Government is developing interventions to cushion start-ups —CEO, NEI

•Mr kumah

•Mr kumah

The Chief Executive Officer of the National Entrepreneurship and Innovation Plan (NEIP), John Kumah, has urged Ghanaian start-ups and small businesses to take advantage of its facilities to explore their innovative and creative ideas in support of government’s developmental agenda.

According to him, government was focused on providing the enabling environment for young entrepreneurs and empower innovation to accelerate job creation for the country’s teeming unemployed youth.

“The government is committed to contributing to the success of start-ups and small businesses. The NEIP has been introduced with a renewed commitment to help entrepreneurs but most importantly, we want start-ups to avail themselves and access the goodies in store to turn around your individual fortunes and the nation at large,” he added.

Speaking at the 2017 Growing Business Together (GBT) Start-Up Investor Conference in Accra on Thursday, Mr Kumah said the government was working to increase the fund available to entrepreneurs from its seed capital of $10 million to $100 million.

Organised by the Netherlands Embassy in Ghana and MBC Africa, the conference was on the theme “Securing investments for start-ups and early stage businesses.”

It is structured to bring start-ups and Small and Medium Scale Enterprises (SMEs) and various stakeholders in the start-ups and investment ecosystem together, with the objective to help the start-ups to secure investments for their businesses and to generate deal flow for investors.

Mr Kumah explained that government was currently developing interventions that would cushion start-ups to be able to thrive and accelerate the vision to build an industry-driven economy capable of supporting developmental plans and strategies.

Mr Samuel Waterberg, Chief Executive Officer, People’s Pension Trust, advised young entrepreneurs to put together a business team, which was more attractive to investors.

“Recent observations have noted that investors prefer businesses that have multiple owners. It is more assuring than businesses with singular ownership. In this regard, I urge young entrepreneurs to build a strong team which is abreast with the demands of the business,” he stressed.

Mr Waterberg urged small businesses to identify mentors who could be consulted for directions needed to ensure the business grows successfully and as well document the operational plan of the business.

He stated that for start-ups to attract the necessary funding from investors to upscale their businesses, entrepreneurs must develop the ability to raise capital from personal sources before seeking fund mobilisation from external sources.

“Entrepreneurs must not wait until the large amount required for the business is raised before ideas are executed. You must begin from a smaller position and demonstrate the ability to raise capital from your own little sources. This tells the investor you are ready to upscale the business when enough funding is made available,” he stated.

Mr Ron Strikker, Netherlands Ambassador to Ghana, said the conference was aimed at promoting young businesses and seeks to address key hurdles for start-ups and early stage businesses in the country.

 

 

 

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