John Momban
Elevating a startup in Africa from just a dream to a living reality is a matter of no small magnitude.
TechInAfrica – Hurdles like capital to take off, subscribing to the plethora of regulatory bodies, marketing tact and techniques the list goes on. These mountains may be high but definitely not insurmountable especially when we unearth some golden principles revealed at the recent Tony Elumelu Foundation forum held in Lagos, Nigeria. Afro-entrepreneurship talent building is a passionate goal of the Tony Elumelu Foundation. This year it opened a gateway to a professional think tank of bankers, business gurus and potential investors who interacted with upcoming entrepreneurs as part of its annual skills training seminars. These African entrepreneurs are given the chance of taping into a $10,000 investment fund for deserving TEF attendees. The T.Elumelu foundation has a heart for bringing the dreams of brilliant enterprising Africans to life and has projected to invest over $90 million dollars in funding by 2025 to help empower, educate and mentor African human resource. The estimated worth of the proposed business ideas is based on individual organizational capacity, financial aptitude, progression factors and market. The TEF summit garnered together minds with a tenacity for Agricultural startups, fashion, manufacturing and ICTS.
Tony Elumelu UBA chairman and the architect of the foundation has zeroed into the idea of helping Africa utilize the potential of the private sector to boost the socio-economic growth and stability of the continent. He is aware of the financial and beaurocratic barriers that entrepreneurs face and calls for policy and key decision makers to harmonise with the rivate sector in creating a thriving economic atmosphere for aspiring entrepreneurs. At the forum many entrepreneurs both accomplished and aspiring had golden key points to share with other upcoming enterprising Africans which include:
• 1. Secure Legitimacy Many enterprising TEF attendees stressed the importance having official documentation of existence. This view for instance was supported by Happy Coffee proprietress A.Adeyemi. She further added that it would be an added support if small businesses were recognised as important stake holders by governments. Happy Coffee now has national credentials, it recently catered for the tea break refreshments at this years Tony Elumelu foundation summit. All in all Adeyemi suggests that a good business idea can thrive in any economy.
• 2. Records Reinforce Reputation From the onset documentation is an asset. Expenditures must be recorded; this serves as an incentive for investors who will more likely deem your enterprise as credible. Donker Akua an entrepreneur responsible for starting up a chocolate making brand called greetings from Ghana, she revealed she keeps her financial records well; her transactions are well monitored. D.Akua started small with only $1000 composing her startup assets but this seed has triggered a cascade of earnings now estimated at $50,000 by the end of 2017. Happy coffee founder A.Adeyemi too acknowledged the importance of records for improving investment opportunities.
• 3. Smart advertisement and information processing To have potential clients know about your product advertising is key, the tariffs on extensive mass communication platforms however are too extravagant for developing entrepreneurs; Faleya Olanweraju proprietor of Olanreforward chilli peppers. F.Olanweraju opts for social media marketing, free samples at events and restaurant handouts to spread the word about his chilli and its health benefits. He further revealed the importance of government subsidies to help small business advertise effectively.
• 4. Pressing Past Pitfalls Obstacles are inevitable in every business. A TEF attendee from Ivory Coast Brou Henri highlighted the importance of having a well planned course for the future and knowing how to elaborate this vision well to our prospective financers. Brou runs the website Yefa.ci
which makes available learning opportunities to youths in the form of scholarships, fellowships and tertiary education. Ghanaian chocolatier Akua advised for the need to reach out to others for assistance when you’re down, never let pride drown your dream.
Additionally Adeyemi pointed out the need to be bold, doing what it takes to be unique and understanding the competitive players in business community.
