Developing on a small scale can help the masses on a large scale.
What the economic development sector needs…
Encourage entrepreneurship: Encourage entrepreneurship through training and support programs, such as incubators and accelerators, that can help entrepreneurs develop their skills, networks, and businesses.
Improve access to finance: Expand access to finance through microfinance institutions, crowdfunding platforms, and other mechanisms that can provide small businesses with the capital they need to start and grow.
Improve infrastructure: Develop and maintain infrastructure, such as roads, ports, and electricity grids, to support the growth of businesses and enable them to access markets and customers.
Promote trade: Promote regional trade by reducing barriers to trade, such as tariffs and non-tariff barriers, and creating a more conducive environment for cross-border commerce.
Strengthen institutions: Strengthen institutions such as the judiciary, regulatory agencies, and law enforcement to promote transparency, accountability, and the rule of law.
Encourage innovation: Encourage innovation and technology transfer by investing in research and development and building partnerships with universities and research institutions.
Improve education: Improve access to education and training, particularly in science, technology, engineering, and math (STEM) fields, to equip young people with the skills they need to participate in the modern economy.
Some of the current obstacles to developing small-scale economies in Africa include inadequate infrastructure, limited access to finance, political instability, and weak institutions. Addressing these obstacles will require a multi-faceted approach that involves government policies, private sector investment, and international support.
We build ecosystems.
To effectively tackle the needs listed above we must approach the whole system at once. We provide entrepreneurship training at a grassroots level, provide finances and then ongoing business support to reduce the risk of failure. These businesses then create jobs, contribute taxes, and build the marketplace. We also provide a recruitment service and provide training to place the best possible talent into the marketplace.
Our Projects
Economic Excellence
A project working alongside Mercy Ships Global. As part of their operations, they need to hire close to 200 local workers for the ongoing work of the ship. From February 2022 until July 2023, the organisation has taken on a field service based in Dakar, Senegal.
Our project has sought to equip these 200 individuals with the means to set up their own business or find work in the marketplace quickly after the ship finishes its service in Senegal. After providing training opportunities to all 200 local workers, some have decided to take further steps towards entrepreneurship or preparing for the market place.
Currently, we have 36 Business plans looking for investment and support. We also have resumes of all local workers and are looking to maximise their opportunities of finding work by utilising our networks of business looking to hire in Senegal.
Here is a full report of the project.
