Hi Abby- Totally agree. We use a very similar approach with our work with impact entrepreneurs coming from low-income areas in Nairobi (https://www.thesomoproject.org/). Would love to learn more about your model and share learning. Let me know if you're free for a skype call, my email is firstname.lastname@example.org.
Hi Abby- Really interesting work you are doing. I was wondering, does your program help locals come up with ideas of how to solve energy issues in their communities or does iDE come up with the ideas and help the local community implement?
Hi Kate! Yep. That is us. We were actually registered in 2014.
Our expansion over the next 12 to 24 months: We are looking to scale our organization in three ways. First, expanding our team by adding trainers in several local communities and a loan officer to manage the lending process with existing entrepreneurs. Second, expanding our Somo Hub model where we convert shipping containers into start-up hubs with modern infrastructure and reliable high-speed internet. We have built a model for doing this cost effectively and have seen a boost in productivity for Somo entrepreneurs who use the Hub to meet advisors, investors and customers. Third, scaling our outreach to entrepreneurs, and investing more capital to fund more businesses. We’ve seen that the talent to scale exists, but patient capital is still in short supply.
Longer-term, we strive to offer patient capital and long-term partnership for entrepreneurs in informal settlements globally. We are establishing the infrastructure to expand our operations by 10x over the next 3 years. By 2020, we hope to have trained over 600 entrepreneurs and funded over 350 of their high-potential businesses.
Our project bridges the planet and prosperity. The entrepreneurs we work with come from desperately underserved areas where charity rather than investment is the norm. Our program focuses on market-based solutions driven by local entrepreneurs, which assures efficient capital allocation, self-sustaining enterprises, and solutions to real problems. Our goal is to create a network of amazing impact entrepreneurs from all over the globe that are creating significant impact on the prosperity of their own communities.