A hybrid event which went online and physical at the Mansel hotel hall , had a number of penalist from Burkina Faso, Ghana and Government officials from the Ministry of Small and Meduim Size Enterprises. The Research has as case study Cameroon , Burkina Faso and Ghana which all had similar factors such as economic freedom and equality , business facility Competitive environment and language. What can be done to help countries grow from the informal sector to the formal sector was the key question of the research.
Using mixed research methods with primary and secondary data in Cameroon, Burkina Faso, and Ghana, the project sought to strengthen the ecosystem of social entrepreneurship. It will do so by exploring ways to strengthen existing research and innovation ecosystems in the selected countries, as well as the potential roles that each of the key stakeholders can play.
After 2 years of research with various partners , results protray the main challenges most social firms have are that of finance , Competent and lack of guidance. Support Structures are present in these three countries but few are operational and bring in maximum support to these entrepreneurs.
In Cameroon , 18 out of 76 support structures registered bring in adequate and complete financing to start ups and other small firms. I’m Burkina Faso , out of 29, 10 fit into the portrait of supporting these social firms and in Ghana close to 30 support structures cover the small enterprises.
Dr. JC Kouam also mentioned that in guise to enable these enterprises grow and benefit from support structures , sources of revenue should be diversified , modernise infrastructure, having adequate information on the judicial plan and to support women.
The event proceeded with a panel Discussion online and in the hall moderated by CEO of Denis and Lenora Foundation M. Fri Asanga where she trilled the panel ( Mr. Thomas Wiredu Chief Operating Officer Innohub Ltd Ghana, Mr. Soulamane Konkobo chief executive officer Burkina Business Incubator , Mr. Honore Kietyeta Générale Director AFP-PME Burkina Faso, Mr, Mahamorou Zan Permanent secretary of Youth Connekt Burkina Faso and Solomon Twum country Director , Reach for Change Ghana) on questions to how Support structures and elevate social entrepreneurs in the various countries.
Representative from the Ministry of Small and Meduim size enterprises says “ “ the policy of incubation has a highlight as government promote enterprises but still lack adequate means . But thanks to events and projects Like these ones , we can peach in to help entrepreneurs and better accompany the latter . This incubation will create new business and permit diversity in sharing with other countries in terms of Social entrepreneurship”
In a nutshell , there is growing recognition among the impact investing community that there is an acute need for early stage support for business incubation and acceleration.
While there are thousands of early stage innovators seeking to launch companies that can drive social change, very few are able to build the teams, find the customer base, or raise the investment necessary to scale up.
The outcome of this results expect government and all other actors to embrace Challenges currently faced by business support organisations on the ground.
Source: Journal Du Cameroun