Category: Small Business and Entreprenuership

  • Call for 2017 Women Green Fellowship applicants

    Call for 2017 Women Green Fellowship applicants

    Applications have been invited for the 2017 Women Green Fellowship Programme.

    The fellowship offers six months long fellowship experience for exceptional young Nigerian graduates, matching them with challenging projects and enhance their competitiveness through world class training, internship and funding opportunities.

    Details of the fellowship application procedure for the 4th Cohort open from March 1-31 is available on www.fellows.smefunds.com

    The program according to a statement by a Director of the organizers, Ayodele Taofiq-Fanida is geared towards helping learners re-establish relationship with nature and learn the wisdom embedded in age-old rural communities.

    Taofiq-Fanida said the programme also brings together social entrepreneurs and change agent from around the country to become green expert, leaders and industry thinkers in the clean technology world.

    Applicants for the fellowship should be “a disrupter, innovator who is eager to become a solution provider to numerous challenges facing the society today.”

    “ We are looking for women who desires to change the way things are done and want to improve it. Our 2016 Fellows were able to solved challenges around the environment, health, food security in a unique and sustainable manner which in turn will provides avenue for employment and job creations in the country, “ Taofiq-Fanida stated.

    Modelled after best global practices and in its 3rd season, the Women Green Fellowship Programme invites and galvanizes Active-Unemployed Women Graduates across the country to a six-month Mentor-led Social Business accelerator program.

    Young women and professionals through the programme will participate, engage and collaborate to identify and proffer Social and Sustainable Solutions to various problems confronting the poor, our communities, ecosystem and economy.

    The Fellowship Programme will be flooded with Business and Life Coaches who will uniquely employ unconventional problem solving ways to turning Ideas into Projects and profitable Businesses. With the growing increase in graduates unemployment and difficult/unfriendly business environment for Start Ups, Social Business Models tend to provide a mix of goodwill, stakeholder externalities, grants, inclusiveness and low-risk patient capitals for innovative entrepreneurs working in difficult regions and communities.

  • CBN cashless expo holds in Lagos

    CBN cashless expo holds in Lagos

    As Africa’s payment landscape is bursting with enterprise and innovation, that energy has inspired fresh engagement among youths.

    CardExpo2017 is planned to bring under one roof, for two days, a charged atmosphere where ideas are brewed in a most compelling way that can give you e-banking business and payment services.

    The seventh edition of the Central bank of Nigeria’s (CBN) Cashless CardExpo Africa, which is scheduled to hold in Lagos will aggregate the energies of this era and capture the waves of technology and lifestyles, as well as present an encompassing worldview for the emerging approaches to payment and enterprise.The annual

    The annual event, according to the organisers, the African Destination Trade Show for Payment and Allied Industry will hold on June 13th to June 15th June 2017 at Eko Hotel and Suites, Lagos.

    CardExpo2017, in line with continuing its tradition, will presents avenues to harvest the opportunities being offered in this demography, particularly in a peculiar economy in recession. Never in the history of theAfrican Continent has technology and society had such a seamless relationship as it is today as the activities of citizens, companies and governments continue to tilt towards untraditional approaches to the solution.

    The theme; Millennials in the Marketplace: LifestylesRiding on Disruptive Payment, influence is a global phenomenon and figuring out millennial, has all the elements of a gold rush in the making.

    Disrupting everything from how you work, to how you buy groceries. This demographic group is even now redefining how businesses are done.

    This will prove crucial in the next several years, as young professionals represent both the future of enterprise and commerce in Africa.

    Happening along with this bold in-road into the millennials demography are the collocated events happening simultaneously at CardExpoviz The Start-Up Challenge which will give an opportunity to Millennials with Fintech ideas to pitch their solutions and stand a chance of being incubated at a national hub.

    Others include the Data fiesta an initiative promoting global connectivity and access to the internet and the IGR Forum all of whose Sponsors will be announced in due course.Trailblazers’ and culture influencers in this category, whose lifestyle and choices are being mirrored by

    Trailblazers’ and culture influencers in this category, whose lifestyle and choices are being mirrored by a peer will be given the platform to lead them into their disruptive turf, where banks and businesses can spy at evolving trends, observe the winning norms and adapt to change.

    This will prove crucial in the next several years, as young professionals represent both the future of enterprise and commerce in Africa.

  • Making money from house innovations

    Making money from house innovations

    Isamo Paints Chief Executive, Thompson Aniyom, is a fulfilled entrepreneur. His entry into paint production has fetched him money. He looks forward to transiting from a small business to a big industry player, writes DANIEL ESSIET.

    Five Isamo Paints Chief Executive, Thompson Aniyom,  between six and 13 hours a week, he will turn a sharp youth into one promising entrepreneur.

    His strategy is training would-be entrepreneurs in home paint to make and paint masterpieces. Those he mentored not only made multiple streams of income from home innovations, but also mastered  colour mixing and blending.

    Dissatisfied with mediocre finish of modern paints, Aniyom began research into  cheap paint production formula by starting the business with N120,000.  Today, he is in the business of creating beautiful and happy homes for clients. Interestingly, the business has become self sustaining, producing 15 different paint formula.  He is dedicated to the art because he derives fun from it, exploring the business side of the art.

    Having grown up in Cameroon before relocating to Calabar, Aniyom learned the value of hard work at an early age,  a trait that has served him well as the owner of Isamo Paints, a small paint production business in Calabar. He started by dealing on properties, doing repairs on houses, yard work, and painting to make properties look good.

    He later distinguished himself in his favourite trade – paint making to exhibit his gift of colour mixing. Aniyom has built a reputation for detailed work, helping customers select complementary colour schemes that make their homes stand out in their neighborhoods.

    According to him, paint production business has been extremely rewarding as there are no barriers to entry. His philosophy is if one is ambitious and willing to learn the business and works hard, there are no limits to what one can accomplish.

    The start-up cost for the business, he said, is less than N600,000 and one can turn over the money many things within a year.

    After training, he said would-be entrepreneur is required to pick a base of operations. This can either be a shop at home or a building one leases or outrightly purchases.

    Using blending techniques, formulations and ingredients that have proven to stand the test of time, Aniyom, a graduate of University of Calabar, has been able to create paints that look better and last longer.  His reputation for quality paint is spreading  as he now  gets contracts from home builders  to   supply specially-made  paints.

    According to him, colours are blended with great care and precision, all of which give their palest shades a depth of intensity, which mass-produced counterparts simply cannot achieve.

    He has built his enterprise from a humble beginning into a thriving business. And as a stickler for quality control, his uncompromising attention to details has helped him carve a niche for refurbishing homes.

    Providing the best and long-lasting finish to every single job is important to him as he carries on the legacy of hardwork.

    Traditionally fitted rooms gain that authentic look, thanks to the colour and finish of his paints.

    He knows everything about the use of home furniture to make home renovation craftsmanship, focusing on different  types of residential and other special home projects. His enthusiasm for all aspects of design is infectious.

    Aniyom’s keen understanding of the fundamentals of top quality design complements his razor-sharp instincts in all matters of taste and style. One trait he possesses is helping  his business to  be  very social and assertive.  He engages with people, asserts himself, and presents himself in business manner.

    From the start of his endeavour, Aniyom had decided he was going to run  the business to be a millionaire. Part of his vision and mission, he said, was to serve more people and do business better than his competitors in the industry.

    According to him, this has been  one of the pillars of his business  success and growth.

    His premium coatings  have reaped him many benefits, drawing many of his customers to him. What he learnt during the first few years of doing business made him to be more devoted to consistent improvement in marketing, customer service skills and running a more streamlined operation.  His tenacity and willingness to learn have yeilded dividends, and they have made a name for him in the southern part of the country.

  • Success story of an entrepreneur

    Success story of an entrepreneur

    An entrepreneur, Innocent Owujie, is launching Bitcoin market place for people to make money, DANIEL ESSIET reports.

    After founding several businesses, Eagle Mind Digital Palace Chief  Executive, Innocent Owujie, has started a Bitcoin business.

    His latest project is to change the financial landscape by enabling and encouraging widespread use of Bitcoin, a peer-to-peer digital payment system.

    According to him, Bitcoin is a virtual currency, as well as the network on which the currency is stored and moved around.  He  added that each Bitcoin is merely an entry on a digital ledger; unlike currency, there is no physical representation of the currency.

    He said it  can be bought and sold through open-market exchanges. In addition, they can be used as a means of transaction, much like other currencies.

    According  to him, Bitcoin however, enables instant and seamless transactions without requiring a trusted and expensive third party.

    He said anyone could open a Bitcoin account, which would give him or her a Bitcoin address as well as a private password. With an address and password, he said, individuals could send their Bitcoins to anyone with a Bitcoin address, even without knowing the recipient’s identity.  But Bitcoin transactions are recorded in a shared public ledger called the blockchain.

    All transactions in the blockchain, he  added, are validated by an open network of computers that confirmed transactions.

    He  said transactions would only be approved if the vast network of Bitcoin computers verified the transaction as legitimate, and the integrity of transactions was upheld through an innovative algorithm that utilised cryptography.

    He added that anyone with sufficient computing power and software capable of solving complex mathematical problems could participate in verifying Bitcoin transactions in a process called Bitcoin mining.

    In exchange for mining, he  maintained,  miners are rewarded with newly created Bitcoins.

    Bitcoin, according to him, is a  digital currency  that offers tremendous savings in transaction costs for people who want  to transfer money and make payments. Though standard payment processors, such  as PayPal, Skrill, Payooner, have   enhanced identity and solvency verification procedures, requiring confirmation of an international debit card, passport, bank statement amingothers.  He  added that  transaction fees charged on each debit card payment are extremely prohibitive, as well as the so-called “monthly management fees.

    Using Bitcoin to pay for items, he noted, means avoiding credit card, foreign exchange or cash handling fees.

    According to him, some of the best business minds in the world are starting to see the potential Bitcoin has in changing the world. “The biggest challenge we have at the moment, however, is helping new Bitcoin start-ups winning the trust of the wider business community,” he said.

    The simplicity of the system, he noted,  has turned into an economic success story by both local and international standards.

    According to him,  the system provides fraud prevention and consumer protection mechanisms for bitcoin transactions.

    In addition, it builds a layer of trust on top of bitcoin, helping to protect consumers, and allowing merchants to build their reputation.

    By opening the market to new players, he said it  brings better solutions to consumers and merchants by allowing them to transact safely over the internet, even anonymously.

    His organisation has already made great strides in its short history in large part due to the lack of available financial infrastructure. He said Nigerians  faced numerous banking-related challenges in their daily lives, ranging from excessive fees on remittances, barriers to cross-border payments, hyper-inflation leading to lack of savings and investment opportunities, and challenges associated with online payments.

    Bitcoin has been the subject of  interest since its inception in 2009. An internet-based currency, which allows users to buy goods and services online, it is supposedly easier and safer than sending money via more traditional means.

    His  belief in the power of  Bitcoin and the elimination of middleman continues.   He sees the digital currency as a “great equaliser” and believes that Bitcoin will do to money what email did to the postal service.

    He maintained  that the  population  is  rapidly adopting mobile technology. As a Bitcoin  evangelist, Owujie  is working  to make online payments easier for Nigerians. He  has  worked with a lot of young people, and  saw how technology could make positive impact on their lives.

    He has sourced  for solutions spanning online payments and savings  for those without access to traditional banks, micro-payments, and transferring money across borders.

    He believes extensive use of  Bitcoin could lead to a sustainable business opportunity and contribute meaningfully to human development.

    With Bitcoin, he said it would be possible to transact in extremely small denominations without losing value. Another option, according to him, is creating a financial savings tool for people lacking a good way to invest or save money.

  • SMEs seek  cassava chips’ export opportunities

    SMEs seek cassava chips’ export opportunities

    Tranforming cassava into an industrial input is providing income opportunities for small businesses and entrepreneurs, DANIEL ESSIET reports.

    Transformation of cassava from a root crop to a prized industrial input is creating business opportunities for Nigerians. Several orders to meet rapidly rising demand from livestock feeds producers, starch and biofuel markets have created huge earnings in foreign currencies.

    In fact,  the Country Manager, AFEX Commodities Exchange Limited, Mr Ayo Balogun, said the market demand for cassava is so high. The result is that so many entrepreneurs are moving into the sector to grow cassava as a cash crop. This has made cassava one of the most dynamic in the agricultural sector, helping to drive industrial development while delivering higher incomes to agro entrepreneurs.

    Balogun said the exchange was seeking to match capable Nigerians with both  domestic and   burgeoning export  demand  for   cassava chips.

    His plan is to work with the United Nations Development Programme (UNDP) Nigeria to  improve the livelihoods of Nigerians  by engaging  with  investors  to explore  markets in  Asia, looking  for  products from  cassava  for  business enterprises  that can  process  and  transform the  produce  into higher value food and industrial products – from noodles, glucose,  and maltose to textiles, pharmaceuticals, cardboard and glue.

    Agribusiness Specialist,Dr.  Nelson Abila, said the  market for cassava chips will  have  resultant benefits for exporters.  According to him, it  is  important cassava  yields  improve to sustain the growth of the  industry.

    He  said that  entrepreneurs seeking to enter the market will need to do their due diligence, just like they would for entering any market, including a thorough market feasibility study and establishing a clear strategy for entry, adding that  UNDP is working  with AFEX to help  Nigerians  to make  money  through  production of cassava chips.

    Explaining the process of producing cassava chips for export, Chief Executive, Tropical Entrepreneurship Development Centre, Anthony Uwadegu Egba, said it begins with drying of the cassava roots to remove most of the moisture from the fresh root to obtain a product that can be stored for long periods of time without problems of deterioration.

    His words: “The natural drying system takes advantage of solar energy and the drying action of the wind to evaporate moisture from the cassava roots. The procedure involves several operations, among which the principal ones are: harvesting the roots, weighing, and chipping, drying, packing and storing the dried product.”

    He noted that it was necessary to wash the roots before they are chipped but these are optional operations, depending upon the requirements of the market.

    For the chips to dry as quickly as possible, Egba noted that it was important  to expose as much of their surface as possible to the air.

    This is done by cutting the roots into small, uniform chips, which can be done by a chipping machine.  If at all possible, he advised that the roots should be submitted to quality control when they are harvested, removing pieces of stem that may be attached, as well as stones and clumps of dirt that may have fallen into the packing sacks; and checking if root rots are present.

    To  prevent rejection, he said once harvested, the roots should be taken to the plant quickly so that they can be processed  immediately.

    This is  because roots that have been out  of the ground for more than 24-48 hours  deteriorate rapidly, and are more likely to  suffer fungal and contamination. This lowers the quality of the final product and may even lead to its rejection by the buyer.

    During drying,he  said the chips  should be spread over concrete floors, in such a way that they are exposed to the direct action of solar radiation and to the latent heat from the surrounding air currents. The stage, according to him, includes two basic operations: spreading the chips in the drying area and turning them frequently until they are completely dry. When the chips have reached an adequate level of moisture content, that is,12 to14 per cent moisture, he advised  that they should be collected and packed.

    He explained that the plant should have a warehouse available for storing the dried cassava chips until they are transported to the market. “The dried cassava chips are packed into 50kg sacks and the sacks should be stored on wooden pallets. When the conditions for storage are optimal, the cassava that has been dried adequately ( 12-14% moisture content) can be stored for long periods of time (6-12 months) without deteriorating in quality.”

  • ICT, insurance converge on Lagos

    INFORMATION Communications Technology (ICT) stakeholders in Nigeria are set to dialogue with their counterparts in the insurance industry to generate ideas on how to use ICT to drive insurance penetration in the country and develop appropriate framework for implementing the ideas.

    The experts will on March 23, gather at the Lagos Sheraton Hotel for an E-Insurance Conference with: Driving Insurance Penetration with Information and Communication Technologies as its theme.

    The conference is expected to bring together corporate organisations, academia, consumers of insurance products and regulators of both ICT and insurance industries, to discuss how to use technology to deepen insurance penetration in the country.

    The conference, the first of its kind in the country, is being organised by Pinet Informatics Limited, in collaboration with major stakeholders in the insurance and ICT industries.

    Managing Director of Pinet Informatics, Engr. LanreAjayi, said the  event  will  bring together  practitioners in the insurance industry and ICT  to  share  experience,  brainstorm,  network, and move the two industries forward.

    According to Ajayi, the insurance industry is a vital part of the   economy  but  it  is  not  living  up  to  its full potential . “There are less than 1.5 million insurance policy holders in Nigeria out of a population of 170 million, which translates to 0.9 per cent insurance penetration,” he said.

    When compared to 23 per cent bank accounts penetration, 105 per cent of telephone penetration and 55 per cent of internet penetration, then, there is a lot of room for improvement in the insurance industry and this could be achieved by deploying the right technology, Ajayi added.

    “The insurance industry can be turned around if the industry transit to a technology-driven one, the same way the banking industry got transformed through the infusion of ICT in its service delivery processes,” he said.

  • SMEs plead for forex rules’ relaxation

    Association of Micro Entrepreneurs of Nigeria (AMEN), President Saviour Iche  has called on the  government to  relax  foreign exchange rules  hindering   small businesses from importing  critical  production raw materials .

    Speaking  with The Nation, Iche  said  businesses  have been   hampered by a number of factors this year – from rising  raw materials prices, to dwindling industrial output  attributed to the depreciation of the Naira  against  US dollar. Iche  expressed  fears that the  sector  was  not   expecting a robust economic growth over the long term, with the   difficulties experienced by  businesses  depending on foreign sourced  raw materials to produce goods  at  prices affordable to Nigerians.

    According to him, the low level of investments in infrastructure was not supporting strong growth in other sectors across the wider economy.

    In line with the decline in confidence, he said fewer small businesses anticipated turnover and profit to increase over the year.

    According to him, smaller businesses are absolutely key to the success of the economy, and indeed to the success of local economies in every part of the country.

    Despite the deterioration in the confidence index, he said the small firms had created more jobs, expressing concerns that small businesses may not be able to continue investment nor increase capital investment in the year ahead.

    He expressed confidence  that  inadequacies of current conventions in categorizing  SMEs  has   lead to serious distortions in

    the allocation of funds   for  the   sector’s  development.

    He  explained that the volume of turnover of a business is in general a more appropriate measure of its relative size than either of the more conventional measurements by number of employees or value of assets,  which is used to differentiate  the different classes of  SMEs.

    For small business to grow, Iche noted that the sector needs a diversified base that will serve consumers while fostering local comparative advantages, creating jobs and sustaining the economy. To promote the growth of a greater percentage of the universe of SMEs into new large firms ,he  stressed that the SMEs development policy will need, above all, to focus on mechanisms to improve  access to long-term finance.  According to him , any SME policy seeking to accelerate growth in the sector will need to specifically target expanded funding.

    He  reiterated  that  SMEs are an important part of the economy and employ a large part of the population. Yet, less than 20 percent of SMEs can access  long-term credit, which makes it difficult for them to grow and compete against other SMEs.

    Iche urged the government to encourage  banks to  provide long-term funds to enable SMEs to purchase new equipment, expand their business premises, upgrade their technology, and scale up their business operations.

    As in many rapidly-developing economies, he noted that business regulations need to change to boost Gross domestic product (GDP) growth.

    He called on the government to simplify the regulatory maze, reducing compliance costs for businesses as well as reform tax payment processes to support the creation, survival and growth of SMEs.

    According to him, more needs to be done to foster a greater scale of SME development, essentially required for the country to achieve more sustainable and inclusive growth.

  • Making a living from charcoal briquettes

    Making a living from charcoal briquettes

    A Cross River State-based innovator, Mr Emmanuel Ntiti, is empowering Nigerians to make briquettes out of charcoal dust, solve fuel problem, reduce poverty, unemployment and tackle poor waste management, reports DANIEL ESSIET.

    Frequent power rationing has increased the use of charcoal and firewood by food vendors and other businesses as primary fuel for cooking. The consequence is forest depletion as  farmers and rural entrepreneurs search for firewood and charcoal.

    To Mr Emmanuel Ntiti, Head of Department, Government Technical  School, Mayne Avenue, Calabar, producing charcoal requires wood, which means an increase in deforestation and stress on ecosystems. Burning wood to charcoal leads to emission of large amount of  Carbon Dioxide (CO2).

    To address this, he has been looking for an alternative source of fuel after realising that the use of firewood contributes to the depletion of forests. He then saw a business opportunity in briquettes and started researching the possibilities of making charcoal briquettes  to save the forest and create opportunities for Nigerians to make money. Today, he has started a business of making environmentally-friendly charcoal briquettes. The briquettes are made from wastepaper, plants and agricultural wastes that are combustible – including grass, straw, water hyacinths, maize and rice husks, peanut shells and potato and banana peels. They burn longer than wood and the coal are cheaper, safer and cleaner to cook with.  The investment is also minimal for small producers and has high returns.

    Ntiti ventured into the business not just to earn a living, but to contribute towards environmental conservation. He has also fabricated a machine for producing briquettes for retail and wholesale, and the positive feedbacks have encouraged him to produce more. He is currently looking for a bigger market, and willing to train many youths on how to make briquettes, a biomass fuel and a substitute to charcoal, to create more job opportunities nationwide.

    For Ntiti, the market is large and it includes poultry farmers, who need to keep young chickens warm at night, hotels, lodges and tourist camps, which use briquettes for heating outdoor dining areas. The product is also useful for heating water in rooms and tents.

    The project, according to Ntiti, will help thousands of micro enterprises across the country, which include off-season vegetable, poultry, goat keeping, pig raising, hog plum, boutique, advanced tailoring, beekeeping, mushroom and herbal distillation which rely on off-grid energy supply.

    With his technology, Nigerians can make charcoal briquettes for cooking and heating water and  save the money to spend on charcoal.

    According to Ntiti,  briquettes have a high growth potential in the market with lot of businesses still relying  on wood and diesel for fuel. The other advantage, he said, is international funding coming for energy friendly businesses, using options such as  briquette for e-processing activities.

    Right now, the e-business has had challenges, which include pricing and lack of awareness, but Ntiti is working with like-minded entrepreneurs  on ways to get over these hurdles in a variety of ways.

  • Building skills to reduce unemployment

    Building skills to reduce unemployment

    Training in employment skills plays an important role in equipping young people and adults for work and social integration. To this end, the Lagos State Ministry of Wealth Creation and Employment has held a skill training for the unemployed, DANIEL ESSIET reports.

    n  a  deteriorating  job  market,  youth  unemployment  rates  are, at least, twice as high as those in the active population and even higher for disadvantaged young adults.

    This has given the Lagos State government great concern. Over the last one year, vocational programmes have been strengthen to improve employment prospects for disadvantaged young adults.

    Alongside this,  more flexible training programmes have been adopted, which place greater emphasis on tailoring training to the demands of the job market.

    Addressing some unemployed youths in Lagos, who attended a training programme, Commissioner for Wealth Creation and Employment, Babatunde Fuad Durosinmi-Etti, said employability skill training is one of the  solutions to solving youth unemployment.

    He  said the ministry was creating an environment that would be easy to start and sustain businesses. This, according to him, would help  grow  the  economy and create jobs that the state   sorely needs.

    To improve productivity, he  said  the government was also taking steps to encourage skills development, stating that the strategy has focused on meeting employers’ skill needs, and support vocational education.

    Durosinmi-Etti maintained that the ministry was working with partners to connect young people to work environments and develop the skills required to navigate them.

    The priorities for the ministry,  according to Durosinmi-Etti, were to support sustained economic growth and improve labour market conditions, recognise that businesses create jobs, not government.

    He said the goal of the programme was to help the youth find jobs by equipping them with the right sets of skills. The programme was designed to benefit the private sector and contribute to the state’s economic growth by providing businesses with affordable labour and  building skills that were lacking in the local market.

    The ministry, he reiterated, was dedicated to supporting small businesses and entrepreneurial opportunities.

  • How business incubators can help start-ups thrive

    The Global Ambassador, International Business Innovation Association (InBIA) Nigeria, Mr. Jimmy Okoroh, has said his organisation is ready to partner the National Board for Technology Incubation (NBTI) to grow  its network of business incubation centres across the country.

    Okoroh, who disclosed this at a meeting with NBTI Director-General Dr. Mohammed Jibrin, said the partnership would fashion out sustainable ways to grow small and medium business enterprises (SMEs). He said there were opportunities for a range of  SMEs  developing innovative products, adding that InBIA was  committed to nurturing businesses and research and show small businesses how they could benefit from international assistance.

    According to him, most businesses failed during their early years as a result of  incompetence and  lack of managerial experience. This, he explained, suggested that obtaining management training and good advice should be at the top of any entrepreneur’s  ‘’to do’ list”,  stressing that  business incubators  are important since they help entrepreneurs enter the market in the best possible way.

    Okoroh said it was  vital that SMEs be structured through a robust system of business incubation processes before lunching them into the market. He  said the business model of giving SMEs starter packs after a brief training,, which usually lasts for  about one to six weeks, has not proven to be sustainable, saying researches have shown that more than 90 per cent  of such business ventures do not continue after one year.

    He stressed that government and the private sector need to adopt the global standards of business incubation, which has proven to be the key to growing successful businesses in the United States (US). According to InBIA, there are over 1,250 business incubators in the US.

    Okoroh then extended an invitation to the Director-General to attend and participate in  the InBIA 31st International Conference on Business Incubation, scheduled for between March 22 and 29 at the Sheraton Seattle Hotel, Seattle, WA, US.