The Nation Newspaper

Tag: entrepreneurs

  • First start-up summit to promote young entrepreneurs

    The first annual conference on start-up firms is scheduled to hold in Lagos with the aim of encouraging investors, governments and mentors to support the growth of start-up firms.

    The annual conference tagged “Start-up Africa Summit” is scheduled to take place in October with the theme “Scaling Up to Critical Mass.” The summit is being organised by CITC Global Consulting, Customer Passion Point Limited (CPPL) and Zoom Runner Technologies Inc.

    Chief executive officer, Zoom Runner Technologies, Ayo Sopitan, said the event would promote the activities of aspiring entrepreneurs in Nigeria by giving them an opportunity to learn from start-up veterans while also providing a platform for budding entrepreneurs to showcase their start-ups.

    He said that the summit would also facilitate a dialogue between entrepreneurs and policy makers on how to boost entrepreneurial growth adding that the summit would help to identify, unveil and provide required funding and other resources to the next wave of promising entrepreneurs.

    “We have observed that there is a lot of attention paid to SMEs in Nigeria by the government, non-governmental organisations (NGOs) and the private sector. Very little is done to boost scalable entrepreneurship. We seek to draw attention to the Nigerian start-up ecosystem so that investors, aspiring entrepreneurs, policy makers will all contribute their quotas to boosting start-ups in Nigeria,” Sopitan said.

    Activities at the event will include panel discussions, keynote address, policy advisory, start-up contests and angel investment seminars. Confirmed speakers include Yemi Lalude, Tunde Kehinde, Mark Essien, York Zucchi and Neal Hansch among others. Federal and State governments will also be represented at the conference.

     

  • Expert urges entrepreneurs to embrace tech trends

    American technology expert and co-founder of Square, Jim McKelvey, has called on Nigerian entrepreneurs to commit to deployment of innovative technologies in achieving business enterprise successes.

    McKelvey made the call while speaking on The Shark Instinct: How Entrepreneurs Smell Opportunities at a two-day TECH+ Conference and Exhibitions in Lagos.

    According to Mr. McKelvey, who is credited with some technological innovations, entrepreneurs owe themselves the duty to move with current technological trends and avoid the pitfalls of overlooking the importance of technology in driving business growth.

    He also noted that following the fast-paced advancement in technology which has heightened the threat posed by competition, visionary entrepreneurs should embrace, and keep up the pace to remain relevant in business and challenge market equity.

    “As you find opportunity, use it to solve problems. As you think about technology think about the problems and the many things you can solve with technology,” he said.

    McKelvey challenged entrepreneurs to painstakingly study what experts in related fields have done with a view to positioning their businesses in good stead but cautioned against unbridled copying of existing business models of some entrepreneurs, while stressing that such does not guarantee a repeat of success as conditions under which a model succeeded may vary from place to place.

    He said: “You don’t have to start everything by yourself; there are others who have done such things before, so learn from them. Figure out yourself what they have done, but be cautious not seek to copy everything they did. The reason is that there are factors that enabled them to succeed some of which may not be available to you. No leader is going to be able to tell you how absolutely everything works.”

    Permanent Secretary, Lagos State Ministry of Science and Technology, Mrs Nike Animashaun, reiterated the commitment of the state government to deploying technology in managing its complexities occasioned by the high volume of economic activities as the nation’s commercial capital.

    Mrs. Animashaun also stated that the state views technology as a critical factor in youth and enterprise development.

    “Lagos views this field as critical to youth development and enterprise development. We have seen several applications developed out of Lagos by young technology start-ups who are working to create a name for themselves,” she said.

    Managing Director,  MTN , Michael Ikpoki  gave support for an ICT sector-driven economy.

    Ikpoki stated this in his welcome address at the TECH+ Conference and Exhibitions at the weekend. He noted that the ICT sector has been critical to the economy with significant contribution to the GDP and predicted its readiness to contribute more.

    He said: “Our oil and gas sector is 75 per cent of our Federal Government revenue and 95 per cent of foreign exchange and just 12 per cent of the GDP. So, how do we power other sectors? We can only do that with technology by coming up with relevant apps that make us do business better. That is what we do at TECH+.  We are creatinga platform for us to improve our economy.”

    Tech+ conference and exhibitions featured exhibitions, gaming sessions, the digital school, programming, plenary and break-out sessions, as well as panel discussions.

    The exhibition covered products and services in various areas such as healthcare and wellbeing, automobile, entertainment, education, computing, smart homes, wearable, security, gaming, 3D printing, and displays, among others.

    The event was powered by MTN Nigeria, sponsored by Samsung, Huawei, Google, Jumia, Terragon Group, Coscharis Motors and a host of other sponsors. The event was organised by Connect Marketing Services.

     

  • Life Beer gives more grant to entrepreneurs

    Life Continental Beer, a brand under the stable of Nigeria Breweries, has given additional N3million cash grant to 12 young entrepreneurs in the Southeast to boost their business ideas.

    The body had earlier given N3million in its on-going “Life Continental Beer Progress Booster Radio Project’’ about a month ago.

    This brings to 24 the number so far assisted with a cummulative sum of N12million.

    The Head of Brewery, Ama, Mr Abiodun Ajayi, said the brand had earmarked N14.5 million grant to boost 50 young entrepreneurs, who reside and hail from Abia, Anambra, Ebonyi, Enugu and Imo states.

    Handing over the cheque of N250,000 to each of the 12 winners in Nigeria Breweries, Ama, Enugu; Ajayi urged the winners to ensure that their investment is yielding enough returns to make become employers of labour.

    “As you receive these cash grants today, we expect you to succeed in the business line you have chosen. Make judicious investment of the money given you and ensure that your investment is yielding returns and your business capable of making you an employer of labour as you trudge on in your business journey.

    “If you succeed in taking your business idea to the next desirable level, you stand a chance of going further to win more money (additional N250,000 to be won each by eight winners). The panel of experts that assessed and judged your business proposals will be monitoring your progress and they will be there to mentor and provide valuable advice when necessary,’’ Ajayi said.

    He however emphasised that budding entrepreneur, whose business proposals would be considered, must have a workable business idea, be from the Southeast extract, reside in the zone and must have attained 18 years.

  • Don’t cut corners, Osinbajo tells entrepreneurs

    Don’t cut corners, Osinbajo tells entrepreneurs

    Vice President Yemi Osinbajo has told entrepreneurs that success could only be achieved by not cutting corners.

    The Vice President who was speaking at the Tony Elumelu Entrepreneurship Programme (TEEP) Boot Camp 2015, at the Covenant University, Ota, Ogun State, said the payment of taxes is a matter of self-interest not just civic duty, “self-discipline, the ability to serve and to invest as well as bearing losses are critical.”

    Osinbajo who represented President Muhammadu Buhari at the event identified the pivotal role of exemplary character in entrepreneurship, which, he said, can in turn become the platform for the growth of business and development of a nation’s economy.

    He noted that the ground for entrepreneurial success is character, adding that that discipline alone was not sufficient. According to him, “Enterprises and societies thrive on the values of moral integrity, self discipline, hard work and innovation, respect for rule of law and the prompt payment of taxes. These are the critical components for successful economies and countries anywhere.

    “The core of success in business is integrity, honesty and trust in the conduct of business. Credit worthiness is important in business, because when trust fails every other thing fails.

    “The payment of taxes and other obligations, be it moral or civic, for the purpose of development of the economy, for building infrastructure and other services are all important in business”.

    He expressed optimism that Africa now stands at the face of greatness after many years of being regarded as “the dark continent”, recording highest figures in poverty poor health- care, illiteracy, poor human development.

    The Vice President observed that the world today sees Africa as the next frontier for international business, a hub for development and growth of local and global enterprises.

    Other speakers at the Boot Camp included the Kaduna State Governor, Mallam Nasir El-Rufai, and the Prime Minister of Republic of Benin Republic, Mr. Lionel Zinsou.

    Zinsou commended the Tony Elumelu Foundation for organizing the Boot Camp programme that brought together 1000 young entrepreneurs from several African countries.

    The Chancellor of the Covenant University, Bishop David Oyedepo was also in attendance alongside Elumelu and several other dignitaries.

     

     

  • Tech startups morph into flourishing entrepreneurs

    Young men and women who dare to dream in order to change the world in a positive way have found expression at the launch pad for emerging technology and trends, which is called Demo Africa. These young people – all technology-savvy – have been given the opportunity to learn, earn and return to those who have invested in their dreams.

    Demo Africa, the event has lived up to its name as over 16 of the 40 start-ups who demonstrated their nascent companies in 2014 have received an investment of some kind. Six startups shared $4 million. Many of these startups have managed to “acquire customers whom they are servicing and creating value for,” Executive Producer of DEMO Africa and CEO of African eDevelopment Resource Centre, Harry Hare told me.

    These funds are used for different purposes depending on the maturity of the start-ups and its products. For instance some start-ups would use the funds to expand their businesses while others would apply the funds to execute their marketing strategies. Others may even employ the funds to refine their products and services further before making a dash to the market.

    The most important thing is that these funds move the startups from where they are to where they want to be: the real world where their lofty ideas would put to the test. Demo Africa looks at seeing start-ups signing up deals shortly after having participated at the event. For this to happen, Hare told me in a chat, “we need to bring the right audience”.

    Nigeria hosted Demo Africa in 2014 with 40 tech startups. Nigeria had the highest number. The Local Organising Committee [LOC] inaugurated by former Communication Technology minister, Mobolaji Johnson, hosted a successful programme. LOC chairman, Yele Okeremi, CEO of Precise Financial Systems, told me that “organising Demo Africa is a complex programme which required effective handshaking with various faculties. But, we had a very good programme in Lagos.”

    However, the essence of Demo Africa is to get startup companies to meet with investors who will help take their businesses to the next level and turn them into another Facebook or Apple. Past participants at Demo Africa are getting significant funding for their businesses.  The event has given several startups the benefit to taste the real world. They were brought face to face with, not shylock investors, but angel investors from Lagos, US, Europe and other African countries. These angels, after having agreed ‘terms’, would mentor and monitor their growth in order to ensure that the business succeeds.

    To get to this stage, nevertheless, Demo Africa usually takes the nascent tech companies through a rigorous pre-pitching programme [more like a beauty competition across Africa] where an aspiring CEO will have to demonstrate to select body of judges who are technology experts and business savvy individuals what he has to offer and why the watchful but dispassionate judges should consider his “offering” for selection.

    According to Okeremi, Demo Africa seeks to develop technology from the startup company level and grow such companies to becoming global players over time.

     

  • TEEP $100m scheme hosts entrepreneurs

    The Tony Elumelu Entrepreneurship Programme (TEEP), a $100 million Pan-African entrepreneurship initiative, will from July 10 to 12, hold a boot camp for 1,000 entrepreneurs.

    The participants, selected from over 20,000 applicants from all over Africa are expected to converge in Ota, Ogun State, at the largest ever gathering of emerging entrepreneurs on the continent.

    The boot camp, a milestone of the flagship programme of the Tony Elumelu Foundation (TEF), will see an interaction between established entrepreneurs from different sectors of industry, and the 1000 selectees of TEEP.

    TEEP Founder, Tony Elumelu, who has been vocal about entrepreneurship-led development and the push for a private sector-driven turnaround of Africa says:  “In empowering these emerging entrepreneurs, we are providing the capital, the networks, the training and support for them to drive economic and social transformation throughout Africa, providing solutions to its problems as well as securing their future and that of generations to come.”

  • Raising renewable energy entrepreneurs

    Raising renewable energy entrepreneurs

    With the energy shortage in the country, agro entrepreneurs are tapping biomass resources such as cattle dung and poultry waste for generation of biogas. This will create a new generation of rural  entrepreneurs and industrialists with bias for biogas based energy infrastructure, DANIEL ESSIET reports.

    Biogas energy  is  using  animal  waste to generate  electricity. This  development is   bringing about a better quality of life to many  Nigerians and  creating  business  opportunities.

    Experience in Ibulesoro Community, Ondo State, has   demonstrated both its resilience and viability. A  biogas plant located in the  community has not only reduced   greenhouse gas emissions, it has also  created   a  potential business opportunity  for  entrepreneurs  to  supply biogas digesters  to  people  who  want to generate electricity   at affordable cost.

    Usually, if the business booms, many contractors and dealers in spare parts and appliances will  benefit. At the end, viable local entrepreneurs will emerge.

     

    •Abiodun
    •Abiodun

    The  Coordinator,  West Africa Agricultural Productivity Programme (WAAPP-Nigeria), Federal  College of Agriculture, (FCA) Akure,Ondo State, Dr  Adeeko Abiodun,  told The Nation, that  biogas is a very attractive option for both the economy and  for households.The  biogas plants, he  said,  could  serve a household  for 20 years. There are plants,he  disclosed   that can last for 100 years.

    According to him, the   operation of a biodigester, consists mainly of feeding the installation with a mixture of dung and water.  The biogas digesters convert animal dung into combustible biogas. Once completed, units are filled with cow dung, which is then left to ferment. This produces methane gas which can be piped into the resident’s house , thus providing the house with a supply of energy for cooking, heating, and other tasks. With manure being deposited directly into the digester, the farmyard is no longer littered with animal droppings, so hygiene immediately improves.

    Abiodun  said  operators of the  gas plants can use  either   cow dung or  poultry droppings. The droppings would  be   put into a sealed tank called a digester, where they are heated and agitated. In the absence of oxygen, anaerobic bacteria consume the organic matter to multiply and produce gas that can fuel a generator.

    With more biogas units being installed, a range of entrepreneurial enterprises will be established. These vary from animal rearing, to vegetable growing and selling.

    For Abiodun,  it is a win-win situation. While allowing homes to generate power, it helps  farmers  to monetise waste. On the whole,  biogas programmes are profitable even when the overall cost of the programme is taken into account.  With no more time and effort going into fuel gathering, and with the extra income from emission, operators   find that they have a lighter workload.

    According to him, entrepreneurs are going to sniff an opportunity to make money. The use of  biogas plants  to  power local  households is  opening  an  opportunity  for  rural  entrepreneurs.  Many rural households that do not have access to electricity are going to team up to purchase biogas.

    With the efforts made by WAAPP, and FCA, there are possibilities of entrepreneurs exploring the range of possible value-added  bio-based products, among which are  bio-fuel and bio-plastics.

    For this reason, many entrepreneurs are going to be experimenting with biogas plants to produce electricity and power for  small business units.

    Biogas production will not only make households less vulnerable to energy shocks, but will radically improve their economic prosperity.  According to him, biogas technology has a huge potential and its plants can produce gas for lighting, electricity for power generation. Opportunities are going to open for  intermediaries to  collect cow dung or poultry wastes from farmers and  sell to biogas plant owners, who do not have enough cows or poultry.

    According to him, the  project  will  convince the rural people that renewable energy technologies provide a workable solution to their energy problems.

    On the prospect, Abiodun  said the  school  has made success in bio gas the cornerstone of its renewable energy technology programme.

    He said the school is training and developing technicians to market, install, repair, and maintain biogas for their rural customers.

    Meanwhile, the World Bank, in collaboration with the WAAPP and the University of Abuja, has inaugurated a biogas facility that would help generate electricity for residents in rural communities.

    The biogas facility, which was developed by the University of Abuja, was donated by the World Bank/WAAPP to residents of Kilankwa II Village in Abuja.

    Speaking at the inauguration of the facility, the Vice Chancellor, Prof. Michael Adikwu, said the facility would not only help residents generate electricity but would also serve as a power source for their stoves.

    “The biogas facility generates gas which could be used to power stoves and light so that they (residents) can have electricity,” he said.

    Explaining how the facility works, the professor said the technology was based on the use of waste that could be converted to energy.

    He said: “If well constructed, the biogas facility can last for a 100 years as long as the amount of dung and water level in it is appropriate. This will help residents keep their environment clean because all residues that would have been regarded as waste can now be used to generate electricity and gas for cooking.’’

  • Why we are training entrepreneurs

    Why we are training entrepreneurs

    Dr. Uzo Anozie, an academic in Bournemouth University,United Kingdom, doesn’t only encourage students to become entrepreneurs, but to also figure out what they are passionate about, what they can to achieve success with their lives. She spoke with Blessing Olisa of the Online desk.

    How many entrepreneurs have you mentored so far?

    I have trained  students who  own  businesses  and  those who have the ambition to start something on their own.

    I mentor them and look at what they are doing.I  advise them, follow up to see how  they  developing their ideas.

    Outside the university , I have one or two small business owners  that I mentor just like those on campus.

    We  meet frequently  to discuss their business models, suggest what they can do to  reinvent the business if need be, grow it ,identify what they might be doing wrong, commend what they might be doing right. I am always  offering tips on what they can  do to improve the performance of their businesses.  There is one in London, who is into  into IT, hardware and software business.

    Though  the business has grown, I have suggested  diversification. At the moment, he’s looking  to get  involved in satellite installation and maintenance.

    The   computer aspect of his business, is  getting saturated  with many people  running into it. It is becoming very challenging even for those who are competent in it. He needs to add something to  what he is doing and go that extra step forward.

    At the moment he’s thinking about satellite installations.  He is also planning  to go into the phone business as well. So these are the types of entrepreneurs that I’m involved with. As a mentor, I keep up with the progress of such businesses.

    How would you access the entrepreneurial landscape in Nigeria having been in the  United Kingdom?

    There are things that don’t need comparing. I don’t really know the basis of comparison when it comes to issues of different environment. I am proudly Nigerian but sorry to say, nothing actually works. Nothing actually works it’s quite a difficult one so if I can start with in the very first place, government policies, government regulations, government plans for entrepreneurship in Nigeria are supposed to be the same thing elsewhere in the developed countries or in UK, you see the difference. Here it’s like government policies and plans are on paper. It doesn’t get implemented, it’s just something that is written, people hear about it but nothing happens.

    At a point, I think there was a time government partnered with banks to fund small businesses, certain percentage must go to the small businesses but that was just on paper, I don’t think that has been implemented. While in the UK, whatever policy it is, is followed up with implementation. You can’t just have a desire to help without actually helping, it doesn’t make sense. So the basic difference first of all is the type of policies that are put in place in these two different places and is it implemented at the end of the day? Secondly, we look at the environment we are in. I think by now you must have heard so much about inadequate infrastructure but it cannot be overemphasised. Without infrastructure, entrepreneurship cannot survive, businesses cannot work. There are some basic things that are not existing in this country while in the UK it is being taken for granted that there is electricity, that you open your tap and there is water running. It’s being taken for granted that someone comes to take out your bin as a business person and you don’t have your bin all over the compound. Our environment is not conducive for entrepreneurship. Entrepreneurs have to go the extra mile, they have to suffer in order to sustain their business, not to talk of developing or improving the business further. While in the UK there are basic things that are already on ground and it is left for the entrepreneur to work with those things, those other resources and things that are available for them to progress. Let’s leave entrepreneurship aside, as individuals, like I said I’m proudly Nigerian but I live in the UK. I wake up in the morning and I’m not thinking about the basic necessities of life, I’m thinking about my work. So my brain and energy is reserved to think about my work. And if I have got such resources to think about my work, I’ll be more productive than the person that wakes up in the morning and there is no light to get ready for work, so they are thinking about how to get electricity to iron clothes or see where they are going. There is no water so they are thinking about where to buy water from. So even when you wake up, you have exhausted your energy thinking about the basic necessities of life. So you have nothing left to input into your work, so the work suffers. That is how it is for business. If the entrepreneur starts thinking about the unnecessary basics, there is nothing left to input in the business. There is nothing left to motivate the person to really make sure that their business thrives or is sustained. These are two landscapes that shouldn’t really be compared. We should compare like for like. For me, there is just no need comparing Nigeria and UK.

    What business opportunities would you recommend for young school leavers considering the current unemployment situation Nigeria faces?

    It is so unfortunate that in Nigeria today, the school leaver has the responsibility of creating jobs for themselves. It is someone else’s responsibility to do that, not the young school leavers. So like every other thing, when you are in school and you’re thinking about how to create a job for yourself when you leave because there is the uncertainty of unemployment when they leave school. So you find out that there is a high rate of unemployment in Nigeria. Everyone has become an entrepreneur in Nigeria. For the young school leaver as well, this causes a problem because they are thinking of what exactly to do when they leave school. There is that dilemma of “should I go with my passion?” “Is my degree worth anything in the business world?” “Should I learn a new skill even though I’ve got my accountancy degree?” “Should I do what every other person is doing because it has been tested and trusted?” There is that dilemma facing them, but having said that, Nigeria is full of opportunities. Anything we complain about in this country is an opportunity for someone to start a business on. We’ve got one million and one complaints in Nigeria, that is an opportunity for a young school leaver to start and do something with. So I wouldn’t say there is a laid down set of opportunities for them. People are different in their capabilities, people are different in the resources they have, some might need financial help, some don’t have that problem, people are different in their skill and their knowledge, so there is no one size fits all answer to the question. I think the main thing when it comes to opportunities would be that a young school leaver should try to make themselves different from what is available, no matter what path they choose. Even if you are trying to develop a new product, even if you’re going with the crowd and trying to do something that is already existing, try to be different because it is so competitive, and in Nigeria, things get picked up so easily. You see someone that starts bead making and in six months time, everyone is into bead making. You see someone that goes to Turkey to start buying and selling and in the next six months, Nigerians are all going to Turkey. The only way a young person can manage in this environment is to be different from the crowd, be innovative, be creative, be proactive. Don’t just be complacent. There was a time we never had sachet water in Nigeria, but now, every nook and cranny produces sachet water. For a young school leaver that may think he is tested and trusted for people to drink water, would add a straw to that sachet of water get him that one per cent increase in the customer base. Being different doesn’t mean doing something out of the blues, perhaps going to the moon and coming back, it is just that little addition and that little difference you could make. It could just be your customer service. We are too impatient and “aggressive” in Nigeria. That little pre-customer service and post sales service could draw you that customer base you need. To be different irrespective of what opportunity or what idea you might have is key. Many opportunities exist for young entrepreneurs, but whatever opportunity they decide to go into, they should try and be different because that is the only way they can survive in such a competitive environment and be able to take their business to the next level.

    How would you advise a young school leaver with N100,000 to go about entrepreneurship?

    People have different capabilities. Whatever you have a passion for, your N100,000 wouldn’t be able to get you that. If you have a passion for medical services because you have seen the state of the hospital in Nigeria and want to add your bit to the health sector, your N100,000 may not be able to get the sort of equipment you need to start that business. That is your passion, but you don’t have the resources to fulfill it. Again you might have the resources, but not the knowledge. So it’s a combination of mix and match. Entrepreneurship is not one sided, you have to think about loads of different things. Now as an entrepreneur, the thing is never giving up. Entrepreneurs work with very limited resources and whatever they can lay their hands on. They can start small, but the essence of being an entrepreneur is to be able to go the next step and be able to develop that business. So it is possible that the N100,000 might not fetch you what you are passion wants, but can you start from somewhere with your N100,000? That is the question. It is not necessarily having that big business, you can start from somewhere. Start first, then grow the business to where you want it to get to.

    What kind of small businesses do you think would thrive in Nigeria?

    Any small business that does not require electricity. (Laughter). But seriously, there are so many factors that will limit the survival of small businesses in Nigeria. Although I keep saying Nigeria, entrepreneurship anywhere in the world is difficult, but you find out that their environment is not as harsh and unfriendly as ours. There are so many factors that limit small businesses thriving in Nigeria, but if I can at this point make this difference, a small business is different from an entrepreneur. A small business owner is someone that just has a small business and is content with the way it is run. The entrepreneur has got their own business but are never content with where they are, they are always willing to move forward, have targets and goals to achieve, always looking  for how to differentiate themselves from all that is happening around, as opposed to a small business owner who thinks “I have a business, I can sustain my family, fair enough”. In the next 10 years, that shop is still as it is, exactly the same thing and the same products, nothing new. The entrepreneur, given the same business and in three years time has gotten another branch somewhere, they are online, they are thinking about “I started with this business model, what do I add to this business model?” That is the difference. Businesses that will thrive in Nigeria are businesses where the owner is neither complacent nor content with where they are, because if you are, competitors will come and take away market share and customer base from you and you are trying to find your feet.

    So those businesses that aware of competition are those that would thrive in Nigeria. So I’m not going to pick out any sort of business and say the restaurant business or health business or fashion business will thrive, it all depends on the person  who is in charge of that business. That would determine if the business will thrive.

    Do you think that there are prospects for the growth of entrepreneurship in Nigeria?

    Yes, but under one condition, the government has to come in now and do something. Individual entrepreneurs in Nigeria are die-hard, they struggle to the best of their capabilities and abilities but the environment is not conducive, they’ve tried to make the environment conducive by themselves but that impacts on the cost of doing business, that impacts on their profit so someone needs to come in, someone needs to step in and help. Now think about a business that generates its own electricity. You know and generating electricity, we are talking about you using generators as your main source of power supply, not as a backup, as your main source of power supply. Now you need to maintain that generator with fuel and you know what the situation of fuel is in this country so that taps into their profit, that source away all their profit. Think about a business that has to provide its own water and you’re talking about buying water or digging boreholes which you need to have using electricity, think about there are no good roads to actually transport your goods to wherever or distribute them to your consumers or to your retailers, you know. I’m saying think about  these challenges, even though they are real, they are better  imagined than really experiencing them because at the end of the day, they  leave the entrepreneur with nothing. So the entrepreneur as individuals do their best but it’s so difficult for them. The only way entrepreneurship can thrive in this country is for the government to step in, take the baton and continue the race, yea, so they need to really come in.

  • Gas demand: A boom for entrepreneurs

    Gas demand: A boom for entrepreneurs

    The power crisis is pushing consumers and businesses to alternative sources of power – and one of most obvious is gas.This has created business opportunities for Nigerians in clean energy business. DANIEL ESSIET reports.

    The nation’s power crisis is pushing consumers and businesses to alternative sources of power.As a result of  of this, there is a wave of demand for off-grid energy products, including solar lights, geysers, gas stoves and generators.

    Nigerians understood the disastrous economic, health, and environmental impacts of using candles or kerosene-based lighting, and believed using lighter gas could be the first step in demonstrating the opportunity to shift practices.

    One entrepreneur, who has positioned  himself  to take advantage of the power crisis is Sir Uchenna Ibuaka, Chief  Executive, Lakewood Energy West Africa Limited, who   has  seen  an uptick in people asking about gas as a way to power their households in the bid  to  slash electricity bills.

    His due diligence has  uncovered a tremendous market opportunity for liquid propane gas (LPG) products with over 50 million people alone not  inadequately covered by the electricity grid already spending so much  on energy each year .

    To this end, he has  entered the market with a disruptively innovative, highly affordable gas powered generator and then quickly following  with a full range of gas -powered appliances targeting this nascent consumer class—whose incomes and energy demands were expected to rise along with the fast growing economy.

    He is encouraged by increasing number of  households using  liquid petroleum (LP) gas, or propane. Companies are switching to gas.He currently operates within Lagos  but it has the ambition growing  nationwide.

    He is very optimistic that his company could therefore make a big difference, not only in Lagos but other parts of Nigeria.

    But  he became interested in “clean tech”  more  than five years  ago while working in the United States. While there, an expert told him it will require a massive breakthrough to address the nation’s  power crisis and that alternative   energy  was the way to go.

    It immediately sparked his imagination and thought as alternative energy is a big  unexplored area with not much  efforts made  to  tap energy from, LPG,he recalled.

    Subsequently, he  set  up  a  company  to do  business  under the clean tech.

    He discovered Nigeria was in need  of   liquid propane (LP) gas generators since it would enable Nigerians us to cut back on the amount of fuel import.

    Like  other products, he  said  LPG   standby  gas  generators continually monitor  home’s connection to the local electric utility. When  outages trigger, the system  automatically switches to generator power until local power is restored.

    According to him, there are  opportunities  for small and business time investors  as  homeowners can obtain varying levels of gas generators power suitable for running everything from specific applications,  to complete whole-home or office building comfort.

    With the nation’s  infrastructure in tatters, many believe it is an ideal time to deploy new power.  He believes that gas energy can do more than provide temporary refuge for Nigerians; he thinks it can be a permanent boom to the impoverished nation.

    As the cost of electricity rises and frustration with load-shedding increases, companies are spending millions to generate their own power are turning to renewable energy.

    To sustain its economic growth rate, he  said the  nation  will require an increase in power generation capacity—an opportunity that will require contributions from both traditional and renewable sources.

    He explained that the average household spends  quite a fortune on energy, adding that the per-unit cost to generate power is so high that renewable sources are becoming cost-competitive.

    He saidNigerians need gas power generators to provide emergency back-up to prevent the National Grid collapsing. As long as the demand for more energy continues to grow, he said gas business will continue to boom and become more lucrative.

    He  said  there are opportunities for new investors and  engineers to invest in  LPG  business and make  a living  with  gas   expected to become the preferred fuel for household cooking and heating .

    Ibuaka believes Nigerians with  investment  as  small as N500,000 can invest in gas business and make money  especially with today’s unstable energy market.  With energy prices ,he  is of the  opinion that   individuals and small businesses can  make profits off gas  business , especially  LPG  generators  as the wave of the future.

    To  assist  would-be investors,his  company  provides  training classes focusing on generator selling, sizing, installation, and  target either air-cooled or liquid-cooled generator and transfer switch systems.

  • Meet Entrepreneurs Organisation for funds

    Meet Entrepreneurs Organisation for funds

    A global funds group, Entrepreneurs Organisation, is offering business owners and job seekers access to funds. The funds, if properly channeled, is capable of creating jobs, writes ADEDEJI ADEMIGBUJI.

    Anthony Okoye is the Managing Director of Design Centre, a local business with interest in Home and Garden design. When he started his business some years ago, he was bereft of ideas on how to make the business thrive and the structure of the business was such that no wise venture capitalist would stake funds into such small business.

    Okoye’s story, however, changed when he subscribed to a global venture capitalist-Entrepreneur Organisation-which has presence in 146 countries across the globe, helping local businesses grow irrespective of peculiarities in economic challenges stunting business growth.

    The platform gave Okoye an opportunity to interact with about 11,000 members of the organisation globally to share experiences that will proffer solution to different entrepreneurial challenges.

    According to him, to secure funding, Entrepreneurs Organisation created a business plan where people are connected to venture capitalists or other financiers, who can help to source for funds for business growth. As the first president of Entrepreneurs Organisation in the country, he said his business now flourishes because of the support from the organisation.

    He said the organisation engages entrepreneurs to learn, grow and imbibe core values of the organisation such as ‘trust and respect’, ‘boldly go’ and ‘make a mark’ as a way of preparing them for success in their business despite some of the challenges they have to contend with.

    Okoye said there are different categories of businesses the organisation funds. For instance, the people who dont have start-up money but have good business plan; those who have little money, little seed capital raised from friends and family members; and those who have N100 million and above. He, however, noted that the most important asset an aspiring beneficiary should have is integrity so that he/she can be wholly trusted.

    For young graduates who just left school but have good business ideas and plans, Entrepreneurs Organisation will award them scholarships to foreign mentors that will train them, afterwards such  beneficiaries will be assisted to access start-up funds to begin their businesses.

    “In Entrepreneurs Organisation, we must have integrity. If a member knows an Entrepreneurs Organisation member, he trusts him totally. He feels 100 per cent safe with the person and that way if he wants to expand his business to a country such as  South Africa or any other country, there is what we call Entrepreneurs Organisation (EO) Connect through which he can look for members in such business so that they can partner.

    “Similarly, when a member in South Africa is coming into the Nigerian market, he can do same and he will feel safe with other members notwithstanding the very obnoxious reputation we have in Nigeria. This is ensured because there is a rigorous screening process before you join Entrepreneurs Organisation such that when you join the body, it will give you a platform. The platform ensures that other credible businesses abroad know that you are credible unlike the general feeling about Nigerian businesses,” he said.

    Although the one million US dollars minimum requirement to become a member translates to about N200 million, only very few SMEs can attain such turnover. This looks like a deliberate strategy to make Entrepreneurs Organisation an exclusive club to preclude others from coming in. But Okoye said the organisation has different programmes to address businesses irrespective of their sizes.

    “No, it is not. The fact is that we have different programmes. There is what we call the accelerator programme; this helps those who are making like 150,000 -200,000 dollars revenue to move to one million dollars. There are some programmes that Entrepreneurs Organisation organises to move people from lower level to higher pedestal in revenue generation in their businesses. There are lots of mentorships going in the Organisation. One critical thing is that it enables you not to just focus on money and business; it enables you to have impact in your community, your family and so on. It enhances a total person -we call it EO 360 not just money, money and money. It helps you to organise your business such that you can have time for your family and community,” he noted.

    Currently, Entrepreneurs Organisation is trying to structure a relationship with the Tony Elumelu Foundation in other to help Nigerian entrepreneurs learn how to structure their businesses and make them thrive so that they can have access to venture capitalists within the Organisation. “We also work with the Stamford Centre of Innovation in Africa where they support and train budding entrepreneurs to make sure they are doing the right things while they also help to arrange financiers, who will conduct findings and feasibility studies to be sure you are qualified for the funds. The first and primary thing to us is to get you to understand how to structure your business, develop processes so that when you get the funds you can deploy them appropriately. As a budding entrepreneur if you have a smart idea and your business plan is tight, you will find the funds to invest in your business, but officially it might not be through Entrepreneurs Organisation but through our different partner organisations,” he said.

    Okoye, however, said SMEs are the driving force in an economy; creating more jobs that any other industry. He said even a small business employs at one or few persons. It has the opportunity to create more jobs whereas governments or big businesses always have a cap or what they call embargoes. “Entrepreneurs want to keep growing their businesses. SMEs are the ones that bring about change and by getting more of them, you create momentum, and when you have momentum, you have movement and when you have movement, you go from transition to transformation. At transformation, that is where you lift up everybody. This transformation is not the case here in Nigeria because the business environment is stifling,” he said.

    He, however, advised young entrepreneurs to take chances and create a unique selling point. He said making money should not be the driving force of starting up a business as most of the entrepreneurs with such objectives end folding up. “Take chances, be different. First know why you do what you do? Why am I in this business? Is it just to make money? That is not enough. Millions of people, who set out in business to make money don’t last. Know your purpose, when you do, people will buy from you. Always be excited at taking calculated risks,” he noted.