2020-11-28 17:10:05

28 Nov 2020 @ 17h00

Industrialist Adam Molai has made millions in funding available to help African entrepreneurs kickstart their businesses. Molai elaborates more.

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small businesses are among the hardest hit by the covid-19 pandemic hope but not all is lost industrialists other made more molao has millions in funding available to help african entrepreneurs kick start their businesses now where how and do you apply for dispersed molao joins us now bars um to about the application tell us more process thank mr you very much malaicha you've said that african entrepreneurs don't get enough access to start up funding a myriad of for reasons before your we get to funding kickstart programme what are those reasons your in two news years is lot of challenges is a coming really from knowledge of what funding options available system and the that there are also options very limited also and there's laborious requirements in terms of collateral kenya and there is generally a bias towards traditional metrics which if you know we you wouldn't would continue have the best well because well books because off this we still we still steeped in the old traditional metrics at looking at our businesses and then the final one is the red tape i mean to capital our access is very slow repetitive processes and these takes a long time to be to access able the funds and challenges those are the that we are trying to address this process through at present the largest proportion venture capital of investment in africans dominated by north america asia europe and europe why is it why is it so important for simple africans to invest in african entrepreneurs well if look today you it's grown from billion one point four between twenty seventeen and twenty nineteen so there has been growth in venture capital it's only one but percent of global venture capital and unless we as africans start to show confidence in our own peers it won't have those from other continents invasive so we have to treat the confidence that concluded then one reads the confidence appears to then invest us so alongside that's at the secondly essence of and we also as african entrepreneurs inspire have to our young entrepreneurs able they have to be to see that a young african up grown in the township has grown up in villages has also been able to get onto the stay continued to stay in terms of in running terms of branch their business therefore is and possible for them to same so do the it's it's a two one state thing in terms of making inspire sure that we those on our continent and secondly sure that making we increase and minds of access to capital entrepreneurs watching practice this have they as waiting for the information of how they can apply what's the processes when where can they go for more information while we've created a really simple process and it is an online it's online and process so effectively just have to access the website website and from the we have the application falls and then that application process closed by the end january of will then start a process of following blows applications until we have finalists about one hundred who then read into calling what we are the kiss a kick kickstart index index is fight a a five day which is which a process where on tuesday when people pitching the details and then the successful on ones the next one particular presenting the marketing opportunities and the risks that they see are entering traders the market by the third day in the numbers of reducing and now looking we are at financials and how looks financially the business and again we all the fourth applicants by day now now at the crux of the matter we discussing issues of team your because ultimately a business is about people and the quality of skills you have there to out be able to deliver whatever ad that have your the vision for the business and so that's a very critical part the process of finally culminating with negotiating the deal on the day and we envisage that the end of that at process will disbursed then have means happening within twelve weeks so addresses those it that issues are that raised are raised is early which earlier is which one making sure that it's a meritocratic process is transparent which and everybody's them to see it as well these on fast process seen to actually finance but without the incumbents is having to raise collateral of and all issues those other that afflict small businesses at the moment before i let you ask go i have to you about a very important africa issue south has received its fair share of criticism from its african neighbours xenophobic attitudes attitudes moment moment we we at at the the are are grappling grappling with with attacks in the understanding on trucks is the local not want drivers do to compete for work drivers with foreign jobs are scarce and the markets competitive highly but amid that unfriendly to rein as south africans we need to in find a balance learn to work with our african how neighbours do we do that you know they samson where in my view is a mindset to scarcity there's such scarcity on the cards which for we fight for legal meagre resources and the only way will actually addresses through entrepreneurship so the more jobs we create more businesses we create more employment we less create the there is believed meagre resources someone challenges societal to be seen will actually be addressed through relation on businesses through entrepreneurship today you look in china any two percent of employment comes from small businesses sixty percent of gdp but then income in south africa forty-seven percent of employment seven comes resource small businesses depending on you and listen to twenty twenty to thirty-nine percent percent contribution to gdp so unless we address the size of the cake will right always have these issues ravaging issues so the about addressing size cake growing the case through entrepreneurship and then you'll see all these symptoms as i call them of the underlying cause which is the size of the then falling then falling cake away progresses away to speak to thank great your time you very much for other molao industrialist and founder trc of investments uganda is hoping