We Want To Mentor As Many Entrepreneurs As We Can - Omoigui

oke efagene

October 29, 2014 5:20 PM

GE has started a six-week program in Lagos, Nigeria, that is geared towards speeding up the impact of Nigeria’s most promising entrepreneurs.

The Garages program created by GE in 2012 to revive America's interest in invention, innovation, and manufacturing, has spread its tentacles into Nigeria.

The program which was kick-started on Monday, October 27, 2014, played host to stakeholders at GE's regional headquarters.

Speaking at the launch, Eghosa Omoigui, the Managing General Partner of EchoVC Partners, highlighted some reasons why most entrepreneurs don't succeed in their business endeavour, which includes selfishness and unwillingness to partner with others who can assist them in achieving a common goal.

He said: "First, one of the challenges you face in emerging markets in Africa is 'my property'. 'My property' is a challenge, and 'it's my company, it's my business'. Point to any great company that has done well with one person. You are the chief executive, you want to be the CTO, you want to be the COO, you want to be the CFO, you want to be the CRO, good luck! Well, when you eventually get into the ER because you've been diagnosed with high blood pressure, you'll figure it out.

"More importantly, it's about building a team and one of the things we like to judge is how an entrepreneur is able to attract a quality team."

On how to win over an investor to fund your business, Omoigui said: "When you enter a meeting with an investor, the default answer is 'no'. It's your responsibility to change that into a 'yes' - over 60 seconds.

"Your meeting is an hour long. But in 60 seconds the chief investor is going to try to figure out all that needs to be cleared up as soon as possible during the rest of the meeting... It's a very, very brutal and domineering world. So why do we do this? Because we love this. It's our responsibility as investors on the turf of Nigeria to keep this out... Well, what are we looking for? First, it is to mentor as many entrepreneurs as we can."

The Lagos Garage is also dedicated to training the community on new manufacturing and production technology.

Participants who attend the free classes and workshops, will have the opportunity to work with technical experts, learn more about advanced manufacturing technology and processes, as well as hear from curated speakers and panels so as to help bring their skills to life.

In addition, entrepreneurs will have the opportunity to learn more about business planning for their start-ups.

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