Small Medium Enterprise Development

Small Medium Enterprise Development : Entrepreneurship Support

Monrovia, LiberiaMonrovia, Liberia
Year Founded:
2011
Organization type: 
nonprofit/ngo/citizen sector
Project Stage:
Established
Budget: 
$250,000 - $500,000
Project Summary
Elevator Pitch

Concise Summary: Help us pitch this solution! Provide an explanation within 3-4 short sentences.

The BSC Monrovia supports Small Medium Enterprises (SMEs) through Business Plan Competition, Access To Finance, Matchmaking, Business Skills Training, Coaching and mentoring programs. The BSC is creating an entrepreneurial environment where young and ambitious people can crate their own jobs.

WHAT IF - Inspiration: Write one sentence that describes a way that your project dares to ask, "WHAT IF?"

If the project do not happen, it would take over 20 years for Liberia to fully become a middle-income country and unemployment rate would be on the rise.
About Project

Problem: What problem is this project trying to address?

Unemployment is high in Liberia, there are growing concerns from youth about employment. The Government has become the highest employer in the which is not good. Citizens barely live up to 1 USD a day and poverty is striking the nation making it the 5th most poorest countries in the world. Unemployment stands at 65% and posses a serious treat to peace and stability. The issue has attracted serious attention of the International Community.

Solution: What is the proposed solution? Please be specific!

Private Sector is always the engine of growth in any economy. Small Medium Enterprises (SMEs) are at the core of the growth of the economy. The BSC is providing Business Development Services and expanding the concept of Entrepreneurship in Liberia so young and ambitious people can led their post-conflict society into prosperity. With this, The BSC is organizing Business Plan Competitions where innovative and creative ideas are started. Providing the right support in terms of training, coaching, mentoring and access to finance so that their dreams an come to reality. The BSC expose them to different opportunities where they can market their goods/services national and internationally through Growing SMEs Conferences around the world.
Impact: How does it Work

Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.

The impact of this project is enormous. One of our major activities is the Business Plan Competition. Over the years of our establishment, we have had 3 BPC which has resulted into 10 winners and all have received a loan of up to 10,000 USD. The ten start-ups have created estimated 100 direct jobs and and over 200 indirect jobs passed 3 years. This has a substantial percentage of job creation in Liberia. The BSC Monrovia supported two Micro Small Medium Enterprises (MSME) Conference in Liberia 2013 & 2014. This brought over 120 Liberian businesses to exhibit their goods and services to international buyers. Over the pass two years SMEs development has caught attention of the Government which has provided seed capital for businesses to acces

Impact: What is the impact of the work to date? Also describe the projected future impact for the coming years.

The BSC has trained over 500 SMEs across the country. These businesses are monitored by the BSC on four indicators that would access the change since the training. Businesses now in Liberia has produced a detailed marketing plan, HR manual, Procurement Plan, better customer service and so on. One of the greatest impact is Liberia businesses can now compete with foreign companies and win bids to provide goods/services locally. 25% of the total Government budget is set aside for Liberian companies to bid and provide services to the Government. Attitudes and ethics of doing businesses in Liberia has now change. Liberian companies are having turn-over as high as 300,000 USD monthly. Also, my project has created the drive from you young to create their own jobs as now I reported over direct jobs and over 300 indirect jobs created so far.

Spread Strategies: Moving forward, what are the main strategies for scaling impact?

In the next five years, The BSC tends to expand the landscape of entrepreneurship across the entire country. The BSC is working with the Association of Liberia Universities to develop a Entrepreneurship Curriculum where every student at the University Level and take up such course and change the mindset of creating their own jobs instead of working for government or private institutions. The BSC wants to contribute to the Government vision 2030 objectives by making Liberia a middle income country. That every SMEs would access the services of the BSC and gain access to business development.
Sustainability

Financial Sustainability Plan: What is this solution’s plan to ensure financial sustainability?

At the moment, the BSC is financially supported by two Dutch Organizations and in a five year program which ends by 2015. The BSC has now trained all her staff to provide general Business Development Services to corporate clients, businesses, start-ups,etc, where we would earn income to continue our program. The BSC is part of a corporate social responsibility forum to gain access to opportunities where we can provide our for a fee.

Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?

There are several entities that are providing business development services in Liberia. They all are little firms that have limited capacity. The BSC has business skills modules that are only license to them by internationally recognize organizations. The BSC also has four entrepreneurship centers in the Country in strategic locations and provide a space for training of over 50 people at a time and computer lab fully internet. The market in Liberia is very small and there are limited firms who provide such services and the BSC stands up high as we have had contracts with World Bank, Chevron.
Team

Founding Story

It all started with an assessment of the Liberian economy after the civil war. Government was becoming the biggest employer which did not show no good image of reducing unemployment. We dive into the private sector to see what SMEs were doing. It was shock to notice that 85% percent of businesses were in the informal sectors. Then we begin to find out what was the problem. We realize SMEs did not get the right support the needed to move forward, We designed the Entrepreneurship Program to create more jobs for people but also how we could provide business services to the already established business and take them to the next level. We drafted our proposal to the donors and they saw interest and decided to fund the program, and its going well

Team

The BSC Team is a young and diligent professionals with worth of experiences in Entrepreneurship and SME Development and also in related fields. William Dennis, is the head with 4 years experiences in Private Sectors development and Entrepreneurship from recognize institutions as Tilburg University, Twente University, etc. Lawrence, Himieda, Janice, Joshua, Jeremie And Harrison all have experience in training and SME support over the pass 2 years
About You
About You
First Name

William

Last Name

Dennis

About Your Project
Organization Name
How long has your organization been operating?

Project
Organization Country

, MS, Monrovia

Country where this project is creating social impact

, MS, Monrovia

What awards or honors has the project received?
Funding: How is your project financial supported?

Foundations, Businesses.

Supplemental
Sector

Opportunities for Women, Inclusive Business.

Audience: Who have you identified as your customer/recipient groups and do these groups value your solution for different reasons? How do you engage different customer/recipient groups to deliver your solution?

Our clients are you and ambitious people who are university graduates or would be graduates. The aim is to create their own job. We engage them by organizing stimulation workshops and awareness programs.

Scaling the solution: How would the prize money and publicity help you to achieve your objectives over the next two years?

It prize money and publicity would the BSC to expand her networks to other
parts of the country, especially where there are huge concessionaires that need SMEs to fit into their supply chain.

Experience: Please provide examples of any previous entrepreneurial initiatives you have pioneered

We have set-up the first entrepreneurship center in Liberia, and other regions in the country such as Buchanan, Gbarnga and Harper. Ran 3 business plan competitions and have disbursed over US$70,000.00 as loans to seven entrepreneurs and 23 are awaiting for their loans to be process. Participated in the MSME Conference in partnership with Ministry of Commerce Division of Micro Small Medium Enterprise and other private sectors partners.

Are you are eligible to attend the Accelerator event in Cambridge and subsequent events in London, UK in January, 2015?

yes

Will you require a visa to enter the UK?

yes

Are you are a current Unilever employee?