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Proto-Fund Project: Scramble for funding begins.
Proto-Fund Project: Scramble for funding begins.
Potential beneficiaries of the Small and Medium-sized Enterprise Promotion Agency’s scheme to fund some 20 innovative projects have begun presenting their business ideas to the jury.
According to the Chairperson of the selection committee, Professor Charles Awono, they are not yet at the phase of getting projects, but simple ideas. Speaking at the start of the process, Professor Charles Awono said the project will, for three years running, connect the Cameroonian youth to the international marketplace. «What we are trying to do now is to collect good ideas that can be developed as small and medium – sized enterprises. We have very innovative projects. But we cannot invest in them now. They need to be nurtured. There is a process to follow. We are going to work in such a way that in the nearest future, we will have good enterprises coming from these ideas,” the chairperson explained.
He also explains that they have begun reviewing ideas. «What we are doing now is the selection of ideas, and not projects yet. But our objective is to help these young men and women to become prototypes,” he explained. After this phase, some mentors would be sourced, who will work to nurture the ideas into sample projects.
The SMEs Promotions Agency launched the new funding scheme in June 2020. The Proto-Fund was set up to sustain start-ups who face stiff competition from already established firms and industries.
Another Goliath the scheme seeks to deal with is the Coronavirus pandemic, which is said to have hit the sector hardest. It was open to Cameroonians, not older than 35 years. After having closed the reception of project ideas on July 15, 2020, the selection team now has a daunting task to identify ideas, nurture them to projects and select the best 20.
Culled from Cameroon Insider