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5 reasons you can get capital to fund your business

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An entrepreneur with an existing business or a promising business idea that requires funding can access funding due to following reasons:

  1. Government interventions: Governments support local entrepreneurs because they are key drivers of any economy. Local entrepreneurs create jobs, generate revenue for government by paying taxes, and contribute to national GDP.
  2. Profit: The purpose of every investor, bank, venture capital and private equity firm is to invest for profit. If no investment is made, there will be no profit.
  3. Foreign policy: Annually,  the international development organizations of developed nations spend huge amounts to fund promising ideas, projects and initiatives all over the world. 
  4. Social impact: Numerous NGOs, Corporate organizations and philanthropists invest actively in entrepreneurs every year. The funds they invest are usually given as grants, prize money and donations as part of an organization’s corporate social responsibility, societal impact efforts or for enhanced public perception.
  5. Innovation race: Every year, multinational organizations spend billions on programs that allow them to identify and nurture top talents, discover disruptive business ideas that could change industry landscape.

To be able to access funding on the above listed basis, you have to align your business to appeal to the motivations of these fund providing organizations. Do your due diligence. Look out for any of the funding organizations that best suits you and put your best feet forward.

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2019 KPMG Admission Scholarships into Nigerian Federal Universities

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KPMG, a top global tax, auditing and advisory services organization developed a program to sponsor selected candidates through their tertiary education. 

Per the KMPG website, see further information below 

Eligibility Criteria

Candidates must meet the following criteria:

  • Have completed their secondary education at a state-owned Government school within the last 2 years.
  • A minimum of 5 Distinctions (As & Bs) from their WASSCE (including English and Mathematics).
  • A minimum score of 230 in the Unified Tertiary Matriculation Examination (UTME).
  • Already have an admission letter or a provisional letter of admission to a federal university in Nigeria.

How to Apply

Send an email to NG-FMKPMGScholarship@ng.kpmg.com with the following details: Name, Residential Address, E-mail Address, Phone Number.

Also attach the following documents in a zipped folder:

  • WASSCE Certificate
  • UTME Result Slip
  • JAMB Result Slip
  • Provisional Letter of Admission/Letter of Admission to a Federal University in Nigeria
  • Birth Certificate
  • Certificate of Origin

Kindly state the code KSP2019 in the subject of the email.

*The deadline for application is 25th October 2019

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Need Funding? Discover funding category applicable to your business

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If you’re an entrepreneur and ever wondered types of funding you should target for you business, the first step would be to identify the stage your business falls into. Assuming you already know that, the next step is to to look at funding options available to you. Below is a list of funding sources applicable to different stages of a business venture: 

Idea stage: Many entrepreneurs belong in this category. This group aspire to start a business or want to switch over from paid employment to entrepreneurship.

Idea stages are characterized by 

  • Only idea for product or service exists
  • Product or service is not yet validated

Idea stage business sources of raising capital include bootstrapping, friends and family, partnerships, angel investors, incubators, business plan competitions, charities and foundations, government programs, upfront payments and private placement. 

 

Start-up stage: Businesses in this are operational and have validated their product or service.

Start up stages are characterized by 

  • Initial sales of product already achieved
  • Customer base is small
  • Business is in survival mode
  • Requires funding to stay alive and gain traction

Start-up stage business sources of raising capital include bootstrapping, friends and family, partnerships, angel investors, incubators, business plan competitions, charities and foundations, government programs, international development funds, early stage venture capital firms, crowd funding, upfront payments and private placement. 

 

Growth stage:  In this stage, business traction is well established, market demand for product or service is growing at a gradual pace.  

Growth stages are characterized by 

  • Increasing number of customers
  • Growing customer base
  • Need funding to increase size and capacity
  • Typically profitable 

Growth stage businesses usually raise capital from partnerships, VCs, Angel Investors, Development Funds, Private Equity, Government programs, Banks, Private placement, Charities and organizations.

 

Mature stage:  Business organizations in this category typically do not look for funding unless they require funds to diversify into new markets or industry. Mature stage businesses have sufficient capital through their well established operations.

Mature stage businesses are characterized by

  • large and loyal customer base
  • Average and predictable sales growth
  • product saturation in market

Mature stage businesses can raise capital if they require, through banks. private equity, international development funds, private placement and IPO.

Now you have a clearer idea about suitable funding sources for your business, you are able to make informed targeting decisions when it’s time to raise that capital for your business.

     

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