Ecosystem development
Entrepreneurs – especially young (in DGGF context, under 35 years old) and first-time entrepreneurs – face many challenges in growing their businesses, which often go beyond the struggle to gain access to adequate finance. The number of questions and options they encounter on a daily basis when running their business can be overwhelming. Having access to knowledgeable and reliable resources, networks and exposure to guide their decision-making process is critical to navigate the unknown entrepreneurial journey.
Opportunities to start and grow
The problem is that these elements are often out of reach for young and first-time entrepreneurs. Some entrepreneurial ecosystems are still developing, resulting in a very limited offer of professional and affordable capacity building services for local entrepreneurs. They also often have little linkages with other ecosystems which could offer valuable connections for local entrepreneurs with potential customers, business partners and investors. This significantly inhibits opportunities to start and grow a sustainable business in the entrepreneur’s country of origin.
Up to 0.5 million Euros for incubation and acceleration service delivery initiatives…
To enhance the chances of young and first-time entrepreneurs operating in migration-prone areas and improve the conduciveness of their operating ecosystems, the SC&BD facility seeks to support local capacity building initiatives and improve their quality, accessibility and affordability. The efficiency of the service delivery depends greatly on the capacity of local initiatives to spur scalable and sustainable models that foster growth and investment readiness of enterprises led by young/first-time entrepreneurs.
… that demonstrate potential for scale and sustainability
The SC&BD facility focuses on supporting these initiatives address one or more of the following – interrelated – fundamental challenges faced by young/first-time entrepreneurs:
- Little understanding of target customers’ demand and markets;
- Restricted capacity to define a clear and unique value proposition addressing identified demand;
- Low financial literacy and capacity in financial administration (e.g. bookkeeping, cash flow management);
- Narrow awareness and understanding of financing products for business growth;
- Limited managerial experience and capacity in deriving and executing a sound and aligned business model and business plan;
- Restrained network in their operating ecosystem.
Application and selection process
Interested parties are invited to share their proposal and pitch-book.