January-July 2018 Impact Report For FATE Foundation
We are happy to share with you our impact report for the first 6 calendar months of 2018. This is just a start on our impact measurement journey and we intend to have better defined performance indicators by December 2018 as we focus on improved data collection and monitoring efforts.
In the period, we on boarded 607 Entrepreneurs through our Aspiring Entrepreneurs Programme (240), Emerging Entrepreneurs Programme (8), Scale Up Lab Agribusiness & Health tracks (20) and Partnership Programs with the Dutch Government and the Bank of Industry. It is from these programs and additional growth support to our Alumni Entrepreneurs that i present key figures on our path to enable Nigerian entrepreneurs START, GROW & SCALE.
New Businesses Started – This KPI is measured by new businesses we have moved from Ideation to live businesses through:
- Development and launch of a product/service into the market.
- Formal registration with the Corporate Affairs Commission.
- Making of first and continued sales.
The above were delivered through our NEXT Economy Programme and the Graduate Entrepreneurship Fund.
Growth Support – This year, we have been able to support existing businesses to grow with strategic focus placed on:
- Boosting sales and revenue growth.
- Expanding their access to market reach.
- Increasing the capacity of the entrepreneur and the business to serve more customers.
Direct Funding Linkage – We are very proud of the improvements we have made with developing Access to Funding Partnerships that have enabled us directly link 53 entrepreneurs with funding suited to their growth stage/needs. These include:
- Crowd Funding: 25 Startups were linked with a total of N4.959,000 funding (ranging from N2,000 – N465,000) to start their businesses
- 5% Loan of N2.8m for 1 Emerging Entrepreneur from the LSETF.
- 9% Loan of N10m for 1 Emerging Entrepreneur from the Bank of Industry.
- 5% loan for 8 Entrepreneurs ranging from N800,000 – N10,000,000 each from the CBN AGSMEISS.
12-Month Mentorship Matches – Through the support of the Youth Business International (YBI), we have been able to revamp our 12 month mentoring programme matching newer entrepreneurs with more experienced entrepreneurial leaders and mentors.
Over the first 6 months, we made 26 of these matches. Do expect to see a significant increase in the H2 numbers as we launch the Sky’s The Limit programme to give more entrepreneurs access to this program.
Growth Advisory & Support – Last year, we made significant improvements in our growth advisory support services.
- 42 Entrepreneurs have been able to get business plans developed which have been used to access funding and guide their business growth.
- At least 142 of our entrepreneurs received direct consulting advisory support through our Consulting Clinics in the areas of financial, tax, legal, digital and funding advisory.
- 30 businesses received growth support visits from the Growth Support team focused on addressing specific growth needs of the entrepreneurs and their businesses.
For further information and/or additional enquiries, please send an email to [email protected]
- Aspiring Entrepreneurs Programme [the 114th]: Of Cuisines and Connections
- Alumni Business Performance Survey
- FATE Foundation Graduates Over 700 Entrepreneurs Across 20 States In Nigeria
- FATE Foundation Launches the 2021 State of Entrepreneurship in Nigeria Report
- FATE Foundation and Facebook Announce 100 Small Business Cash Grants