Aspen Network of Development Entrepreneurs (ANDE) in collaboration with Citi Foundation have established an entrepreneurial ecosystem snapshot that will help to make the support system in select cities in Nigeria (Lagos, Abuja) and the capital city of Ghana, Accra. This development is to play an advanced role in helping the growth of Small and Growing businesses (SGBs) in Africa.
Small and Growing Businesses (SGBs) have been a major source of employment in African nations such as Nigeria, whose unemployment rate is on the high side. However, these SGBs are known to face a lot of hurdles and challenges that threaten the survival of the business. The new entrepreneurial ecosystem snapshot is here to analyze and proffer sustainable solutions to these SGBs.
The Lagos Entrepreneurial Ecosystem Snapshot was launched recently, and the West African Regional Chapter Coordinator for Aspen Network Of Development Entrepreneurs (ANDE), Olatunji Ajani expatiated on how the Nigerian startup ecosystem needs key players to enhance the functioning and inclusion of stakeholders such as investment partners, corporate partners, foundations, civil society organizations and other community organizations.
Olatunji Ajani also stated that poor access to finance, lack of agreement between players that support entrepreneurs, and high cost of rent were found out to be the most common challenge facing the entrepreneurial ecosystem in Lagos.
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Key figures who were present at the event are some of ANDE members: AMSCO, Alitheia Capital, Dalberg, LEAP Africa, Oxfam, and TechnoServe. In attendance also were other organisations such as Bank of Industry, Heritage Bank, and Fate Foundation.
The snapshot also pointed out the growth in the involvement of the knowledge providers from the private sectors who create training programmes and events that help to give startup founders more advice and more support, more investment opportunities, and to help startups determine the point at which funds from investors could come in, as well as other added features.
Well, it’s good to see the active involvement of private sectors in the development of the startup community in Nigeria and Ghana. Time will tell how effective the snapshot will be in the startup community.