admin
Chrispen Gumunyu, Business Reporter
A group of local business executives is working on coming up with a fund aimed at assisting aspiring young entrepreneurs with capital to kick start their businesses.
One of the initiative’s members, business executive and United Refineries Limited chief executive officer Mr Busisa Moyo said the fund to empower young entrepreneurs would be pooled through a business angels network. A business angel is an independent individual who provides capital for the development of a business.
Typically wealthy individuals, business angels (or angel investors) aim to help entrepreneurial individuals succeed with a business idea by investing their own money.
“I have partnered with BIGtalk and we have decided to come up with a business angels network in Bulawayo. We expect to start the programme in September but it may be earlier than that if all goes well. Entrepreneurs will pitch their ideas and if we are impressed we will invest shortly after and we will be partners in the business but there will be conditions since it is a business transaction. We are targeting entrepreneurs less than 35 years of age,” he said.
Typically wealthy individuals, business angels (or angel investors) aim to help entrepreneurial individuals succeed with a business idea by investing their own money.
“Our target is $10 000 per business idea and we are looking for 10 business ideas. We will conduct several rounds every three months and once we have done a few rounds and we assess the programme, then we can get foreign partners to invest in entrepreneurs. This network will enable entrepreneurs with a platform to express their ideas which can result in actual investment. Mentorship will also be provided to the entrepreneurs who will receive so we won’t just invest and leave but we will offer some form of mentorship,” said Mr Moyo.
He said the pilot project would be in Bulawayo and thereafter spread throughout the country.
“We are launching this in Bulawayo but investors can come from other parts of the country. We are trying to encourage entrepreneurship here in Bulawayo at least for a start and others can copy it and start another business angel networks in other parts of the country,” he said.
Online Reporter