demand for workers with skills in the use of blockchain technology is rising.

    This is because big-name corporations such as Microsoft and IBM have embraced the technology, which they use for their own internal processes.

    The President, Fintech Association of Nigeria, Dr  Segun Aina, said   there is future for distributed ledger technology such as blockchain in Nigeria as increasing demand across all industries.

    He said blockchain’s seamless transaction potential can unify banking networks and ease the hassle of remittance payments.

    According to him, the association identified major benefits that  blockchain has to offer, including multitude of opportunities for people to develop solutions across all fields of industry from finance to agriculture.

    He urged youths to take advantage of this to make a living for them.

    Aina said the association is cooperating with organisations to offer courses in financial technology (fintech) to professionals in the domestic financial industry.

    The programme, according to him, teaches participants about fintech and its impact on traditional banking and finance.

  • TBWF moves to position women entrepreneurs

    This year’s Business Summit of the Thriving Business Women Fellowship (TBWF), the business fellowship arm of the Victorious Praying Women Ministry (VPWM), will build on the success of last year’s edition to prepare existing and aspiring women entrepreneurs for more business exploits.

    According to VPWM founder and Convener of the summit, Pastor Mayoku Oreofe, the programme will be an ‘EPIC, event. EPIC stands for Engaging, Pushing, Intriguing and Compelling.

    The Team Lead, Business Summit, Mrs. Yemi Adeosun, said after the success of last year’s edition, which, based on feedbacks and testimonies from participants, helped digitalise their businesses, this year’s edition was poised to further hone the skills of existing and aspiring women entrepreneurs to do more exploits.

    Speaking with The Nation in Lagos ahead of this year’s  summit scheduled to hold through the month of June with the theme: Exploits, she said in preparing intending participants for more business exploits, TBWF has lined up six top-notch guest speakers who are proven successful business owners to share their stories on building and running successful businesses.

    They include CEO, Bubez Foods, Mrs. Ijeoma Ndukwe; CEO, Mona Mathews Shoes, Monalissa Azeh; Creative Director, Mrs. Femi Olayebi; CEO, Teleo Messengers, Dr. Bukola Adewakun; and MD, Dews Group, Mrs. Funmi Arowogun.

    According to Mrs. Adeosun, the success stories that these successful business owners will be sharing at the summit, which is the 11th edition, will encourage and motivate others wishing to venture into their own businesses or those looking to scale up their current ventures.

    She said the summit will take place in four centres including Lagos (every Tuesday in June); and Abeokuta (every Wednesday). It will also hold simultaneously in Ibadan (every Thursday) and Abuja (every Thursday). While some of the speakers will be speaking at the four centres at different times, two will speak in Lagos.

    Admission to the summit is free, but registration is compulsory. However, those who could not register online can register physically at the summit venues.

    Though TBWF is a business women fellowship, it is not gender biased, as such men are also welcome to attend and gain useful insights.

    “Everyone is invited particularly aspiring entrepreneurs, those who want to take their businesses to the next level; those currently unemployed and housewives,” the team lead said.

    For prospective participants, Mrs. Adeosun said the icing on the cake will be a post-summit event during which some of the speakers will be attached to mentees for a period of about six months. She said this will be done through TBWF’s sister company called Thriving Enterprise Development Centre (TEDC).

    According to her, TEDC, which is a business school that trains people on how to start, run and grow a business to a world class business, will anchor the six months mentoring prograame, ensuring that there is maximum impact of the mentoring relationship.

    She clarified that TBWF does not provide participants with seed capital to start off their businesses, but with knowledge impartation. This, she said, is the core goal of the business summit and the real wealth on which each business person draws his or her needs.

  • Success in logistics business

    The founder, Graced Holidays and Logistics, Diana Ekpenyong, is bringing the much needed delivery service to businesses and consumer community, DANIEL ESSIET reports.

    Ten years ago, logistics industry was associated with heavy lifting work. With automation and technology on the rise, logistics business is no more about physical work anymore. This has  made it possible for more women to go into the business. Diana Ekpenyong is a Nigerian logistics entrepreneur providing customers with a new approach to delivery services. She established Graced Holidays and Logistics to provide flight tickets, visa processing, tours, honeymoon packages, charter services, event logistics and courier. It started in 2017 while the logistics aspect took off in March this year.

    Her experience in the travel industry and forward thinking skill is what propelled her towards starting the business.

    She said: “Travel and logistics is  interesting and it is aligned with what I knew I could see myself doing for some time. I would say you should be your own critic. Looking back, I’m glad I killed other ideas early and quickly gave it the time to evolve and develop to the great idea it was, and still is.”

    Working in the logistics industry for her was a really formative experience.

    “I started with zero naira, I used what I had. My mobile phone was and still is my office,”  she said, adding that she then started accepting small parcels. Now she is delivering consignments for big companies with three workers on her pay roll.

    Her dream is to become one of the biggest names in the domestic air express service space. Right now things are looking exciting.

    She believes women are hardworking, committed and capable of doing any job whether it demands physical, intellectual or emotional strength.

    She said women who join the  logistics industry need to know that  it  is  a  service  industry  and  need to have good  verbal  and  written communication skills, knowledge of logistics processes and procedures, focus on customer service and orientation, have a sharp business acumen along with strong analytical and problem-solving skills.

    She said she measures customer satisfaction to assess her own performance. “My most satisfying moment is seeing satisfied customers repeat business with us. I am extremely proud that I took this bold step. Our client base is increasing and we are seeing both new and repeat businesses. I must say I am happy with every little growth we have witnessed but I am not resting on my oars.”

    The business is fun and she doesn’t need anything more than that to feel relaxed and happy. She is adapting to the changing times and exploring new options to stay afloat.

    For her, logistics today in Nigeria is one of the most important and relevant sectors of the economy. To  attract  the  women  in  this  industry,  it  is  imperative to educate  them of the opportunities available and what this industry has to offer.

    This vision drives her to stick to the logistics industry.

    She has made sacrifices to be a successful entrepreneur. Her words: “I work round the clock now. As the Chief Servant Officer of Graced Holidays and Logistics Ltd, I am always on my toes to make sure jobs are delivered promptly so I do not have “me” time. “

    She is convinced there are fascinating possibilities, something new to learn, some new goal to be accomplished.

    She said: “I hope to have advanced as much as possible, I’d like to find myself in a position to mentor others in the field, putting my experience to use in ways that can help others achieve what I’ve attained. I also see Graced Holidays and Logistics Limited become a preferred service provider in the Travel and Logistics Industry.”

    Her advice for young entrepreneurs. “I’ll tell young entrepreneurs not to be afraid. Start on something and overcome the obstacles. I started a couple of businesses that failed in the past. Most failed to even make a profit but from each failure I learned something that could be used on the next and it even made the next time easier both in finding ideas and executing them. Don’t fear failure, fear being mediocre that’s way worse”.

  • Grooming new class of entrepreneurs

    The yearly Upgrade Conference organised by Eden Kingdom Ministry has held in Lagos. It is a platform for young professionals to meet experts to advance their careers and businesses, Daniel Essiet reports.

    THE yearly Upgrade Conference, an initiative of Eden Kingdom Ministry, led by Pastor Akin Akinpelu, has held in Lagos.

    It is aimed at helping youths to embrace entrepreneurhip.

    The programme connects youths and founders, and provided start-up owners with opportunities for growth.

    It focused on media, ministry, career, business, human resources, fashion and agriculture.

    Key players were selected across  some industries to lead the discussion.

    Akinpelu said the forum was aimed at discovering and developing talents who could contribute to the economy.

    He noted that empowering youths would  help them to acquire knowledge and leadership skills.

    One of the keynote speakers was the Group Chief Executive of MTech PLC, Chika Nwobi, who founded the firm at 22 years.

    With $300,000 as capital from Lateef Belo-Osagie, a  media entrepreneur Chris Ubosi and others, Nwobi  recruited fresh Obafemi Awolowo University (OAU) graduates and founded MTech Communications.

    The company has grown to become the leading mobile content firm in Africa with branches in Ghana, Kenya, Tanzania and Uganda.

    Nwobi also established Level 5 Lab (L5Lab) – a venture development firm – that has incubated several successful African tech companies, including Jobberman.com – Africa’s largest online jobs portal and Cheki.com.ng, Nigeria’s leading cars/autos website.

    He has been able to guide the two firms to attract significant investments from international private equity firms.

    Nwobi reiterated that he was passionate about the education and development of youths.

    He said he targets people with  good business ideas and funds them.

    But at the beginning, the journey was rough.

    He recalled that he had to forgo the opportunity of picking a well-paying job in the United States to return to Nigeria to pursue his dream of becoming an entrepreneur.

    For him, an entrepreneur thrives by failing and embracing failure, as well as knowing how to fall and stand up again.

    Nwobi said there were opportunities for young Nigerians to build successful tech companies.

    To assist them explore emerging opportunities, he is committed to training them.

    He has established Decagon Institute, an elite software engineering institution that will train the most -talented applicants in Nigeria, even if they cannot pay.

    He said graduates  would  be placed in jobs as software engineers in top companies in Nigeria and abroad and will be asked to pay a portion of their income to the institute.

    He noted that Nigeria has the potential to be a global powerhouse in software development and Decagon is determined to make it this reality.

    Nwobi aims to train 5000 world- class software engineers in five years as part of his mission to transform Nigeria into one of the most respected sources of elite software engineering talent in the world.

    Another speaker was Founder, Joy Inc., a teaching and media firm, Chude Jideonwo.

    Jideonwo is co-founder, and Managing Partner, Red Media Africa, which owns Africa’s largest portfolio of youth media brands, such as The Future Africa Awards & Summit, Y! Africa, and YNaija.com.

    Jideonwo is the founding Executive Director of The Future Project, which empowers youths across Africa through leadership and enterprise.

    A lawyer, Jideonwo observed  that young Nigerians prefer to wait for government jobs rather than seek the opportunity to create decent jobs for themselves.

    However, he said this must  change, urging them to start their own business.

    He said though Nigeria is going through tough times, entrepreneurs could create new jobs to reduce the  unemployment rate.

    He believes that the first step to implementing a business idea is research to know whether the idea could be developed into a business.

  • Grooming new class of entrepreneurs

    The yearly Upgrade Conference organised by Eden Kingdom Ministry has held in Lagos. It is a platform for young professionals to meet experts to advance their careers and businesses, Daniel Essiet reports.

    The yearly Upgrade Conference, an initiative of Eden Kingdom Ministry, led by Pastor Akin Akinpelu, has held in Lagos.

    It is aimed at helping youths to embrace entrepreneurship.

    The programme connects youths and founders, and provided start-up owners with opportunities for growth.

    It focused on media, ministry, career, business, human resources, fashion and agriculture.

    Key players were selected across  some industries to lead the discussion.

    Akinpelu said the forum was aimed at discovering and developing talents who could contribute to the economy.

    He noted that empowering youths would  help them to acquire knowledge and leadership skills.

    One of the keynote speakers was the Group Chief Executive of MTech PLC, Chika Nwobi, who founded the firm at 22 years.

    With $300,000 as capital from Lateef Belo-Osagie, a  media entrepreneur Chris Ubosi and others, Nwobi  recruited fresh Obafemi Awolowo University (OAU) graduates and founded MTech Communications.

    The company has grown to become the leading mobile content firm in Africa with branches in Ghana, Kenya, Tanzania and Uganda.

    Nwobi also established Level 5 Lab (L5Lab) – a venture development firm – that has incubated several successful African tech companies, including Jobberman.com – Africa’s largest online jobs portal and Cheki.com.ng, Nigeria’s leading cars/autos website.

    He has been able to guide the two firms to attract significant investments from international private equity firms.

    Nwobi reiterated that he was passionate about the education and development of youths.

    He said he targets people with  good business ideas and funds them.

    But at the beginning, the journey was rough.

    He recalled that he had to forgo the opportunity of picking a well-paying job in the United States to return to Nigeria to pursue his dream of becoming an entrepreneur.

    For him, an entrepreneur thrives by failing and embracing failure, as well as knowing how to fall and stand up again.

    Nwobi said there were opportunities for young Nigerians to build successful tech companies.

    To assist them explore emerging opportunities, he is committed to training them.

    He has established Decagon Institute, an elite software engineering institution that will train the most -talented applicants in Nigeria, even if they cannot pay.

    He said graduates  would  be placed in jobs as software engineers in top companies in Nigeria and abroad and will be asked to pay a portion of their income to the institute.

    He noted that Nigeria has the potential to be a global powerhouse in software development and Decagon is determined to make it this reality.

    Nwobi aims to train 5000 world- class software engineers in five years as part of his mission to transform Nigeria into one of the most respected sources of elite software engineering talent in the world.

    Another speaker was Founder, Joy Inc., a teaching and media firm, Chude Jideonwo.

    Jideonwo is co-founder, and Managing Partner, Red Media Africa, which owns Africa’s largest portfolio of youth media brands, such as The Future Africa Awards & Summit, Y! Africa, and YNaija.com.

    Jideonwo is the founding Executive Director of The Future Project, which empowers youths across Africa through leadership and enterprise.

    A lawyer, Jideonwo observed  that young Nigerians prefer to wait for government jobs rather than seek the opportunity to create decent jobs for themselves.

    However, he said this must  change, urging them to start their own business.

    He said though Nigeria is going through tough times, entrepreneurs could create new jobs to reduce the  unemployment rate.

    He believes that the first step to implementing a business idea is research to know whether the idea could be developed into a business.