The Nation Newspaper

Tag: Young entrepreneurs

  • Ekiti 2018: Aspirant hosts young entrepreneurs

    A Governorship aspirant on the platform of the Advanced Progressives Democratic Alliance (APDA) in Ekiti State, Mr. Tope Adebayo, has promised to turn around the economy of the state, if elected.

    The governorship election holds on July 14 next year.

    Speaking during a round-table dialogue with some entrepreneurs in Ado-Ekiti, the state capital, the legal practitioner said his government will create jobs and wealth by reforming the civil service and empowering the Small Scale Medium Enterprise (SMEs).

    The entrepreneurs cut across various field, including Agriculture, Fashion and Beauty Therapy, Event and Catering Management, Interior Decoration, Photography, Website Design and Programming and Shoe Making.

    In his response to questions posed to him on his economic blueprint, wealth creation, youth empowerment through entrepreneurship and human-capital development, Adebayo said his government will invest on skills acquisition and capacity building.

    He said if pursued; standard training of artisans and entrepreneurs in Ekiti will not only create wealth but increase the Internally Generated Revenue (IGR) of the state.

    Adebayo blamed the high level of poverty and under-development in the state on lack of quality leadership, stressing that Ekiti people will remain stagnant economically if the state continue to rely solely on the monthly allocation from federation account.

    Emphasising the role of entrepreneurs as wealth and job creators, Adebayo said his government will work with young entrepreneurs with the intention of maximising the potentials in agriculture and its value chain, fashion industry, social entrepreneurship etc to create wealth and jobs in the state.

     

  • Young entrepreneurs change start-up scene

    It is amazing to see the growth of the local start-up as young people venture into entrepreneurship. One area attracting interest is financial technology, also known as fintech. There are success stories coming from this innovation. One of them is mTransfers.

    The fintech sector is booming. Start-up activities by young tech entrepreneurs are aiming to establish Lagos as their key global financial services ecosystem. This is being propelled by new technologies and platforms young people  are introducing to the economy to accelerate change, more supportive policy and regulatory environment for innovators by the Lagos State government.

    One start-up revolutionising the small business world is Amplify, a Lagos fintech outfit  helping African businesses accept and manage recurring payments from their customers, using their cards or directly from their bank accounts.

    Its Chief Executive Officer (CEO) Segun Adeyemi, said it is  a proprietary technology, which intelligently routes transactions to increase the success rate of transactions.

    He  said: “We serve consumer loan companies, internet and content service providers, hosting services, software as a service companies and other subscription type businesses.

    “Because Amplify has a unique focus on recurring type payments, the platform provides a subscription management system that helps businesses view, monitor, update, cancel and generally manage their customers’ payments and subscriptions. Amplify also provides other value added services that helps businesses grow.

    “These include deep insights and analytics that helps business managers make better decisions, engagement tools via email and SMS, loyalty programmes, amongst others.”

    According to him, the  payment company is  partnering some  banks and is set to launch the product  as a social banking solution that allows customers transfer funds and perform other banking services via WhatsApp, Facebook Messenger, Instagram, Blackberry Messenger, Twitter and other social messaging platforms, without having to leave the platform or switch apps.

    He said the banks with the solution, can now connect and engage a growing, younger customer base. Additionally, he  said it  will open up social channels and help banks position themselves as innovation leaders, while giving consumers another convenient avenue for instant, secure transactions.

    He said:“Social and messaging apps are six of the 10 most popular mobile applications across platforms in Africa. We believe that vibrant and digitally savvy consumers want financial services to meet them where they are, in the channels and platforms they use.

    “We have built mTransfers to empower banks and other financial institutions to blend their payment process into the everyday lives of their customers and provide an engaging user experience for them.”

    With mTransfers, customers enjoy instant banking services within already familiar mobile messaging applications without having to switch to a bank’s mobile app, or downloading additional applications. After an update to their already existing banking application, customers will be able to transfer funds, check balances and complete other basic transactions using a bank-branded keypad, available across social apps while maintaining military grade encryption, authentication and security models of the banks, thereby guaranteeing the security of all transactions.

    mTransfers is one of the portfolio start ups supported by Meltwater Entrepreneurial School of Technology (MEST), a Lagos  Incubator and co-working space in Ikoyi.

    General Manager, MEST Lagos, Neku Atawodi-Edun, said the organisation is a training place, seed fund, incubator and hub for technology entrepreneurs in Africa, providing critical skills training in software development, business and communications to local start-ups.

    MEST brings entrepreneurs and investors together under in a move to promote investment.

    Its mission is to build global companies—and it pursues that goal by mentoring tenant start-ups, splicing innovation into enterprise partners, sowing the seeds of strategic partnerships and helping big ideas secure funding.

  • NGO empowers young entrepreneurs

    NGO empowers young entrepreneurs

    Ten young entrepreneurs have been empowered with N100,000 each to fund their businesses and enterprises, courtesy of the Joan Agha foundation.

    The presentation was held at the Oriental Hotel, Lekki, Lagos during the fourth annual lecture of the foundation. It brought together captains of industries.

    Joan Agha Foundation is a non-governmental organisation, which aims at long-term developmental programmes by addressing the needs of the indigent persons in the society through educational scholarships, woman and youth empowerment.

    “God has given each of us talents but we need to look inward. When people sit down and say they don’t know what to do, they have not taken that little step of listening to their inner self. Young people need to go away from all the noise and meditate. It is through meditation that they can get inspired on what to do with their hands that will fetch them money”, Mrs Joan Agha admonished.

    Twenty-year-old Success Ndu, a student of the University of Benin, was one of the 10 entrepreneurs who benefited from the grant after   after an intense screening process.

    He told The Nation: “I never wanted to work for anybody and this prompted me to start businesses at 19. I am a fish farmer and I also farm water melon and cassava. I am always looking for opportunities to take my business to the next level and I am grateful to the Joe Agha Foundation for the opportunity to receive funding.”

    In 2014, the foundation began training on entrepreneurship for youths. Consequent upon the success, the foundation made it a yearly event.

    Last year, the foundation expanded the initiative by giving start-up grant award to four start-up entrepreneurs. This year  the number increased from four to 10 entrepreneurs.

  • Ambode pledges support for young entrepreneurs to support economy

    Ambode pledges support for young entrepreneurs to support economy

    …Kick-Starts Lagos @ 50 Celebrations

    Lagos State Governor, Mr. Akinwunmi Ambode on Saturday evening formally flagged off the opening ceremony of activities lined up to commemorate the State’s Golden Jubilee Anniversary, just as he pledged that his administration would pay greater attention to the growth of young entrepreneurs and back it up with an enabling environment and friendly policies that will enhance success of their business initiatives.

    The Governor also said that concerted efforts would be put in place to utilise the golden jubilee celebration to lay a solid foundation for another glorious 50 years in the State.

    Governor Ambode, who spoke at the premiere of ‘Wakaa The Musical’, held at the new Terra Kulture Arena at Tiamiyu Savage Street, Victoria Island, said as the fifth largest economy in Africa, the State Government would explore all other areas of possibilities for growth while the future of the State would be premised on mutual love, peaceful coexistence, greater economic prosperity, tourism, urban renewal and infrastructure development projects that will complement its megacity status.

    “On our part, we are determined and committed to fully explore all the possibilities presented by this moment to lay a solid foundation to another glorious and prosperous 50 years. This golden jubilee therefore presents a unique opportunity for us not only to celebrate our achievements, but also showcase to the entire world the immense potentials waiting to be tapped in our dear state,’’ he said.

    He said the Government was more than committed to further boost the State’s economy by building capacities of young entrepreneurs especially in the areas of arts, culture, tourism hospitality and other businesses, urging the youths especially young graduates to take advantage of hospitality and friendly business environment to explore other areas of possibilities and develop their entrepreneurial skills that would place them at vantage position in the on-going economic reforms of his administration.

    Represented by his deputy, Dr. Oluranti Adebule, Governor Ambode said that the 50 years anniversary of the State presented a unique opportunity not only to celebrate the achievements of its founding fathers in the last 50 years but also to showcase to the entire world its rich cultural heritage and immense potentials waiting to be tapped by people with ideas and great vision.

    Governor Ambode, while commending the founding fathers and all his predecessors for their great vision for the State, pledged that his administration would leave no stone unturned to build on their good legacies to deliver a new Lagos that will be the pride of every African man.

    The Governor also lauded the Director/Executive Producer of Wakaa the Musical, who is also the founder of the Terra Kulture, Mrs. Bolanle Austen–Peters, for her initiative, focus and business ingenuity, noting that the actualization of the beautiful edifice which according to him was the first privately owned ultra-modern theatre in the country, was a reward for her selflessness, vision, courage, determination and belief in her abilities.

    He noted that the partnership of the State Government with the Terra Kulture was not only to identify with the success story of the private cultural heritage, but a demonstration of his administration commitment to encourage younger generation to maximize their potentials.

    Earlier in her opening remarks, Mrs Bolanle Austen-Peters Founder of Terra Kulture and the Executive Producer of Wakaa The Musical said Wakaa The Musical, was a compelling story of the travails young people go through after graduation in a bid to achieve their dreams.

    The collection of plays according to her explored the challenges and obstacles young graduates faced after leaving their colleges and the assurance for victory and success when they show commitment, brevity and tenacity in the face adversity.

    “Wakaa celebrates patriotism, honesty, diligence and the eventual success of excellence over mediocrity, greed and selfishness’’, she said.

    The Lagos at 50 Celebrations which commenced from Saturday, April 8 2017 will feature series of interesting activities and will climax on Saturday 27th May 2017 to commemorate the May 27, 1967 date of the creation of Lagos State.

  • West African entrepreneurs collaborate to enhance trade, create jobs

    Young entrepreneurs from Cameroon, Ghana, Nigeria, and Sierra Leone have come together to form a new network aimed at addressing challenges to sub-regional trade and youth unemployment in West Africa.

    The group, the Commonwealth Alliance of Young Entrepreneurs – West Africa (CAYE-WA) was inaugurated on Wednesday in Accra, Ghana, according to a statement from Mr Will Henley, the media contact at the Commonwealth Secretariat.

    The network aims to support youth business leaders to expand cross-border trading opportunities.It would also provide a platform for recommendations to policy-makers to improve access to capital and markets, overcome barriers for business and enhance entrepreneurship education.

    The event, which launched the group, was hosted by the Ghanaian Governmen

    Mr Isaac Asiamah, Ghana’s Minister for Youth and Sports noted that its launch was “most welcome at this time when most African governments are seeking innovative ways of solving the youth unemployment crisis’’.

    Asiamah said that the group would develop the skills, creativity, innovation, knowledge and confidence of young entrepreneurs.

    According to him, it will also enhance the social, political and economic integration of youth in the sub-region through peer to peer learning and networking.

    “The Commonwealth Alliance of Young Entrepreneurs, West Africa has come at an opportune time to help the youth develop their capacities and support them to contribute to the sustainable development of their respective countries,” he said.

    The Director of Youth at the Commonwealth Secretariat, Katherine Ellis commended the establishment of CAYE-WA, recognising that it would help drive trade and give young entrepreneurs a stronger voice with policy-makers.

    “This initiative will help position entrepreneurship as a credible career choice, and ensure that young entrepreneurs have the access and tools to be successful, create jobs, and contribute to development and economic growth,” Ellis said.

    She further said the initiative was directly aligned with the Sustainable Development Goals (SDGs).

    “This includes SDG Goal 8, aimed at achieving sustained and inclusive employment and economic growth.

    “It will also contribute toward SDG 16 which is focused on promoting peaceful societies for sustainable development.

    “Going forward, we plan to connect the young entrepreneurs with their colleagues around the Commonwealth.

    “This is so that we can foster and increase trade between all our countries,” she added.

    Mr Bernard Takyi from Entrepreneurs Club in Ghana, who was elected as the inaugural Regional Coordinator of CAYE-WA, noted that entrepreneurship was a sustainable way to eradicate poverty.

    Takyi added that part of the aims of CAYE-WA was to partner with government and other strategic partners to advance youth entrepreneurship in West Africa.

    “I hope that one day, I will be able to travel to Nigeria, Cameroon and Sierra Leone, or any other country in the Commonwealth of Nations, and meet young entrepreneurs who are members of CAYE.”

    Emmanuel Sin-nyet Asigri, Chief Executive of Ghana National Youth Authority noted that youth development was key to nation building.

    “Without young people’s ideas and skills, we would be missing the best hope for our current development and the future.”

    He also urged the young entrepreneurs to use the SDGs as a platform to “generate more innovation and creativity”.

    Representatives from government, the private sector and Civil Society Organisations were on hand to endorse the creation of CAYE-WA.

    CAYE-WA was modeled on existing Commonwealth networks in Asia, the Caribbean, and East and Southern Africa, which were all founded with support from the Commonwealth Secretariat.

    As early actions, CAYE-WA plans to launch a speaker series across all member nations and provide role models and mentoring to young entrepreneurs.

    It would also facilitate bilateral and multilateral trade missions by young entrepreneurs to open markets and develop a joint policy statement and recommendations for engagement with governments regarding entrepreneurship policy.

    It will further build the number of organisations and networks of young entrepreneurs which are members of CAYE-WA as well as create a Pan-African Young Entrepreneurs Summit.

  • A platfom for young entrepreneurs

    A platfom for young entrepreneurs

    For Founders of Co-Creation Hub (CChub), a Lagos-based technology incubation centre, the future of business in Nigeria and her competitiveness on the world stage depends on young people setting up successful technology businesses. By backing them and their aspirations, Nigeria will be able compete and thrive in the global race, Daniel Essiet reports.

    AFTER 13 years’sojourn in the United States, where she re-

    ceived degrees, including an MBA from prestigous  Massachusetts Institute of Technology (MIT), and worked for some Fortune 500 companies, Mrs Bilikiss Adebiyi-Abiola returned home to co-found a waste recycling company, Wecyclers, where she is the Chief Executive.

    Her vision was to transform lives by creating jobs for them and helping to build the economy.  She has succeeded.

    Her strategy was unusual – using a fleet of low-cost cargo bikes to collect waste. Another was the engagement of communities in recycling the waste by offering them incentives, such as premium on low-value materials – plastic bottles and sachets using low-cost cargo bicycles.The wecycles are designed , manufactured locally and are operated by youths from the  communities.

    The operators cover specific routes. They weigh the materials. The weight is entered into an SMS points platform to generate a personalised SMS. Wecyclers reward households with some points.The solution was not only innovative but self-sustaining. The company gave households a chance to capture value from their waste while providing a reliable supply of materials to the recycling industry.

    Though the initial funding of the Wecyclers  came from self-funding,  the organisation has grown and gained international recognition for its work in Lagos. At least, two multinationals are partnering with the group. Last year, one donated a van  and the other provided sponsorship for the improvement of the firm’s packaging.

    Wecyclers has made efforts to  eradicate inefficiencies in the recycling value chain by innovating in all aspects of the recycling  from pre-sorting and collection to post-sorting and processing of recyclates. Businesses like hers have uplifted the country, creating jobs and winning awards.

    These include the Cartier Women’s Initiative Award, Tech Award, Echoing Green Fellowship, MIT D-lab Scale-ups fellowship, MIT IDEAS Venture Grant, Yunus Challenge Prize at the MIT IDEAS Global Challenge Competition, and Carroll Wilson Fellowship.

    Since August 2012, Wecyclers has registered about 6,725 households in two Lagos, built 35 cargo bikes, created over 80 jobs, and rewarded  its subscribers with over $ 40,000 worth of gifts and cash prizes.

    But Mrs Adebiyi-Abiola owes a lot to Co-Creation Hub (CChub), a Yaba-based technology incubation centre dedicated to supporting aspiring entrepreneurs. She is one of the entrepreneurs, whose company has been offered incubation space by CChub. A major attraction for aspiring young entrepreneurs, CCHub was established by two visioners – Bosun Tijani and Femi Longe – in October 2010 as social innovation centre.

    Today,  CcHUB is the nation’s first open living lab and pre-incubation space where creative social tech ventures take place. Mrs Adebiyi-Abiola believes that the story of tech entrepreneurship in Nigeria is incomplete without mentioning CCHub.

    Much more than a co-working space, the hub is an oasis of calmness, conviviality and creativity in the Centre of Excellence. It is a rendezvous for technologists, social entrepreneurs, government, tech firms, and investors in and around Lagos where they find find solutions to  societal problems.

    In partnership with some individuals and organisations, CC hub has made it a priority to foster an entrepreneurial spirit among its talented professionals by setting up an environment to help them flourish. It provides resources for new businesses to get started. So far, CChub has helped more than profitable 20 ventures.

    These include Wecyclers, BudgIT, Traclist,VacantBoard,Truppr  andAutoBox. Other include  jobsinnigeria.com.ng, wayopedia,www.caban.com.ng and  Asà. Many of them are profitable.

    The fledgling businesses get perks through partner organisations, such as money from an angel fund, technical support and web hosting services. They amenities include office space and Internet access. It also holds workshops, hackathons and networking events.

    Some of the entrepreneurs incubated at the hub are  assisted to update their skills and knowledge and to explore new opportunities. In the last two years, the promoters of the project have added new components to the process, including the business development procedure, to make the programme more effective for innovators.

    The innovators, which are given incubating space, receive professional business development assistance in commercialising their technological innovations and finding them suitable business partners in Nigeria as well as in global markets. The hub presents incubates with a list of partners, venture funding firms and angel investors.

    In its first six  months, the hub attracted more than  450 active community members – who participated in its open living labs, events and trainings; more than 80 daily users of the hub – who work and leverage its resources for their ventures/projects; 21 start-ups and projects in pre-incubation – being mentored and supported by CcHUB and its network of partners and about 20 active corporate members – which provide support to its goal of harnessing creativity for social change.

    CcHub has taken seven percent equity in its portfolio startups, which has reached eight. They include Traclist, Truppr, Wecyclers,Vacantboards and BudgIT. Its first venture graduated last December.

    To support start-ups in their technological innovation drive, CcHUB and  the Bank of Industry (BoI)  have partnered to raise a $1 million seed investment fund to help small businesses to create social impact in the technology ecosystem.

    Under the deal, the bank has made an investment of $200,000 to aid equity capital for emerging businesses. Indeed, the social innovation fund aims to provide equity capital, with  support to early stage and fast-growing businesses involved in technology and services sectors.

    Chief Executive Officer (CEO) and co-founder, CcHUB, Bosun Tijani said: “CcHUB incubation office was launched in response to the need to provide business development, mentoring and funding support to start-ups that showed traction from our impactful pre-incubation programme.

    ‘’Our seed investment ensures start-ups have a sure footing post-incubation to concentrate on rapidly executing their plans and learning from the market.” In addition, the hub leads co-creation initiatives aimed at creating novel technologically driven solutions to the myriad social challenges facing the average Nigerian.”

    Recently, CcHUB boosted its incubation programme with the launch of a $500,000 seed investment fund to support early stage startups over the next two years. Startups will receive cash ranging from $10,000 to $25,000 to support business model experimentation and operations.

    The hub’s Nokia-CcHUB Growth Academy is a first of its kind business accelerator programme in Africa. It is dedicated to providing intensive continuous hands-on support to help about 30 early stage mobile technology start-ups grow into high growth businesses and build world-class mobile applications.

    The programme consists of three parts – training, app development and launch of world-class mobile apps for Nokia platform. Selected participants undergo hands-on, structured business and technical training to grow their ideas.The programme is delivered with Futurice, a leading global mobile software organisation from Finland.

    CcHUB has launched an initiative to assess the technical talent gap in the country  in a bid to identify, evaluate, and prioritise current and anticipated gaps in the IT workforce. Since inception, CcHub has established partnerships with some stakeholders, including Omidyar Network, Google, Nokia, The Tony Elumelu Foundation, BlackBerry, Schmidt Family Foundation and Samsung.

    Apart from the challenges faced by start-ups, the hub spends over $2,000 monthly on maintaining a generator. Also, due to lack of infrastructure, the hub paid over $25,000 for wireless equipment despite enjoying a free yearly Internet supply worth $80,000 from Main One Cable Company.

  • Young entrepreneurs making fortunes from pineapples

    Young entrepreneurs making fortunes from pineapples

    Pineapple cultivation has become a veritable business due to its growing market. The demand for the fruit by juice processing firms has increased opportunities  for new entrants, reports DANIEL ESSIET. 

    The scramble for agricultural land by real estate coupled with discovery of minerals are taking a toll on arable land as population increases. But a group of vanguard farmers are now rehabilitating some dry and unarable land through irrigation for pineapple cultivation. They are now earning handsomely from it.

    One of them is Ezemenaka Johnbosco, the Chief Executive Officer (CEO), AgroBosco- Agribusiness and Consulting.

    He is involved in pineapple cultivation and has made money from it. He said  pineapples need a mild and relatively same temperature all throughout the year and  grow well on an elevated soil, particularly on dry soil.

    He listed  the  planting materials needed  to include  pineapllles’ suckers and crowns.

    With improved hybrid varieties, he  said  pineapples can bear fruits within  12 to 16 months, depending on the variety and environmental condition.

    The improved hybrid varieties, Johnbosco said should be acquired six to eight weeks after it was harvested.

    Before preparing the soil for planting, he  advised,  it is good to plant pineapple in a temperature ranging from 65 °F to 95 °F.

    “Although it can tolerate cold temperatures for a short period during nights,” he noted, “its growth gets stunted and fruits become acidic when it is exposed to lower temperature for a longer time.”

    To do suckers and crowns, he said, one must plant them 8 to 10 cm deep in the soil and space them between 80 and 100cm.

    His words:”This way requires a space of 25-30 centimeters in a line, 50 centimeters in a two-line and 100 centimeters between two lines rows. This may produce around 44,000-53,000 plants for each hectare.”  Irrigation, he stressed,  is required for its cultivation in the dry season.

    Acoording to him, care of pineapple plants becomes important to protect them from pests and diseases. Controlling nematodes, he maintained,  is necessary because they stunt pineapple growth.

    When harvesting,  he  said, dry season fruits of pineapple mature early as compared to the rainy ones. “To know if the dry fruits are ready for harvesting, check whether the pineapple’s ‘eye’ is pale green. In the rainy season, fruits turn light yellow at the base and are considered ready for harvesting,”he added.

    He  has  deployed good  technique for pineapple farming,  which  involve  the use of land and resources, realising higher yield, net profit, and cultural practices, efficient spray and weed control, improvement in fruit quality, easy and good harvest.

    The dream, according to him, is to intensify current activities in the coming years to make it an agro-industry.

    For farmers like Johnbosco, pineapple cultivation can be main occupation with the income earned from the produce enough to  maintaining the family

    A pineapple farmer has to harvest pineapples many times from on farm.  Pineapple farms yield best products from July to August. Pineapples harvested  between December and January are known as ‘Heiron’.

    Johnbosco estimated the cost for cultivating 3,000 stands of pineapple to include  N3,000 for of 1 acre of land for a year; N240,000 for  purchasing 4000 hybrid suckers;  N2,000 for buying two shovels; N750 for three hoes;  N6000 for  Wheel barrow and N30,000 for labour. He  put the total cost  at N283,750, adding that there is a possibility of harvesting 4000 pieces of pineapple at once. According to him, a unit of the fruit can be sold for N300 putting the total revenue at 1,200,000.

    “Deducting N283,750 from the amount will give one a total profit of N916,250,” he said.

    According to him, pineapple cultivation has now become a thriving means of earning good income as a result of the growing pineapple market. The demand for the fruit by the public and the fruit processing units of flourishing in the country has increased greatly. “The only problem is that farmers are unable to meet the ever increasing demand for pineapples,” he said.

    He added: “The challenge is that a pineapple farmer has to invest a huge amount of money to engage labourers, plough the land and do the weeding,” he said.