The just ended Udugu Entrepreneurship Week held from 31st October to 4th November in Gaborone, sought to assist the growing number of start-up businesses in Botswana by addressing challenges common to entrepreneurs. The Entrepreneurship week, which is the brainchild of the Udugu Institute Botswana in partnership with various institutions, aimed to boost Tech-oriented start-up businesses to find means of avoiding business failure by addressing common pitfalls that young entrepreneurs face: such as a lack of business processes or failure to differentiate business finances from personal finances.
Social Entrepreneurship in Africa is a growing trend within the Generation X and millennials to build wealth while solving problems. However, according to the Global Entrepreneurship Monitor, young entrepreneurs have few opportunities to learn from successful entrepreneurs. Knowledge is not only power but a key resource in building wealth and capacitating your business.The Entrepreneurship week consisted of four main events. An intensive three-day Bootcamp where industry leaders from partner institutions shared skills and knowledge on various aspects of entrepreneurship. “Entrepreneurs rise up to meet the challenges of their time.
t the intersection between the youth’s desires for the future and the older generation’s dissatisfaction with the past, we can find the next innovative space.” said Dr. Mungai Lenneiye, Founder of the Udugu Institute. Several Financial Literacy sessions were held with a focus on building the investment culture in Botswana and exploring the benefits of various forms of investments such as investing in stocks, insurance or savings products. The key message for participants was that practical experience and knowledge about investments were paramount, and that significant funds were not required in order to start investing.
The climax of the week was the global seed-stage startup competition for emerging markets and fast-growing startup tech companies. Eight selected start-ups as well as three wildcards pitched their business ideas for an opportunity to progress in the competition and pitch their business at a global stage in Geneva, Switzerland, where the winner walks away with up to USD 1 million, and 500 000 USD equity investment prize. The winner of Seedstars Gaborone was Bua Space who went to Rwanda along with other African winners prior to the global event. The second and third place went to Pass Rate Doctors from Botho University eLab and Citi App. Quickbooks and Franklin & Covey were proud sponsors of the additional prizes to the first and second place winners.