The Nation Newspaper

Category: Small Business and Entreprenuership

  • Inspiring others as a young entrepreneur

    Nigeria has become home to many young talent, some of whom have gained international recognition.

    With his name being counted after establishing a thriving startup, a young graduate of Kogi State University and the creative Director, Toubie’s Creations, Aiyenigba Oloruntobi, is an entrepreneur to watch.

    All over, youths are finding a way to survive the economic situation. Increasing retrenchments in workplaces and the increase of jobless young people, fuel the rise of local innovators as people strive to fight against the tide of economic challenges . Many  employed youth have shifted focus to the informal sector, often learning completely new skills in order to survive under harsh economic conditions. Young graduates are establishing successful ventures to create unique and innovative products. One area they are recording successes is in the creative industry.

    The industry is helping to mitigate the country’s unemployment challenge and helping the youths to unleash their entrepreneurial capabilities, thus helping to create jobs for the local economy and lifting many out of poverty. Making shoes has become the way of life for the youth where the economy continues to recover from shrinking amid perpetual closures of industries.

    A creative and versatile footwear innovator and trainer with a fantastic eye for detail, product design and development, Aiyenigba Oloruntobi is among the very few young e entrepreneurs that are pursuing shoemaking while empowering young people and women to acquire the right skills to become financially stable.

    For Oloruntobi, running shoe business has become a way to escape unemployment.

    How did he come about with the business idea? This was his answer: “It was shortly after I graduated that I realised that people had the need for good shoes and so I decided to go into it since I already have an idea. “The shoe industry is peculiar. This is because every sane person needs a good shoe and so, the demand for it can never come to an end. This is the reason I went into it.”

    He started small in December 2016. “I started with repairing of old shoes. I didn’t start with any capital. So, speaking of how much I started with, I think it was with less than N1, 000.”

    He is faring well. So far, the signals justify the upbeat mood. Local buyers are flocking in droves to patronise indigenous producers and many of them are new customers.

    For the first time too, domestic manufacturers are in the enviable position of being able to turn down business.

    The enterprising young business man has plunged into serious leather shoe production. The business is growing .It has five staff and a number of apprentices.

    A combination of personal savings, goodwill from material suppliers built up during his business has helped the business to grow. Besides, he is fortunate to start the company with good clients.

    However, for one to succeed, an aspiring shoe maker needs basic knowledge of creative engineering, shoemaking skills and fashion knowledge.

    The thing about shoemaking is that one really has to know something about every process involved in the manufacturing of shoes, along with a good sense of what is happening with the market. This he has achieved.

    His failures and what he has learned from them? His words: We’ve made some designs that didn’t really do well in the market. It wasn’t welcomed by people. What I learnt from there is that, not everything you do will be accepted by the masses. But that shouldn’t stop you from trying out new things.”

    All this made him take a hard re-look at his business. For him, if he has to grow the business beyond Lagos or even beyond what he is doing now, he had to do things differently. The business has many challenges. Prominent among others include influx of cheap imports from China and strong brands. Right now, competition is fierce and comes from both local and international sources. Some of the big brands have the ability to mass produce shoes at very competitive prices due to their labour costs that are significantly lower than theirs.

    A lot of them have managed to maintain a competitive edge by creating niche brands offering unique products.

  • Turning adversity into success

    This man’s inspiring journey will encourage you to turn adversity into a powerful life advantage, DANIEL ESSIET reports.

    President, Casino Travel Club, Kelechi Okorie has been through the vicissitudes of life. He didn’t bargain for what life offered him.

    For many people, the thought of job loss is petrifying. For Okorie, it became a reality in 2011. He lost his job.

    He was one of the speakers during a forum organised by Wefundpro, an empowerment organisation in Lagos.

    At the time he lost his job, he was married with children. Getting a job became an uphill task.  He felt helpless and vulnerable. No money to feed the family. He was devastated. He   experienced what it means to go to bed not knowing where the next meal would come from. He understood what poverty was.  Somehow, help came. It came from his wife. She was invited to a seminar on liquid soap production.  Having heard inspiring success stories, she came back motivated. He knew it could be a good business after she shared with him what she learned from the seminar.

    Okorie saw the opportunity in the business idea because of the massive market for liquid soap. A dream birthed. While the idea was a winning one, the challenge was that he could not raise even N1000 to buy one of the cheapest chemicals then.  Fortunately, he got a loan of N2,600 from somebody and started production. His story of transformation starts with just N2,700, he got as loan to make his first batch of soap. At his home, Okorie did the chemicals mixing with his wife. He supplied products at retail prices to individuals, businesses, among others. He has turned the tables on poverty through his liquid soap enterprise and is proud that the business became his launching pad. It was a very lucrative business that needed funds. The enterprise started making profit.

    But his breakthrough came after he was introduced to visa counselling business. He couldn’t raise N10, 000 to market the business on behalf of his franchisor. He found an angel of mercy in a lady who offered to lend him N8000.

    With the loan, he printed posters around Ikeja offering visa advice to Nigerians planning trips to key European locations. That was the magic wang. The response was overwhelming. So many Nigerians called him seeking for the service. Within two months, he was able to make about N140,000.

    The service delivered services to Nigerians. The proof – many visa applications were successful. The numbers continue to rise and so his commissions. Having made so much as commissions from Nigerians utilising the service, Okorie decided to establish his own travel club.

    Since the club project started, he has seen remarkable results, including increased profits and confidence, and greater access to networks. His ambition now is to reach new markets and scale up his flourishing business. Needless to say, Okorie has paid initial investment back many times.

    Today, he is happy to be able to look after his family well. His life and that of his family has changed for the better.

    One of the Coordinators of Wefundpro, Joseph Omodaiye said the organisation is supporting young entrepreneurs seeking to create social change or pursue business innovation.

  • Growing optimism as Lagos boosts artisans’ training

    Artisan training has been entrenched as Lagos State priority.This was confirmed as the government completed eight week’s intensive training and re-skilling programme for over 1,500 tradesmen and artisans in twenty-three different trades and vocations across the state.

    Commissioner for Wealth Creation and Employment,  Mrs. Uzamat Akinbile-Yusuf during a monitoring/familiarisation visit to one of the re-skilling centres in Ikeja, commended the beneficiaries of the training for their resilience throughout the training.

    She expressed optimism that the beneficiaries, having been exposed to  modern ways of trading and modern tools in their various vocations and trade, stood better chance above their peers who were not part of the training.

    The commissioner urged the beneficiaries to extend the exposure garnered through the training to their colleagues in other respective vocations, saying that the ultimate aim of the state government is to have competent artisans who can confidently handle various tasks that would be of reputable standard.

    “Having been trained by the state government, it is our expectation that you will use the knowledge and experience acquired to advance the state’s economy, improve its Gross Domestic Product (GDP) and curb the practice of bringing artisans from neighboring countries for works that can be handled by  our indigenous artisans.” she said.

    The Head of Entrepreneurship Department in the Ministry, Mrs. Taiwo Abiose said the training is the eighth   up-skilling programme and it is one of the several ways of positioning artisans to compete globally with their contemporaries, especially in this era of different innovations and Information Communication Technology (ICT).

    She said the re-skilling training programme was designed for practitioners of different trades and vocations who are desirous of exploiting new frontiers and also acquainting themselves with modern technologies in their various fields.

    One of the beneficiaries and a member of Professional Carpenters & Furniture Makers Association, Akinola Akindele, appreciated the s government for the gesture.

    He pleaded with the state government to complement the training initiative with the provision of work tools for the artisans, saying this would make the training impactful, sustainable and profitable to them. The training was put together by the Ministry of Wealth Creation and Employment and Lagos State Technical and Vocational Education Board, LASTVEB to improve the competencies of artisans and tradesmen in the State so that their competencies can earn them more job opportunities. The training covered tie and dye, shoemaking, welding, barbing/ cosmetology, catering, vulcanizing among others.

  • Show Me, Tell Me

    A. You open your eyes wide as the long, red grains shimmer brightly, dancing seductively in the whirl of steam they emit. You inhale deeply and become intoxicated as the steam sashays, whirling and rising slowly into your nostrils. As in a trance, your hand reaches for the cutlery and your mouth tastes its hot, delicious tanginess. You feel its oily stickiness glide through your oesophagus and you exclaim in delight before you hear yourself exclaim. Ooh la la!

    Ten minutes later, the intricate designs on the ceramic plate are all you see as move your chair a few metres backward.

    Sweet, irresistible, smoky jollof rice. Finger-licking Cuisine does it like no other. They also provide home delivery services so you can eat to your heart’s content within the safety of your home, in utmost comfort and with reckless abandon.

    B. Finger-licking Cuisine cooks the best jollof rice in town. If you are looking for delicious party jollof rice, look no further. They also provide home delivery services.

    As a prospective buyer, which of these advert copies did you connect more with? Advert A which is longer and more descriptive or Advert B which is shorter and more direct?

    Read Also: Do I Know You?

    Even though you know it is a fictional advert, I bet you will spend the next few hours – or days – dreaming about Finger-licking Cuisine’s jollof rice because of the lucid way in which Advert A appealed to your five senses.

    When writing an advert copy for your business, do not just reel out the facts. Give your customers an experience of your product or service. Let them feel, taste, smell and see the goodness in your product before they come in physical contact with it. You can also use still and motion images to aid this process. Of course, in all you do, ensure that what they see is what they get.

    So, what do you think? How can you apply these tips in your work and business? Please send your comments and questions to iniwrites@sw-advantage.com.

  • Grooming future business leaders

    Globally, 70 per cent of start-ups fail yearly. Experts attribute the high mortality rate to owners’ lack of strategic thinking, inspirational qualities and interpersonal skills. But, a forum organised by a Lagos-based media organisation, Young and Cerebral, explored strategies to help budding entrepreneurs avoid the pitfalls and transit to leadership roles. DANIEL ESSIET reports.

    THEY are qualities that define successful entrepreneurs and business leaders. But such qualities namely, strategic thinking, inspiration and interpersonal skill, among others, are lacking among most aspiring business owners and start-ups.

    Also, many of them fail to take advantage of new technologies and social networks, which, according to experts, play a major role in shaping how young entrepreneurs do business in the market place. The result: 70 per cent of start-ups fail yearly.

    But Young and Cerebral, a Lagos-based media organisation, is nipping the situation in the bud to reduce the high mortality rate of start-ups in the country. Last week, the firm organised a forum tagged “Solutions hangout” to expose young and aspiring entrepreneurs to workable strategies to launch and grow their businesses profitably.

    The forum, which held in Yaba, one of the thriving commercial areas of Lagos, was aimed at grooming the next generation of young, bright entrepreneurs ready to do business in line with global trends.

    The   Programme Officer, Young & Cerebral, Comfort Uwakhonye, explained that the platform aimed at helping graduates and youths  to explore entrepreneurship and employment opportunities and also transit to leadership roles in the future.

    Brand Consultant, Young & Cerebral, Adewunmi Oshodi-Tapa, said the organisation helps high-potential youths to become leaders.

    According to her, Solutions Hangout is a monthly meet up for business growth tips and capacity building for young people. The focus of most the organisation’s initiatives, she added, was to increase opportunities for youths from different backgrounds.

    The Head, Brand Content Creation, Heritage Bank, Chubike Roy Agu, said aspiring entrepreneurs required the use of technologies, which enables people to work in increasingly flexible ways, which make going to the office no longer a compulsory part of anyone’s job.

    Agu, one of the speakers, explained that the “digital office,” which today’s technology promises, was evolving at a rapid rate, and that new business founders must involve accordingly in order to expand their businesses.

    He, however, advised young entrepreneurs to start off with a mission and purpose, adding that sustainable ventures are mostly those founded on well-articulated mission and purpose, not just a company that’s building a product or service.

    In line with strategic thinking, which most start-ups lack, resulting in business failure, Agu admonished budding entrepreneurs to build their brands by solving a problem, which no one ever tackled. In doing this, he advised start-ups to always strive to build trust and reputation with early customers.

    Director, Account Management at Publicis, an advertising agency, Beatrice Olumhense, said some of the world’s most successful brands started from next to nothing, illustrating that with ingenuity, determination and resourcefulness, great businesses can be created in a small place.

    She urged entrepreneurs to define from the beginning what the goals and targets of the business will be. She said one could start with contributions from friends and family. She advised new entrepreneurs to identify a niche market before launching out.

    According to her, once an entrepreneur picks one area and does it well, the market will identify with the product and support it with patronage.

  • How Morocco is closing Nigeria’s entrepreneurship skills gap

    Through various initiatives, Morocco is working with Nigeria to fund and train entrepreneurs desirous of launching successful start-ups. The North African country’s strategic partnership with Nigeria may have raised hopes of local entrepreneurs catching up with the rest of the world over the next decade. DANIEL ESSIET reports.

    TWO Nigerian companies, Vicfold Recyclers and Saint Michelles and Joey Limited, were among 12 African start-ups that won $100, 000 each in the recently-concluded African Entrepreneurship Award (AEA) sponsored by BMCE Bank of Africa, a leading Moroccan bank.

    Vicfold Recyclers is a Kwara-based incentive-inclined recycling social enterprise engaged in transforming waste to wealth through recycling and empowering unemployed women and youths. The firm was led by Folashade Amusa.

    Saint Michelles and Joey Limited manufactures jumbo rolls of recycled paper, which it sells to toilet paper and napkin firms. Sylvester Mujakperuo represented the company.

    The 12 winners were selected by a jury chaired by BMCE Bank of Africa president, Othman Benjelloun, in Casablanca.

    The award, with a yearly price of $1 million, was intended to reward projects with social and sustainable impact in the three programme areas namely, education, environment and uncharted fields.

    Morocco may have emerged a strong force in grooming African entrepreneurs and potential future industrialists. This year, Meltwater Entrepreneurial School of Technology (MEST) Entrepreneurs participated in a Hackathon held in Morocco last April.

    MEST companies, including Nigeria’s online subscription based payments solution, Amplify, were selected to participate in the hackathon after pitching to Royal Air Maroc representatives.

    The event ended with six teams being selected to move forward and work on their proposals with Royal Air Maroc, including MEST portfolio company, Amplify.

    To catch up with the fast-growing digital world, the government and private sector in Morocco are putting facilities in place to leap-frog young entrepreneurs into a new era of tech businesses.

    At the forefront of this is the OCP Group, Morocco’s largest integrated mining and agricultural concern. It is the world leading exporter of phosphate rock and phosphoric acid and Morocco’s single largest corporate employer.

    Ecole 1337 Centre in Khougibga is a thriving entrepreneurship academy in Morocco, also sponsored by OCP.  It is a start-up centre, which handles 150 participants after a competitive screening.

    They provide free accommodation and feeding in an arrangement that looks like a technology hub. Participants engage each other in conversations meant to help in solving problems.

    One of the administrators of 1337 Centre in Khougibga, Youssef Dahbt, said people are allowed to work as individuals and tackle challenges offered by the digital economy.

    He explained that there is a free environment to help youths innovate and develop applications and technological solutions.

    Also, Mohammed VI Polytechnic University located in the heart of the Green City of Benguerir in Morocco is partnering a few states in Nigeria. It is supported by OCP Foundation.

    The university’s Head of Mission, Khalid Baddou, said one of the goals of the institution was to partner Nigeria and other African countries to build new exciting start-ups around sustainable products.

    According to him, the marketplace is challenging, and many new ventures have difficulty developing technologies, this is where the institution comes in.

    Baddou explained that the institution was ready to train Nigerians to launch and commercialise their businesses, thereby improving local economies and strengthening ties to their communities.

    He explained that the institution was a key player in Morocco’s green city project designed to stimulate activities in clean tech industries.

    The green city project connects entrepreneurs and private industry with faculty, students, and state-level resources.

    The goal was to have positive impact across environment, economy, energy, entrepreneurship, and education.

    Baddou said the institution was dedicated to building and developing a healthy entrepreneurial system.

    He said the university was ready to work with Nigerian organisations to groom entrepreneurs and thinkers.

    He said the school, opened to undergraduates and graduate students, emerged as a place to further promote the human-centred approach to learning, problem-solving and innovation.

    According to Baddou, the school applies design thinking across fields, equipping students with the ability and mindset to tackle difficult global problems in industries from healthcare to energy.

    He hinted that the university was establishing a business incubator for students, with a passionate and overwhelming urge to start a business or launch a product or service.

    In addition to vocational training, the school offers aspiring entrepreneurs unparalleled access to intelligent peers and mentors, and a risk-free testing ground for their ideas.

    Students conduct extensive interviews and research on their products’ target audience, build prototypes and then test them.

    According to Baddou, the university wants to create a top breeding ground for young entrepreneurs, whose ventures can be collectively grown into a driver for the African economy.

    OCP Group Managing Director, El Ouafi Mustapha, said raising entrepreneurship awareness and providing access to training, support and other resources are critically important to the communities’ ability to nurturing entrepreneurial potential.

    He stressed that OCP, as part of its corporate social responsibility, supports nationwide efforts to promote skills development and entrepreneurship among young people.

    Mustapha added that through its network, dedicated to entrepreneurship, OCP aimed to improve the Moroccan economy and create new opportunities for sustainable development.

    In Morocco, the special entrepreneurship track offered by OCP skills training centres in Khouribga and Benguerir, enrolled more than 300 youths and provide coaching for many start-ups.

  • Nigerian Breweries Focuses Igbos, SMEs in new empowerment initiative

    Nigerian Breweries has finalised plans to empower Igbo men and women across the South East states of Nigeria in an entrepreneurial initiative tagged;  Life Beer Progress Booster.

    The Small Medium and Enterprises targeted initiative, in its fourth edition was launched on in Enugu state on Sunday.

    The small and medium-scale enterprises (SMEs), scheme will cover the South-eastern states of Abia, Anambra, Enugu, Ebonyi, Imo, Delta and Rivers where the brand holds sway as market leader.

    The Portfolio Manager, Mainstream Lager and Stout Brands, Emmanuel Agu said, described the initiative has a success in the last three year with landmark impact across residents in the states.

    He continued, “Life Progress Booster promotion is a celebration of the essential Igbo spirit of industry, will to succeed, enterprise and passion in the world of business. This project is, no doubt, a reinforcement of the heritage embedded in the Life Continental Lager Beer, its essence, connection and affinity with the people, and culture/lifestyle of South Easterners”.

    Agu further explained that like its previous editions, consumers and interested participants need to currently be operating a simple, viable, not necessarily outlandish business that he/she desires to take to the next level of success.

    “Progress Booster is a programme with the sole aim of supporting the Igbos, who have innovative business ideas, to encourage their entrepreneurial spirit. We are excited by the success of the previous three editions. We are also ready to support another set of entrepreneurs, who will benefit from this year’s expanded platform”, Agu said.

    Interested participants only need to drop their business proposals at designated outlets or visit life-nigeria.com to send in their entries. Shortlisted candidates will proceed to pitch their existing businesses to a team of business experts. Successful candidates across the catchment zone will be given a grant to support their businesses.

    In a goodwill message at the unveiling, Levy Anyikwa, South East Zonal Coordinator, Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) praised NB Plc and Life Continental lager brand for the unique effort to encourage and lift small businesses in the region. “SME’s are the lifeblood of industrialization across the world. This is a right step in the right direction”, he said, urging contestants to take advantage of the opportunity to put their businesses on sound footing.

    Some winners of past edition and their proposals include Eusebius Owusi (Cold Room Business Expansion); Stella Okechukwu (Hair Dressing Salon Establishment) and Felicia Emeh (Canteen Expansion). Others are Augustine Okoli (Household & Furniture Welder); Tuvia Kings Enterprises (Creative Fashion Designer and Prints); and Anyachukwu Donatus (Food Condiments Processing).

  • Do I Know You?

    Being a small business owner can be hard. Scratch that; it can be as excruciating as walking in a straight line after a brutal kick to the groin. Ouch! You have a lot to contend with on a daily hourly basis: competitors, inadequate capital, exorbitant bills and taxes, poor infrastructure. You already know the problems you encounter and I need not remind you. My intention is not for you to teeter on the edge of despair.

    But there is one problem all small businesses face, including yours that we will tackle today. It is akin to calling up your beautiful crush two hours after she gave you her phone number and hearing her say, “Sorry, do I know you?” Damn! That hurts!

    I know you are wondering what problem your business faces that could be causing you so much embarrassment and pain. Yes, I know. Your curiosity is at its peak.

    What if I told you that by reading this, you are literally gaining insight into what this problem is and how you can solve it?

    Here’s the thing. When you cold-call a prospective client, you may get either of three responses:
    1. No, never.
    2. No, later.
    3. Yes, let’s meet.
    If you get the third response every single time you cold-call, this article is not for you. If you get the first two responses frequently, let’s continue.

    Now, imagine that when you call again, the same person who had shown enthusiasm in meeting you picks up the phone, listens to your brief introduction and says, “I’m sorry, I do not remember ever having a discussion with you. What exactly do you want?”

    These are the kind of responses that can make you want to pack your bags, sell your business assets and leave for an endless vacation. But you know this already, don’t you?

    How can you avoid these dismal scenarios?

    Let’s flip the coin.

    It’s a sweltering Wednesday afternoon and you just ‘jumped and passed’ a clash with a difficult client. Your phone rings and because you are nearest to it, you pick up. It’s my sonorous voice on the line cold-calling you.

    You feel the tension dissipate slowly from the soothing effect of my voice but you cling to the familiar wariness that shrouds you like a second skin whenever some stranger calls you. You are about to tell me you have no intention of buying when I say that I would like to send you some tips on Customer Retention for free.

    I assure you and request that you check out my website for my free eBook on Customer Retention and weekly updates on the same subject. Of course, you are a smart business owner so you agree to check my website.

    Three months later, I am facilitating a training on Customer Retention for your five-man staff. What changed?

    It is most likely that I applied the same techniques I have used in this article to draw you in. It’s not jazz. It’s not hypnotism. It’s not seduction. Or maybe it is.

    It most certainly is copywriting.

    As a business owner, how can you leverage the tools of copywriting in reeling in clients and loyal customers? You will find out in my next feature article next week.

    My name is Ini Akpan and I love to help your business make profit through copywriting. Do you have questions and suggestions? Please send them to iniwrites@sw-advantage.com. I’d love to listen to you.

  • ‘Why investors aren’t funding women-led startups’

    The need to close the gap of low investors’ interest in women–led start-ups was the focus of a high-level roundtable organised by Rising Tide Africa (RTA) in Lagos at the weekend. The event brought together a diverse panel of funders and entrepreneurs, DANIEL ESSIET reports.

    Why are women entrepreneurs finding it difficult to raise money in the male-dominated venture capital industry? Why are start-ups founded or co-founded by women garnering fewer investments?

    These were questions raised during the Master Class session organised by RTA in Lagos at the weekend.

    The event brought together a diverse panel of funders and entrepreneurs.

    RTA co-founder Dr Ndidi Nnoli-Edozien observed that when women business owners pitched their ideas to investors for early stage capital, they received significantly less funding.

    It was a question she wanted participants to address with many women complaining of poor access to funds to expand their businesses.

    According to her, the investment gap is real and huge. Studies, she noted, have shown that a few women-led start-ups are backed by venture capital.

    She asked: “So, why do female entrepreneurs continue to receive less money than their male counterparts?”

    She said it was basically impossible to know whether this was due to gender bias.

    While there may be many reasons why female founders get far less of a proportion of venture funding than their male counterparts, she said one of the key reasons is the lack of diversity in venture capital (VC) firms. She observed that there are few women running VC firms.

    So what can be done?

    For the situation to change, she said VC firms need to add more female investors and more female run firms have to emerge for change to take place.

    For female entrepreneurs to make progress, she urged women to sit back and challenge their own perceptions of what a business leader looks and acts like.

    Addressing the obstacles that prevent women from starting their own businesses, she added, was a critical part of the solution. One hurdle is education and training.

    She  said the Masterclass  session is one of RTA’s quarterly initiatives targeted at providing quality training to new and existing business owners to help them navigate some of the complexities of running a successful business in Nigeria; and to enable able investors to build a diversified portfolio of investments.

    Dr Nnoli-Edozien said the organisation  functions as part of a global movement   The Rising Tide Programme for Africa.

    She said RTA is determined to ensure the success of high-growth startups founded and led by women.

    To this end, she said the organisation has launched a female-focused angel investment fund, aimed at allowing female investors to back innovative startups run by women.

    She said investments of between $50,000 and $500,000 will be made into startups, with the fund aimed at both women that are new to angel investing and experienced investors.

    The Regional Head, Africa Venture Capital , International Finance Corporation(IFC), Wale Ayeni  said the corporation’s  VC arm invests in growth-stage companies that offer innovative technologies or business models geared at emerging markets.

    Ayeni said IFC is interested in supporting women-led startups and exploring    investment opportunities that will enable entrepreneurs compare to their global peers.

    According to him, the IFC is focused on entrepreneurs in both large and small markets as long as the potential to scale rapidly is there.

    He observed  that start-ups in Nigeria and other parts of Africa have huge opportunities to achieve scale and become market players, but stressed that the founders need to have a bigger vision and dream more.

    According to him, IFC led the $8.6 million Series A equity investment in Africa’s Talking, a Kenyan based communication-platform-as-a-service (cPAAS) startup, to enable it expand across Africa.

    As part of the deal, Ayeni joined the board.

    Another co-founder, Yemi Keri said the  gender gap in venture funding has important implications  as markedly lower levels of participation of women entrepreneurs in economic  building poses a threat to overall national competitiveness.

    She explained that women entrepreneurs face challenges in getting access to thought-leaders — people who can help them think through problems they may be facing: social capital, intellectual capital, and things that are important in addition to financial capital that is why RTA is trying to address this through such fora.

    Keri stressed that the group is determined to train and mentor women.

    The Moderator and Corporate Counsel, EchoVC Pan-Africa Fund, Ms. Damilola Thompson, stressed the need to train women to become more aware of entrepreneurship as a viable path.

    According to her, women need to learn how to start a business, what the challenges are, the risks and the potential.

    She stressed the importance of mentoring younger start-up founders in search of capital, and encouraging women who were thinking of beginning a business.

     

  • Firm to support entrepreneurs to tackle poverty

    Acumen, an international non-profit investment organisation is poised to support Nigerian entrepreneurs working to help end poverty.

    Its West Africa Director, Meghan Curra, said this while addressing a forum of entrepreneurship empowerment organisations, put together by Aspen Network of Development Entrepreneurs (ANDE), to meet representatives of Skoll Foundation and Acumen in Lagos.

    According to her, Acumen raises charitable donations to invest in companies, leaders, and ideas who tackle poverty in developing countries. The fund, she explained, operates like a venture capital fund for the poor, supported by a global community of philanthropists willing to take a bet on a new approach.

    The fund, she continued, invests in companies leading innovations in renewable energy and agriculture among others, adding this has allowed Acumen to impact the lives of 232 million people since 2001 across 99 companies with $108 million of investments.

    She said Acumen Fund was created in 2001 to offer new approaches to social impact investing, acting as an intermediary between philanthropic organisations and social enterprises.

    The Regional Chapter Manager, West Africa, ANDE, Olatunji Ajani, said ANDE is a global network of organisations that propel entrepreneurship in emerging markets.

    According to him, ANDE members provide critical financial, educational, and business support services to small and growing businesses (SGBs) based on the conviction that they  will create jobs, stimulate long-term economic growth, and produce environmental and social benefits.

    Associate Director, Acumen West Africa, Oluwatoyin Emmanuel-Olubake, highlighted the group’s interest in companies that create sustainable solutions in local ecosystem.

    Acumen in the last 15 years has invested over $110 million in breakthrough innovations with 102 countries serving low-income customers within 13 countries in Africa, Asia, Latin America and the U.S. with a major focus on post-seed to scale opportunities especially in the agriculture and renewable energy space.