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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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AgriLab Ideation Workshop & Incubation for Young Nigerian Startups

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Ventures Platform, an Abuja based Nigerian technology hub has partnered with the Embassy of Ireland to bring Agrilab program to Nigeria.  

AgriLab aims to enable young Nigerians to turn their startup ideas into full-fledged business models ready for investment.

AgriLab focuses on the agritech sector, an area where Ireland is a world leader and in which Nigeria needs to develop in order to diversify its economy and meet the demands of a fast growing population.

Eligibility and Selection Criteria

  • You are a Nigerian with a business idea in the agritech space that clearly identifies the problem it solves.
  • You have a sustainable and scalable business model.
  • You are resident in Nigeria
  • You are between the ages of 18 – 35
  • You are available to participate in the entire program if selected
  • You are able to travel to Ireland for a business visit as part of this program
  • You have a valid International Passport for the duration of the trip.
  • Team Capabilities
  • Agribusiness is Tech-enabled
  • A completed application form

Benefits:

3-Day Ideation Workshop and Bootcamp

Selected startups get to learn the requisite knowledge needed to be accepted into the Incubation Program.

Incubation

Participants will be exposed to workshops, mentorship and office spaces.

Seed Capital

Participants get to receive $2,000 in seed capital.

A Trip to Ireland

The winning team will receive an all-expense paid trip to Ireland to meet and network with potential business partners and state agencies.

Apply Here

Application deadline – 18th December 2019

For more information, visit http://agrilab.venturesplatform.com/

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The ONE Africa Award Applications

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The ONE Africa Award celebrates African efforts aimed at achieving the Sustainable Development Goals (SDGs), the world’s blueprint for a better future. SDG targets range from halving extreme poverty, to halting the spread of HIV/AIDS and providing universal primary education.

The ONE Africa Award recognises the exceptional work of organisations that are founded by Africans, based in Africa and working to help Africa achieve the SDGs. The US$100,000 award recognises innovative African efforts to fight poverty and incentivises more of such efforts.

The award recognises exceptional organisations and other groups demonstrating commitment and success in assisting Africans in meeting one or more of the SDGs through innovative advocacy-based programs.

Qualified recipients may be engaged in direct services to achieve any of the SDGs, but must demonstrate a strong advocacy component integral to the delivery and success of their programs. Qualified recipients may be advocacy/pressure groups and think tanks engaged in governance activities, such as the monitoring of flows of resources and/or holding governments accountable to commitments to SDG attainment.

Organisations will be graded in five categories and will be awarded between 1-10 points in each of these categories:

  1. Extent to which the organisation has designed and implemented an innovative advocacy program that employs entrepreneurial and sustainable approaches to impact in a given sector(s).
  2. Ability to demonstrate and communicate specific indicators of progress and impact linking work to a given sector(s) in a clear results-oriented framework.
  3. Demonstration of the ability to replicate efforts of the organisation to scale interventions.
  4. Demonstration of strong internal and constituency accountability mechanisms (for example, community leadership consultations and involvement in programs to demonstrate that interventions are relevant to the majority of the poor in the target community and empowers them in a sustainable way) along with transparency of operations.
  5. Extent to which the organisation has employed creative partnerships to achieve its goal(s) and ensure coordination with other development actors. These partnerships may include public and/or private sector players.

Shortlisted applications will undergo a due diligence process.

Apply Now

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