Grow Enterprise Africa (GEA) has announced the selection of over 40 small and medium-sized businesses from more than 550 applications for its inaugural SME Accelerator. The eight-week program, launched on September 19 at The Good House in Lagos, focuses on enhancing business operations, market growth, and investment readiness. The selected businesses represent 14 states and the Federal Capital Territory, with a significant presence from Lagos, Kaduna, Akwa Ibom, Taraba, Abuja, Kano, Adamawa, Kwara, Kebbi, and Oyo.
The selected SMEs have been operating for between five and 10 years, employing an average of four to eight people. Agriculture is the largest sector represented in the cohort. The program aims to address structural challenges that hinder small businesses from scaling beyond their early stages. GEA founder Remi Ademiju emphasized that strengthening SMEs is crucial for wider economic development, as entrepreneurs play a vital role in driving economic growth and shaping socio-economic advancement.
The SME Accelerator is structured around five key areas: People and Leadership, Legal and Governance, Marketing and Brand Visibility, Sales and Market Growth, and Finance and Capital Readiness. Participants will engage in practical training, assignments, mentorship, and peer-learning sessions with professionals from various business areas. The curriculum is designed to support three primary outcomes: improving investment and finance readiness, enhancing sales and market access, and establishing effective internal systems and management practices.
The program's faculty comprises professionals from business, finance, and governance, including Goodness Armstrong, Rosemond Phil-Othihiwa, Florence Damilola Olatunbosun, Victor Bella, and Lolia Kienka. Lolia Kienka, facilitating the sales component, noted that many participating founders have products and ambition but lack consistent systems for converting opportunities into sales. Her sessions will focus on building a repeatable sales process.
Participating entrepreneurs, such as Joyce Folaranmi, founder of Agro Haven, and Paul James Eteudo, founder of Vegituber Farms Limited, expressed enthusiasm for the program. They highlighted the value of the initial sessions, the expertise of the facilitators, and the potential for networking and accessing new markets and funding opportunities. The program's interactive and engaging launch allowed for meaningful connections among participants.
Beyond the eight-week program, GEA plans to maintain contact with participating businesses and develop relationships with corporate organizations, development finance institutions, banks, and angel investors. This strategy aims to create a pipeline of SMEs with improved governance, financial management, and operational structures, making them more attractive to potential investors or lenders.
The long-term impact of the program will be measured by factors such as revenue growth, employment creation, new markets entered, capital raised, and business survival. These metrics will provide a clearer indication of the program's effectiveness than the number of entrepreneurs completing the curriculum. GEA describes itself as an SME support organization providing practical business education, mentorship, and access to professional networks and opportunities.
Key points
- Over 40 Nigerian SMEs have been selected for the inaugural Grow Enterprise Africa SME Accelerator.
- The eight-week program focuses on strengthening business operations, market growth, and investment readiness.
- The accelerator's impact will be measured by metrics such as revenue growth, employment creation, and capital raised.
