Support Entrepreneurs to Thrive (SET)
We help young entrepreneurs thrive by providing business and management training, access to pool venture finance and Online marketing.
EXPLAIN YOUR IDEA
We designed a youth friendly and innovative 4 Visa entrepreneurship development model that projects young entrepreneurs involved in agribusiness and informal business activities to develop passion to achieve a long term growth and mature into thriving impactful ventures. This is done by providing them with needed skills in starting, launching and managing their businesses for a sustainable livelihood and job creation. The 4 visa strategy includes undertaking a four weeks master class business accelerator training, mentoring support, access visa to a Pool Venture Finance (PVF) and access right customers through online marketing and selling technology. The project model equips youth and upcoming entrepreneurs with the confidence and practical skills to start and run successful agribusiness with passion. It identifies and confronts negative attitudes, beliefs which act as obstacles to creating jobs by young people and re-orientates mindsets suited for a globalized business village. It also builds their skills to tap natural creativity and innovation in identifying business opportunities; offers practical literacy in financial discipline; explores the various sources and management of capital; and offers advice on the choice of business partners.
We want to be a bridge to youth entrepreneurial successes in Uganda so young entrepreneurs establishes and sustains their enterprises passionately to generate more jobs and increase economic opportunities for youth in East Africa
We are targeting creative self-motivated and ambitious young people who are in early start up businesses and upcoming entrepreneurs with vibrant ideas aged 18 to 30 years old who lack exposure to gain entrepreneurship training, mentoring, business incubation space and financial linkage support due to their vulnerability.
During a market demo session
During a market demo session
Our innovative approach to entrepreneurship development
We are also specifically interested in targeting young women entrepreneurs working in small groups in rural areas dealing in agribusiness i.e. fish farming, produce dealers;
TELL US MORE ABOUT YOU
We are in this idea as AruaBits-a registered youth organization that has been in operation since 2013 working with youth and for youth. We partner with CEFORD (local partner) and Butterflyworks (International partner) in our youth programming activities. Please visit http://www.aruabits.org for info
WHERE WILL YOUR IDEA BE IMPLEMENTED?
EXPERIENCE IN IMPLEMENTATION COUNTRY(IES)
Yes, for more than one year.
EXPERTISE IN SECTOR
I’ve worked in a sector related to my idea for over a year
HOW HAS YOUR IDEA CHANGED BECAUSE OF BENEFICIARY FEEDBACK?
During the improve phase we had very interesting feedback from various participants particularly young women involved in smallholder farming and agricultural value chain development whose feedback significantly made us focus on the immediate needs of the disadvantaged beneficiaries while responding to constraints using the 4 Visa model (Visas for Business Accelerator Training, Mentoring/incubation, Access to Pool Venture Finance and Online marketing and selling visa).
We also realized from the beneficiary feedback that most banking institution are more than careful in lending to young smallholder entrepreneurs from where we developed an innovative concept of Pool Venture Finance (PVF)-a concept of financing profitable venture through pooled finance where entrepreneurs clubs pull resources in a pool and loan to promising agro-focus ventures. The concept works in the same design as Table banking where members of entrepreneurs group meet frequently, placing their savings, and loan to members for investment. A member benefiting from Pool Venture Finance gets an investment portfolio visa indicating how profitable and promising the venture is based on the market scenario at a time.
HOW IS YOUR IDEA UNIQUE?
We are offering a unique 4 Visa entrepreneurship development model to empower self-motivated young women entrepreneurs who are involved in smallholder agribusiness activities to become successful using a youth friendly entrepreneurship model. The model is projected to fertilize them to grow and manage agribusiness as a long term sustainable ventures with focus on impact while creating jobs for others.
This therefore makes our approach not only unique but one that packages young women to become real skilled entrepreneurs with knowledge and access to the right market. Besides the model has self-sustainability strength even when funding from development partners stops.
In our approach we identify self-motivated and creative young women whose livelihoods are centered on smallholder farming, we provide them business accelerator training, mentor them, make them receive graduate visa to access pool venture finance and link them to market using an app/online platform to access a bigger market and earn reasonable income a unique less costly venture.
WHY DO YOU THINK THAT THE PROBLEM YOUR IDEA SOLVES FOR HAS NOT BEEN SOLVED?
Global Entrepreneurship Monitor (GEM) report of 2014 indicates 86% of young entrepreneurs in Uganda failed to receive business development support i.e. training, mentoring, finance to enable them start and manage businesses because such friendly services are inadequate and expensive for young start-ups.
Moreover, Uganda's formal education has not equipped most young entrepreneurs to set up their businesses, identify profitable and growth-oriented sectors, to choose innovative product lines or widen their activities into employment-creating expansion. This increases their vulnerability to business collapse a reason why in Uganda over half of start ups do not celebrate their 2nd birth day
WHAT ARE SOME OF YOUR UNANSWERED QUESTIONS ABOUT THIS IDEA?
Unanswered question in this idea are;
1. Will busy and experienced entrepreneurs profiled as mentors find time to mentor young people and wont young entrepreneurs be seen a potential competitors hence end up being misguided by Industry based players?
2. How can 4 Visa model influence policy change and drive youth venture financing in Uganda and East Africa?
IS THIS IDEA NEW FOR YOU OR YOUR ORGANIZATION?
AruaBits has been implementing entrepreneurship development programmes targeting less privileged but ambitious and self-motivated youth for over 3 years using the Bits Academy model.
However, in Supporting Entrepreneurs Thrive Project the 4 visa model idea is newly and uniquely designed bringing into play business diagnostics aspects for start ups to realize sustainable entrepreneurs. The model is structured as four weeks master class business accelerator training , incubation and/or mentoring support, Access to a Pool Venture Finance (PVF) and Market Place Support.
In 2015 an evaluation was conducted to establish and improve our youth entrepreneurship development programming, the finding pointed to lack of relevant business accelerator training, incubation space/mentoring for young entrepreneurs, access to finance as a key impediments.
With previous experiences in mind the SET project idea was developed incorporating the missing links that is envisioning a generation of creative young people establishing sustainable enterprises to create jobs hence improving opportunities for youth in East Africa.
WHO WILL IMPLEMENT THIS IDEA?
This idea will be implemented by AruaBits and a coordinated by Ocen Godwin who holds a BSc.IT, Post Graduate Certificate in M&E, a SET (Social Entrepreneurs Transforming) Africa fellow awarded by International Youth Foundation, TEEP Entrepreneur 2016 and Total StartUpper 2016.
He will coordinate the project in partnership with CEFORD which has a rich team of entrepreneur facilitation experts and mentoring networks of successful entrepreneurs.
SHARE ONE SENTENCE ABOUT THE IMPACT YOU WOULD LIKE THIS PROJECT TO HAVE FIVE YEARS FROM NOW, AND ONE QUESTION YOU NEED TO ANSWER TO GET THERE.
We want to see our creative and self-motivated young entrepreneurs establish and develop a sustained business growth with potential of employing at least 10 people in their firms within 5 years while celebrating successes of hard work but the question is shall we get these young entrepreneurs to get us there!.
MY ORGANIZATION'S OPERATING BUDGET FOR 2015 WAS:
Between $100,000 and $500,000
MY INTENDED BENEFICIARIES ARE:
More than 500 km from where our team does most of its work
HOW LONG HAVE YOU AND YOUR COLLEAGUES BEEN WORKING ON THIS PILOT PROJECT TOGETHER?
WHY ARE YOU INTERESTED IN JOINING AMPLIFY'S PORTFOLIO OF INNOVATORS?
Amplify has a very interesting model of human centered design process, our interest is to learn and understand how human centered design process works to improve our youth development programming so that we can continue developing concepts to improve economic opportunities for youth in East Africa.
We also want to tap expertise from Amplify network of innovators for a sustainable collaborative partnerships in youth economic empowerment.