THINGS TO KNOW ABOUT DIFFERENT BUSINESS FUNDING OPPORTUNITIES
THINGS TO KNOW ABOUT DIFFERENT BUSINESS FUNDING OPPORTUNITIES
The fact that there are numerous opportunities for startups to get the much needed financial back up is not debatable. However, it is not just enough to know that these funding opportunities exist but equally having great knowledge of these funding opportunities is important. Some of these funding opportunities are examined.
A.Y.E WEB BUSINESS CAMPAIGN (WBC): A web business campaign where entrepreneurs across Africa share vision for their business to source for funds from interested investors around the globe. Its dynamic nature has been highly effective in bringing angel investors and business partners around the world for young entrepreneurs.
TONY ELUMELU ENTREPRENEURSHIP PROGRAM (TEEP): A program that started in the year 2015 and by far has come to be known as one of the most reliable platforms of funding for small business owners in Nigeria and Africa at large. The major aim of TEEP is to provide a funding of 10,000USD to support the ideas of business owners, with the long term goal of boosting Africa’s economy as well.
Applicants of this program are judged in 5 core criteria:
- Feasibility of their business ideas
- Market opportunity: Entrepreneurs knowledge and understanding of the market, the customers and competitors of their idea/business.
- Financial Understanding: Entrepreneurs understanding of the basic financial requirements of running the business, cost and revenues.
- Scalability: Potential for replication and growth of their product or service to not just create wealth for the entrepreneur but to create job opportunities as well.
- Leadership Potential and Entrepreneurial skills: Entrepreneur must demonstrate leadership potential, be capable of attracting people, customers and resources.
Applicants who are offered a place in the program are expected to:
- Complete a self declaration form
- Provide valid proof of
- Provide a personal bank statement from the past 6 months
- Provide a statement of current personal debts
- Provide reference from an employer bank and or academic institutions.
- Provide business bank account details (for UBA present countries, it must be a UBA account)
To be a successful applicant:
- The business idea must be Africa based
- It must not be more than 3yrs old
For more information visit www.tonyelumelufoundation.org
AYEEN: Africa’s Young Entrepreneurs Empowerment Nigeria: A program that creates a platform for budding entrepreneurs across Africa through mutual networking, not just with other entrepreneurs but with the big leagues in the industry. The organizers believe in building outstanding entrepreneurs through learning and financial support. Launched to create innovative, exceptional and also viable business ideas in Nigerian entrepreneurs, which would have all the ingredients for success and growth in the country regardless of the sector. Registration form is open to all Nigerian Youths across the different states in the federation. If you have a business idea or a running business, you can apply for the entrepreneurial empowerment program.
The AYEEN entrepreneurial scheme has different programs which the entrepreneurs would partake in. They include the following:
A.Y.E REALITY TV: A thirteen (13) episode entrepreneurial show that broadcast across Africa on over 8 TV stations (AFRICA MAGIC FAMILY, WAZOBIA MAX, WAZOBIA TV, NTA NETWORK, TVC, STV, BRTV, RAVE TV and Others). Launched to identify and showcase innovative business ideas to the world, it poses as educative, informative, engaging but still entertaining. Entrepreneurs pitch their ideas and business before a well sought out panel of international judges.
MY MENTOR & ME: Offers direct mentorship to the budding entrepreneurs at the comfort of both the mentor and the mentee. Through this, young entrepreneurs can have instant and direct interaction with the mentors, establishing a personal relationship where it is necessary. Topics covered by these mentors would include both personal business experiences and tools on growing and maintaining a sustainable business.
Other Programs under the AYEEN organization are: AFRICA’S YOUNG ENTREPRENEURS STUDENT ASSOCIATION (AYESA), A.Y.E APP, HARVEST AFRICA, and EMPOWER BORNO PROJECT.
What Entrepreneurs stand to gain from the program:
- Funding for your business
- Mentorship opportunities.
- Networking opportunities.
Visit www.ayeen.ng for more information
Diamond Bank The Building Entrepreneurs Today (BET): is business education initiative which is aimed at generating interest in entrepreneurship and also designed to support entrepreneurs of all ages. Since the start of the program, thousands of entrepreneurs have been trained especially owing to the partnership with the Enterprise Development Centre which contributes to the pool of skilled small and medium enterprise in Nigeria. It is a six months intensive business training of 50 enterprising entrepreneurs from selected sectors of the economy. After the selection process, the top 5 entrepreneurs are awarded with financial grants of N3,000,000 each as seed capital for their business.
The application procedure is a simple process that acquaints the entrepreneurs with the organizers and also gives them a 60 second opportunity to pitch their ideas through a video format.
For more information visit www.diamondbet.com.ng
Bank Of Industry (BOI): A recently launched youth empowerment program for young and talented business minded youth looking to venture into various entrepreneurial sectors of Nigeria’s economy. BOI’s aim is to address the worrisome hike in youth unemployment in Nigeria by building the capacity of the youths and funding their business ideas as well. It is called the Youth Entrepreneurship Support (YES), which would equip young people with the necessary skills and knowledge to be self employed and business sufficient. It comprises of:
- Eight (8) weeks intensive online Entrepreneurship and Business Management training which has the ability to test participant’s understanding and track their progress.
- Five (5) days in-class Entrepreneurship and Business Management training.
- Technical skills training in partnership with the various technical training and vocational institutes in the country.
- Financing the businesses by BOI under its SME Cluster initiative in consonance with the United Nations Economic Commission for Africa’s Commodity-based Industrialisation Strategy.
To be Eligible, applicants must:
- Be a Nigerian.
- Have a viable business idea within the 40 identified sectors that is operated, or will operate in Nigeria.
- Be within the age limits of 18 and 35.
- Possess a minimum educational qualification of Ordinary National Diploma (OND).
- Be able to carry out the application process online
For more information visit www.boi.ng
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