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BATN Foundation Farmers for the Future (F4F) Grant 2023

The Farmers for the Future (F4F) Grant is an Agricultural Entrepreneurship grant designed to support young people with viable agri-Business with equity-free capital and other associated support they may require to scale their businesses. The project is an initiative developed and sponsored by the British American Tobacco Nigeria Foundation (BATNF) in partnership with NYSC and implemented by FATE Foundation. It is targeted at currently serving National Youth Service Corps (NYSC) members – as part of BATNF’s drive to encourage and support the youth in sustainable agriculture. Curriculum Overview of the Farmers for the Future (F4F) Grant The programme is a virtual programme focused on capacity building on essential knowledge, strategies, skills, and tools to build sustainable businesses within the Agribusiness value chain. These sessions will be facilitated by various industry leaders and professionals across the Agribusiness and entrepreneurship ecosystem using a pedagogy approach to build networks amongst the entrepreneurs and encourage group/team work for better learning. The robust learning structure is a combination of virtual interactive class sessions, workshops, case studies, plenary sessions and group activities. The Farmers for the Future (F4F) curriculum has been designed to provide insight and relevant knowledge to aspiring and budding entrepreneurs within the Agribusiness value chain to see diverse market potentials and understand how to create a structured business model to strategically grow their business. The Curriculum is intensive and includes: Application Process for the Farmers for the Future (F4F) Grant Stage I: Interested applicants must complete the application form here and upload the following document: Stage II: Following a review of all received applications, 50 candidates will be shortlisted for a 10-20 minutes phone/video interview, after which 20 applicants will be shortlisted for the programme. Through the support of the British American Tobacco Nigeria Foundation, the programme is FREE to all entrepreneurs who successfully scale through the two application stages. This scholarship support from the British American Tobacco Nigeria Foundation covers all direct course fees, including course materials, data support and post-programme support. This is a virtual training and it is expected that each entrepreneur enrolled for the programme must be Corp members in the Agribusiness space with less than 3 months to conclude their service year. This will also be verified during the shortlisting/selection process. Farmers for the Future (F4F) Grant Post Programme Benefits Benefits of the Programme 10 Million in Cash and business support. Top six (6) finalist will win an equity-free grant of NGN 10 million. Click here for more information. Apply here on or before August 30, 2023.

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2023 Anzisha Grant for Young African Entrepreneurs ($200,000 Prize)

Applications for the 2023 Anzisha Prize are officially open! Deadline: 27 November, 2022 The Anzisha Prize is Africa’s biggest award for her youngest entrepreneurs aged 15 – 22 years, and hands out over USD $200,000 every year in business support and prize money to very young entrepreneurs from all over the continent. The Anzisha Prize has championed and supported over 200 Very Young Entrepreneurs throughout the African continent. If you are a young African entrepreneur trying to grow a small business or you’ve created something that provides you and your friends with an income – then Anzisha looks forward to receiving your application in the 2023 cycle. By applying to the Anzisha Prize, you stand a chance to win a share of grand cash prizes valued over $50, 000 and business support for your business.  About the Anzisha Prize The Anzisha Prize is a venture building fellowship program that has successfully supported and championed very young entrepreneurs for over 10 years. The fellowship is a three year program that celebrates and rewards business growth. During the course of the three years, the programme will track the performance of the business and the entrepreneur. Businesses that show exemplary growth and initiative are rewarded with benefits and services such as short courses, cloud services and cash stipends. At the end of the second year, entrepreneurs will pitch their businesses and successes for a chance to win their share of grand cash prizes valued over $50 000. The Grand Prizes are split into four categories: The Job Creation Prize Revenue Growth Prize Storytelling Prize Integrating Systems and Processes Prize At the end of the three year fellowship, the fellows will graduate and join the Anzisha Prize alumni network. Eligibility Requirements 1. You must be between 15 and 22 years old with an ID document or Passport to present as evidence. Anyone born before September 1, 2000 or after August 31, 2007, will not be considered. 2. You must be a national of an African country with a business based in Africa for African customers/beneficiaries. 3. The Anzisha Prize isn’t awarded for great ideas or business plans – you must have already started, and be able to prove it! 4. Your business, invention or social project can be in any field or industry (science and technology, civil society, arts and culture, sports, etc.). Any kind of venture is welcome to apply. 5. Individuals who apply must be one of the founding members of a business (for example, 2 or 3 co-founders who started up the project together). Judging Criteria To be selected as one of our Anzisha ventures, your business or project will be judged on the following criteria: Is your venture established with customers and beneficiaries and are you offering value to them? Are you, the founder, leading and managing your venture? Is your venture demonstrating some impact already? Whether your venture is a for-profit business or cause-based, does it already earn revenues or already reach beneficiaries? Is there potential to increase revenues or beneficiary reach with support from Anzisha? Has your venture created jobs and is there potential to create more high quality jobs? To be selected as one of our Anzisha Fellows, you must demonstrate two important qualities: You are the leader of your venture and you drive both venture strategy and operations. You spend at least 20 hours a week (or more) on your business and plan to continue to do so after selection. Prizes 1. Bi-annual cash stipends to eligible fellows in Year 1 and Year 3 of the fellowship. 2. Short term educational opportunities, internships and specialised technical expert consultations for eligible fellows in Year 2 and Year 3. 3. Job Creation Prize – awarded to the entrepreneur in Year 2 who has created the most job opportunities since joining the fellowship. 4. Revenue Growth Prize – awarded to the entrepreneur in Year 2 with the highest business revenue growth since joining the fellowship. 5. Storytelling Prize – awarded to the entrepreneur in Year 2 who has creatively communicated and distributed their entrepreneurship story through written, oral and visual storytelling. 6. Integration systems and processes Prize – awarded to the entrepreneur in Year 2 who has effectively used systems and processes to advance their business model. Go to www.anzishaprize.org for more information on the application process.

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Unhappy People Cannot Serve Happiness- Part 1

“Unhappy people cannot serve happiness” I was privileged to listen to the Founder of Ruff n Tumble, Adenike Ogunlesi, outline the simple yet effective ways she has used customer experience strategies to scale her business to a multi-million enterprise. Her words made me reflect on why it might still be a long journey to the promised land regarding service delivery in Nigeria, especially with MSMEs. It is sad to note that despite the plethora of write-ups and voices clamouring for an improvement in how startups handle their service delivery, little or nothing is being done about it. These businesses often forget that customers now have options with minimal attention span. This means they can easily take their money somewhere else. One then wonders why it seems to be such an unachievable feat. Entrepreneurs such as Mrs Ogunlesi, who have realised the goldmine an excellent customer service offers to a business, have jumped on the train, and they sure are not looking back. Let’s see what these strategies entail below. CX Winning Strategies for Small Businesses The below may sound mundane or even trivial, but you would not know just how powerful they are in bringing huge ROI (return on investment) to your business. Let us examine a few of them: Conclusion The entrepreneurial path is never an easy one, especially in Nigeria coupled with the growing economic difficulties.  As you seek quantitative ways to boost your business, the qualitative weigh twice as much and do not think these are not measurable because they are. It requires a lot of investment. As we round off the first part of this article, be sure to be on the lookout for the concluding part in the next publication. If you enjoyed reading this and think it is useful, please drop your questions and/or comments and don’t forget to share this. Read more: Unhappy People Cannot Serve Happiness- Part 2

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Asking Potential Investors the Right Question

We have shared with you tips on how to get investment ready, how to select the right investors; and now we will share with you questions you should be asking potential investors before you take their money.  Here are 15 questions you should be asking your potential investors  What types (or focus sectors) of companies have they invested in, in the past? What kind of support do you provide to these companies? What kind of investments (in terms of value and round) do you provide?  How many investments have you made in a company? Do you typically lead investment rounds? Or do you prefer to co-invest? How many investment rounds have you led? How long does it take to close? What is the first thing we need to do after closing? What do you expect from us going forward if you invest in our company? Will you be personally involved in the company? What metrics would you be tracking? How often would we be required to provide progress reports? What is your most successful investment? Are you willing to share the contact information of 2-3 companies you have invested in? These are questions that should guide your decision-making on whether the investor is the right fit for your company and for you. But most importantly make sure you listen to your gut feeling and ask any other questions that arise from within.  Contact Versa Research your trusted data, research & consulting partner! References https://www.forbes.com/sites/alejandrocremades/2019/02/21/20-questions-entrepreneurs-should-ask-investors/?sh=1c1988d97670

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How to Leverage Story Telling for Your Business Pitch

There are a number of reasons a business needs investments, these investments could be in the pre-seed, Series A or B and regardless of whatever stage the business is operating, the major reason for seeking investor’s funding is usually for expansion purposes. This expansion could be in the line of products or the need to serve more customers in their growing numbers due to exponential demands. Why Storytelling? Story telling has been found to be the underlying magic when pitching to investors. Effective story telling has to be genuine and linked to the WHY of the business i.e. the challenge the founder(s) were trying to mitigate when they set up. It also has to be told with clarity backed up with research-based statistics on prospective customers that are in need of such solutions. Highlighted below are the key elements of a Pitch Deck The Pitch Structure The pitch deck structure while different in the pieces put together as templates by different businesses, should still have the most essential ingredients and answer the potential investor’s questions. These items in a pitch deck should be on each slide Cover Page The cover page is a basic design that captures what the organization does. Usually the logo of the organization and the tag line, which serve as their value proposition to clients. The cover page should be very simple in design and text. Introduction The introduction is the executive summary of the pitch deck. All the parts in a pitch deck should follow a simple rule “less is more”. The Pitch deck should have very limited words and should be clear. Problem State the problem in a very clear and concise manner. This slide should capture in bullet points the problem your business is trying to solve. Solution The solution slides need to state the function of your product or service as it addresses the problem you have stated. Try not to get into mentioning features as what is important here is how your product will benefit customers. Product Demo If you are making a physical presentation, your product demo should be in a video of 30 seconds or less about how your product or service functions to provide the solution. If you do not have a video, then a pictorial view of images can also be used to represent this. Market Size You can adopt two approaches. You either take the top-down or bottom-up approach. The top-down approach is to find out the size of the market and estimate how much of that size you think you can capture. I think the top-down helps to be more realistic as what you hope to capture can either be expressed in years or in the lifetime of the business. Business Model What would your business model be? Are your products going to sell for a particular price? Would your customers have to subscribe to it weekly, monthly, or daily? This is what your business model represents. Some social media platform runs on a freemium model where users do not pay to use such platforms; however, the platform then makes money from advertisers wanting to gain visibility from this number of users for their products or services. Competition List your competitors whether they are direct or indirect and mention how you are better than them. For example, the indirect competitor for a carbonated drink is water and most bottling companies have succeeded in making their products a unique alternative to water by serving a refreshing taste. Mention here what makes you stand out. Go-to-Market When you launch a new product, it is necessary that a market plan exists; it helps to answer the question of how you would acquire customers. What steps are you going to take for customers to engage you? Would you have a direct market, use radio or television, social media, sponsored adverts, print, etc. to reach out to your targets. Team Your team information should display competence. Most start-ups have a product developer and a marketing officer. This can be seen in the likes of companies like Apple where Steve Jobs is the Chief Marketing Officer with communication prowess and ability to get customers to buy while Steve Wozniack was the developer. 2-3 team members can be the founder or co-founder and launch the start-up and add other team members as the organization grows. Milestones Investors only want to make a contribution because they look forward to returns on their investment (ROI), no investor is your friend. This is the section where you show your traction in the form of partnerships, number of downloads, and most importantly that you generate consistent cash flow and serve a good number of customers Fundraising Information How much funding would you need and in what ways are you going to apply the funding you get. What this funding injection would generate within a specific timeframe. These are questions you want to answer in this slide. Funding is usually needed for operational costs such as rent, staff salaries, office equipment, licenses or certifications, and many more depending on your business needs at that moment. While receiving funding for your business is a great move, it can also lead to the death of start-ups as initial exposure to huge funding without experience or the ability to manage such funding could lead to instant gratification. This is why some start-ups have raised funding but are not profitable. I suggest that a business proves through its financial statement to be profitable enough before seeking funding in order to grow a sustainable business model.   Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot, and NITDA. He is the Chief Executive Officer at Abuja Data School.

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How to Select the Right Investors

At this stage,  you have created your investment teaser deck, but now you are trying to identify which investors to reach out to. The first thing to remember is that the role of your investor is to provide the expertise, network, and investment to help make your business sustainable and scalable. As an entrepreneur, it is very important to know what profile you are looking for in an investor and how to attract the best kind of investors. It is okay to be picky, in fact, it is essential that you are picky and do not accept funding from just any investor who provides it.  In this article, I will share with you some tips on how to ensure you are selecting the right investor that will provide you with the resources to grow a sustainable and scalable business: Your investor should be someone you enjoy working with – not necessarily your friend, but someone you have a cordial working relationship with Your investor should be knowledgeable about your industry  Your investor should have some knowledge in entrepreneurship and/or funds raising Your investor should have a track record that is evident in their portfolio Your investor should have a track record for investing in businesses such as yours, industry, or the stage of your business Your investor should have a strong network  Your investor should be clear on why they want to invest in your business Your investor should do thorough due diligence on you and your business Your investor should bring diversity to your investment group Your investor should bring an appeal that will draw other investors to your business An extra bonus is finding an investor that has a reputation for providing multiple rounds of investments. Selecting the right investor for your business can make or break your business. Do not feel pressured, do not feel rushed. Take your time, keep the conversations going until you are confident you have found the right investor. Contact Versa Research your trusted data, research & consulting partner! References https://carta.com/blog/how-to-choose-investors-for-your-startup/ https://www.forbes.com/sites/alejandrocremades/2018/09/30/how-to-find-the-right-investor-for-your-startup/?sh=4ca39e327b82

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Your Money: Are You Investing, Gambling, Greedy or Being Naive?

One of my colleagues and I decided to chill out at the sports wing of a popular hotel in Asaba, Delta State during the 2021 workers’ day celebration. We were discussing the stock market, real estate, and investment in general when one of his friends joined us. While we were still talking, the guy chipped in that some aggrieved ‘investors’ thronged the residence of the fleeing promoter of one of the Ponzi schemes in town to see what they can recover in lieu of their trapped ‘investments’. In our world today, money plays a critical role in relationships, quality of life, and our very existence. To be able to eat good food, dress decently, stay in a serene neighborhood, access quality healthcare, travel at will, and enjoy other goodies of life in a sustainable manner, you need plenty of money and constant inflow of it. Therefore, to enjoy life, you must have any of or a combination of regular salary or wages from employment, profit from business(es), dividends from investments, rents from real estate, or interest from savings. For me, the two most important ones are employment and savings, to create your nest eggs. Employment (formal or informal) and savings are the starting points to wealth creation and financial freedom, except you are born into wealth or inherited a huge sum. From salary and savings, you can make investments that will enhance the life you desire for yourself. Sadly, recent data from the National Bureau of Statistics (NBS) which puts unemployment rate at 33.3%, the highest in the world, and inflation rate at 18.17% indicates that majority of Nigerians are in for more miseries. Meanwhile, the average savings deposit rate for the month of February 2021, as published on the Central Bank of Nigeria’s website, is 1.79%. The cumulative effects of unemployment and inflation hitting the rooftop, and savings rate nose-diving at the time is made manifest in citizens scampering for high yield ‘investment’ options for their money. This they do, not minding the pedigree of such ‘investment’ options and their promoters. This has led to the proliferation of Ponzi schemes and other unscrupulous ‘investment’ companies. I recently stumbled on an online survey asking people to indicate if they had ever been swindled in the name of investments. The outcome was ridiculously astonishing! Names were popping out from every corner. Further analysis showed that while some of the Ponzi schemes are city-based, others have state or nationwide spread. With the quest for high returns on every naira ‘invested’, the promoters of such Ponzi schemes usually prey on either the ‘investors’ naivety or greed. The outcome, of course, has been tales of woes, lamentations, and anguish. Therefore, this piece is intended to shed some light on what people should look out for before parting with their hard-earned money. The types of supposed investors The naïve: The people in this category usually know little or nothing about what investment entails. What they do most of the time is follow-follow. Once they hear Mr. A gets XYZ returns from somewhere, they jump into the bandwagon. No independent research or fact findings. They are the ones that are easily trapped in the web of Ponzi schemes. The greedy: This set may know that there is danger, but their greed is what drives them. Their target is usually FIFO (first in, first out). Because of their insatiable appetites, some also get trapped in the Ponzi web. The gamblers: This group know from the outset what they are up against, a game of chance! What drives them is hope. They ‘invest’ money in things that are totally out of their control. So how are these different from an investment? Essentially, investments have an underlying substance or service. Once you can’t find either a real physical matter or a service in the investment proposal, that is the first red flag. Offered return on investment: It is the desire of everyone to get maximum returns from their investments. However, if the rate you are being offered is too good to be true, just watch it. You might not get your capital back. Good investments have great returns over time. Not 100% in 45 minutes! The irony is, some people who should know, including bankers, usually fall for these schemes. Many lost their hard-earned money to MMM and the likes. What government should do The Economic and Financial Crimes Commission (EFCC), Securities and Exchange Commission (SEC), and other relevant government agencies should clamp down on promoters of Ponzi and other dubious investment schemes. Most times, these things are not hidden. They have a presence both online and offline. As I was driving through town that day, I saw several billboards advertising investments with ‘guaranteed 40% return on investment’ littering every nook and corner. These things shouldn’t be. Such billboards shouldn’t be allowed to deceive unsuspecting members of the public. Only investment companies with real business(es) and proven track records should be allowed to display such claims. Also, the National and states orientation agencies should develop a strategy to educate the populace. A number of people lost their life savings and pensions, running into billions of naira cumulatively. This could have been prevented with well-thought-out and continuous orientation. Finally, I usually recommend two time-tested personal finance books to those who desire to master their personal finances or seek financial freedom. They are The Richest Man in Babylon by George S. Clason and Rich Dad Poor Dad by Robert Kiyosaki. By the time you are done reading these books, you should be able to make better investment decisions.   Chris Emoghene can be reached via emochris12@yahoo.com or @emochris12

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