MIT Solve

Solution Overview

Solution Name:

Creative business opportunities

One-line solution summary:

Increased business density by skills development and training for professional competence

Pitch your solution.

The loss of jobs can affect families especially children. It can bring a lot of things to the society like crime, prostitution and slavery. The covid19 pandemic has forced some firm to sack some workers to balance their book.

Increase in business density can allow marginalized people to access business opportunities. We opened micro credit system and entreprise credit system to people at both urban and local levels to promote business ideas.

It will increase new business establishment and lead to factor productivity and efficiency. It will provide employment creation. And lead to decentralization and diversification of economy.

What specific problem are you solving?

The number of people unemployed according to the OECD(2018), in the world is about 800 million. According to national bereau of statistics, over 2million Nigerians lost their job because of the pandemic, totaling it to 80 million that were unemployed. Because of access to loanable capital as banks and other financial institutions are skeptical on their ability to risk their funds on new business owners or start ups. I decided to open micro credit and entreprise systems to give them venture capital with low interest. To promote business ideas and prototype and reduce unemployment.

What is your solution?

Giving out venture capital to individuals with business idea or growing business. We look for young entrepreneur who want to make the difference in the society, sponsor them with capital. In return we collect our capital money with low interest rate.

Who does your solution serve, and in what ways will the solution impact their lives?

Those who are unemployed and sacked because of the pandemic. The breadwinners of some families who wants to venture into business. Those who have already established business but need financial angels and those with business ideas.These are the people will consider most. We did some research and find out that people need money to establish their business ideas. But because of barrier in accessing loans from banks and other coorperative societies, this has brought people's ideas down. So we conducted an outreach program to inform people what we offer and how they can access loan from us.

Through our loan, we are able to engage farmers, traders, engineers and individuals and put them back to work. Our loan do not need collateral and is easily accessible.

Which dimension of the Challenge does your solution most closely address?

Enable small and new businesses, especially in untapped communities, to prosper and create good jobs through access to capital, networks, and technology

Explain how the problem, your solution, and your solution’s target population relate to the Challenge and your selected dimension.

Currently people finds it difficult to access loans from banks especially farmers because of collateral, type of business or connection. But with micro credit and entreprise systems cheap credit was offered to rural farmers, traders etc where guarantee was based on intimacy and integrity of the borrower.

We are financial angels to individuals with business ideas and start ups. We train them with modern technology and for them to prosper and help them in advertising and marketing strategy.

In what city, town, or region is your solution team headquartered?

Enugu, Nigeria

What is your solution’s stage of development?

Prototype: A venture or organization building and testing its product, service, or business model

Who is the primary delegate for your solution?

Chief executive officer