In the latest Startup Watch segment we featured a mobile startup from Ghana that was founded by graduates of the Meltwater Entrepreneurial School of Technology (MEST).
Erik hersman a while back wrote on the ‘developer to tech entrepreneur gap‘, one a which holds back young tech innovators in most African countries from really moving forward with their ideas, and that is the lack of entrepreneurial skills to match the technical expertise. Erik’s solution was partnerships and co-founding companies where the co-founders leverage each others strengths.
Being able to make something doesn’t mean you’re an entrepreneur, being able to make a business out of it does.
I’ve met many great developers across Africa, some who would be considered “top of class” in any country in the world. Unfortunately, some confuse starting a company for running a business. It’s easy to get a legal entity, a company name and even a prototype out into the market. It’s hard to earn money off of that idea, even enough to make it self-sustaining, much less profitable.
The other challenge of course is once you have created your product and have a startup – how do you get it funded through the startup phase? Startup funding is one of the major challenges facing young tech startups in Africa. A report released recently by the Communications Commission of Kenya (CCK) showed that financial institutions are averse to lending to startups and would rather cut their risks by investing in more established companies. Which of course kills the young upstarts. One solution is incubating these startups, and this is a solution that is being implemented by several organizations across Africa.
Then if you’re lucky enough to push beyond these hurdles most startups face the tough prospect of finding their own way without any form of mentorship.
MEST is a unique kind of organization in that it empowers it’s graduates from three angles – Skills acquisition (technical and entrepreneurial), incubation and mentorship.
The MEST program takes its students through a three phase programme where at the end of it they have the skills necessary, the opportunity and the guidance it takes that increases their chances of success as well as creating a great product or service.
The Meltwater Foundation offers a three-phase entrepreneurial program designed to foster the growth of software companies in Africa. The program begins at the MEST campus in Accra, Ghana, with a rigorous, two-year training program. EITs with business ideas that are deemed to be viable then move to the MEST Incubator for assistance in getting their businesses off the ground. Finally, the Meltwater Foundation and its networks of experienced mentors and advisors provide mentorship for companies that emerge from the incubator.
