BUSINESS PLAN COMPETITIONS AND ACCELERATORS CAN GET YOU FUNDED

It is only natural for you to decide to back out of a business plan competition or initiative simply because you feel a bit inferior or scared. The most healthy thing you can do in a competition is to have a sportsmanship spirit.

With tonnes of business ideas going out by the minute, you are going to come across some stiff competition and this is enough to send you recoiling into your shell. But that needn’t be the case.

Have you ever thought of where some of these big business names that you read about in the dailies got their funding from? I bet you thought they were just some rich kids or people who were born lucky.

It is not guaranteed that you are going to win if you sign up to compete. Like the name implies ‘Competition’, you are just there to compete.

But there are more benefits that can be gained from competitions beyond winning. Even if you don’t win, the experience, exposure to partnerships, a more refined business plan,  possibly cash and feedback can bring remarkable benefits to your business.

Taking up an action plan from the success stories of these Africa millennials seem a good stride to take;

If Dominic Mensah, Prince Boakye Boampong and Jesse Arhin Ghansah didn’t have a hard time finding interesting things to read then there are no chances that OMG Digital would have been established. Some of the finest business ideas are born out of personal and societal needs.

A  media company that provides content for people like them – young and internet-savvy Africans.

The team of three entrepreneurs was accepted into Y Combinator, one of the world’s most prestigious accelerator programs. And in June 2017, they raised $1.1 million from a group of venture capital firms and angel investors.

Pearl Recycling is also another business idea that got funded by the sheer desire of a young woman, Olamide Ayeni -Babajide who decided to take out a proportion of the 10,000 metric tonnes of waste produced daily in Lagos to convert it into furniture and decor. Currently, a Tony Elumelu entrepreneur fellow and winner of the WIMBIZ impact competition in 2016, she certainly does not the regret signing up for the competition.

What business plans or accelerator competitions are you considering the year? Talk to us in the comment section.

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