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NEWS : Local News  

In Sierra Leone, 60 Business Plans Set for 2012 Business Bomba
By Augustine Samba
Jun 5, 2012, 17:03
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In order to fulfil  the first part of the business planning phase of this years Business Bomba Competition, AFFORD-SL has on Friday 1st June 2012  successfully closed the submission of business plan with sixty applicants. The business planning stage lasted for six weeks, during which the semi-finalists did extensive research on their business ideas including business idea and context, product, market place and competition, financial requirement, risk management, marketing strategy, amongst others.

 

To ensure that the semi-finalists were themselves involved in the developing their business plans  AFFORD-SL hired experienced and efficient business advisors for each applicant, and  designed a log which the business advisors had to fill in, each time they met with them. The business advisors were asked to do an entrepreneur profile of each semi-finalist covering qualities a business person possess which will also be used in judging the semi-finalists.

 

On the submission day AFFORD-SLs Freetown office was busy with the constant inflow of semi-finalists including people from the provinces, rushing in to submit their business plans in order to meet the deadline which was set for 3:00pm.

 

Some of the semi-finalists were even accompanied by their business advisors. This gives an indication that the business advisors and the semi-finalists were in the business planning together and that the semi-finalists are determined to win the prize monies.

 

It is also impressive to note that some of the semi-finalists are in the competition with their families as the business plan of a semi-finalist was submitted by her husband because she was having a baby that day.

 

The finalized business plans that have been submitted will be used by the semi-finalists to compete in this phase and will be judged by independent, credible and business oriented judges. The judging part of Phase two of the Business Bomba Competition will last for a month and phase the entire phase is expected to close by the end of June with the announcement of 22 qualifiers.

Business Bomba III has five categories: Agriculture, Youth, Women, Technology and General. This years competition is expected to end by mid September with the announcement of twelve final winners( four for agriculture, two for youth, two for women, two for technology and two for general), and the issuing out of prize monies at the Grand Finale and Awards Ceremony.


Business Bomba is an initiative of the Ministry of Trade and Ministry, implemented by AFFORD-SL with funds from GIZ, The International Financial Corporation (IFC), The Soros Economic Development Fund (SEDF), and Churches in Action.


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