S2 Ep. 3: The Promise and Challenges of Youth Entrepreneurship with Violet Nyando

WHERE’S THE FUNDING?

English - April 18, 2021 23:33 - 1 hour - 45.1 MB
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Previous Episode: S2 Ep. 2: How LaKisha Greenwade is Creating Investment Opportunities for Wearable Tech Founders

Next Episode: Private Equity Firm Is Going Against the Grain to Invest in African Countries Most Investors Avoid with Franklin Akunli Amoo S2 Ep.4

Violet Nyando is an Agricultural Innovation Expert with over 15 years of experience in Agribusiness Advisory Services and Agricultural Rural Innovations Studies with a particular interest in Youth Entrepreneurship, Governance, and Leadership of Agri-Enterprises. Her experience in Kenya and Eastern Africa and engagement with International Development Practitioners across the World have earned her a deeper understanding of the African Agricultural and Community Landscape.

Key interview highlights:

Many African business ideas fail not because they are not good but because they did not get sufficient support. Many African SMEs fail before the 3rd year because of insufficient interrogation of the business idea and the foundation that they were built on wasn’t strong enough to last
Youth-led African businesses need better institutional support and business development services, in addition, to access to finance, technical assistance, skill-building, and good governance/management training
Access to finance is still a major challenge to growing good ideas into profitable businesses. In Kenya there are some Youth Entrepreneurship Funding Models that include:
Group lending
Government program-based funding (declared funds) that target youth
Cost-share funding models promoted by development partners (bundled with technical assistance) where partial funding is provided and bundled with technical assistance and mentoring
The entrepreneurship process needs to be demystified in terms of the timelines for business growth and profitability and the hard work that goes into creating a successful business.
The importance of prioritizing customers by creating a great customer experience. Customers are not only a form of funding but also the best advertising. Happy customers are the best advertisers and repeat customers are good for cash flow.

Connect with Violet on LinkedIn: Violet Nyando

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