Why do Nigerian start-up businesses really need to be encouraged?

Why do Nigerian start-up businesses really need to be encouraged?

Analysts have come to realise that entrepreneurs are the backbone of modern economies. In fact, it is their important contributions that help society grow as a whole.

One of the reasons the United States is such a dynamic, innovative, and prosperous nation is because of the numerous business entrepreneurs that take their ideas to the next level regardless of the risks involved because entrepreneurs create jobs and innovate and grow the economy.

Efforts have been made in Nigeria in the last few years by the government and many multinational companies to ensure high proliferations of start-up businesses in the country.

Recently, Vice President Yemi Osinbajo said that the President Muhammadu Buhari administration is pushing for the growth of technology hubs and start-up businesses because they are the future of Nigeria.

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Osinbajo said: “Technology, especially the startups that we are seeing, is the future of business in Nigeria and will lead us to the Nigerian business revolution.

“Many of these young start-ups are members of creativity and advisory group, where they help to formulate policies with federal government policy makers.”

In the same vein, Legit.ng gathered that one of the leading multinational companies in Nigeria, the Total companies, on Monday, October 8, launched its second edition of the Startupper of the year challenge, following the success of its first Startupper of the year challenge held in 2015 in more than 30 African countries.

It was gathered that the company is bringing it back this year in nearly 40 countries across the continent and 60 worldwide and that the 2018-2019 Startupper of the year challenge would support and reward young local entrepreneurs in any business sector with a project or business less than two years old.

It was learnt that in each participating African country, a local jury comprised of experts from the company, specialists from incubators and accelerators, business leaders and local community stakeholders will select three winners and the projects would be assessed based on their: Innovative nature, social and community impact.

Speaking on why Nigeria’s start-up businesses should be encouraged, the general manager, human resources and corporate services/company secretary of the company, Bunmi Popoola-Mordi, said that each winner would be awarded the "Startupper of the year by Total" label and receive financial support of at least N2.6 million plus professional coaching and extensive publicity to advertise their project.

According to her, “The initiative is part of Total's strategy to promote youth entrepreneurship and development in Africa. The Startupper of the year challenge is intended to empower young Nigerians aged 35 years and below who aspire to start their own businesses and to build a brighter future.

“A competitive process, startupper of the year by Total identifies rewards and provides support to the best business creation and business development ideas. The winning ideas will be granted the startupper of the Year label, as well as financial assistance and mentorship from experienced business leaders.

“To support women entrepreneurs, the jury will also designate a Top Female Entrepreneur in each country. This special award, which is in addition to the other awards, is Total's way of encouraging more women to take part in the Challenge.

“A grand jury will meet subsequently to select three grand winners for the entire continent, from among the first-prize winners in each country.

“The registration portal through which applicants can showcase their ideas will be open from October 9, 2018 and can be accessed directly online at: http://startupper.total.com/ candidates will have five weeks to submit their applications after which the best will be shortlisted.

“A jury of professionals will select up to 10 of the best submitted projects based on specific criteria which include innovation, originality, audacity and potential to impact on socio-economic development of the Nigerian society. A list of the finalists will be published on the competition website. They will then be required to defend their projects before a jury which will select the best three.”

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Meanwhile, Legit.ng had previously reported that Vice President Yemi Osinbajo on Monday, September 3, launched empowerment programme for 30,000 petty traders in Osun state.

List President Buhari's achievements in two years - on Legit.ng TV

Source: Legit.ng

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