Mentors Select Businesses Most Needed
448 entrepreneurs with businesses in 49 countries continue to Round 2, Most Likely to Succeed Across Africa, and receive more mentoring on the Journey.Open for New Ideas in 2018
What You Need to Know Scaling Across Africa
- Emmanuel Etim, active investor
- Lyne Landry, impact investor
- Matt Troniak, active investor
- Ethan Musolini, entrepreneur
1. Know the specific community’s appetite for risk. The best way to get their buy-in is to empower them to help you in the business.
2. Leverage all influencers: cultural leaders, religious leaders, local media, women’s groups, among others. Incorporate a Stakeholder mapping workshop to track your marketing plan.
3. Franchising can reduce risk and speed up your roll-out. Donors are more likely to adopt a franchise model and local communities are less likely to stop something they hear is working nearby.
1. Always spend time testing your pricing and client strategy. We all have great ideas – but they need to be tested to learn and refine.
2. Customers and governments (who often have to authorize your business) need solid evidence to be convinced. When you are testing your idea, track the results so you have solid evidence.
3. Many entrepreneurs must do viral marketing campaign to gain a critical mass for the market adoption. If your business requires that, make sure you know how to do that in your market.
1. Know the show-stoppers. For example, if you are in the health sector, you must master the regulatory issues that are critical to marketing and accessing markets.
2. Know the donors and development finance institutions operating in your country and industry. You will find investors who could fund you and case studies that will help you improve how you explain your scaling plans to investors.
3. Create two business plans: one for your local/national market and one for your export market. Use the internet to research export requirements to ensure you price your products right in the exported markets – the business plan for your local market just won’t work in the export market.
1. Think version 1.0, launch it quickly, test, get feedback and launch version 2.0 based on the response…that’s the model that successful companies use. A good example is Windows. Think progress rather than perfection.
2. If you have actually piloted your idea, share the results.
3. Use testimonials from actual clients…if it’s on video, the better. Use the case study of your current successes to demonstrate the need for extra support to move higher.
During Round 2, you must convince the Pan-African Mentors that you know your potential customers’ needs; that you are able to communicate the idea; that you are well aware of your competition; and that you can visualize or explain the idea through visual or auditory means e.g.) a video, graphic, presentation, sound file, etc.