The Green Energy Project
An ICT/energy R&D project to researches energy efficient ICT/Renewable Energy systems, and provides these as a complete green enterprise solution for SMEs. The essence to help dying businesses survive high energy cost by providing energy efficient alternatives and facilitating financing routes for them to afford these products; bottom line:SME funds will still sink into expensive power generation
About You
About You
First Name
Chidi
Last Name
Onwuchekwa
Website
Your Organization
Noetico.IT
Country
Nigeria, CT
About Your Organization
Organization Name
Noetico.IT
Organization Website
Organization Phone
Organization Address
Organization Country
Nigeria, CT
Organization Type
Private Institution
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Your solution
Name Your solution
The Green Energy Project
Describe Your Solution
An ICT/energy R&D project to researches energy efficient ICT/Renewable Energy systems, and provides these as a complete green enterprise solution for SMEs. The essence to help dying businesses survive high energy cost by providing energy efficient alternatives and facilitating financing routes for them to afford these products; bottom line:SME funds will still sink into expensive power generation
Country your work focuses on
Nigeria, EN
If multiple countries, please list them here. If your solution targets an entire region, please select it below
Region(s) your solution focuses on:
Range of turnover in your target firms, in USD
$6-10 Million.
Average turnover in USD of your target firm
7000000
Number of employees in your target firms
50-74.
Average number of employees of your target firm
60
Specify the size, average and range of expected loans or investments in each target firm
Loan Size: $100000, Average Size: $800000, Range: $60000-$120000
What stage is your solution in?
Operating for less than a year
Innovation
What makes your innovative solution unique?
Bottom line: whatever funds you provide to SMEs in Nigeria will still drain out in expenditure to power the business. The solution is unique for its focus on green development and energy efficiency of produced ICT and energy and partnering with the government and financial institutions to make funds available for SMEs to afford them. the innovation lies in its vision to research high technology in the area of energy conservation and efficiency of ICT and mobile products and simultaneously researching on better energy output of renewable sources and tying the products together; making them affordable and within reach so that ailing businesses can thrive without sinking funds to generate their own power. The beauty of the idea is its unifying vision: presenting a total energy efficient package that is both affordable and conforms to todays' demands for a cleaner, greener planet, while empowering SMEs to afford it.
How does your proposed innovation leverage public intervention in catalyzing private SME finance?
It is an idea that will see practical results, thus inviting investors and creating a model for others to get inspired by. state and Federal Governments will want to support such projects. The solution will push for financial leveraging for SMEs to afford these cheaper energy solutions
What barriers does your proposed solution address?
Lack of financial capacity, Underdeveloped local capital markets (term local currency funding, exit options for SME equity).
If you checked any of these barriers, describe how your solution addresses them
The solution creates the products and creates avenues for funding, so it is cohesive; the products and financing are from a common source, so its easies to access.
Impact
Provide empirical evidence of your proposed solution's success/impact at present. If your project is in the idea phase, please provide evidence that speaks to its potential impact
The proposed project has received endorsement by a State Government and is currently gathering a host of local ICT entrepreneurs and firms. The idea is one that will unite other SMEs in driving it forward. The teeming Thousands of SMEs, ranging from stores to small service providers in the Country will appreciate the opportunity.
How many firms do you expect to reach?
I expect to reach at least 50, 000 firms, ranging from service providers to store owners, local restaurant owners, local hair dressers, mid sized businesses
What is the volume of private SME finance you aim to catalyze?
$1000000
What time frame will be required to reach these targets?
6 months
Does your solution seek to have an impact on public policy?
Yes
What would prevent your solution from being a success?
Lack of funding, Government sabotage and inadequate partnership exposure
This Entry is about (Issues)
Describe the social impact of your innovation. Please include both numbers and stories as evidence of this impact
over the years there has been failure in the business and development stories, as whole production companies have closed down due to poor electricity or the total absence of it. in Kano State of Nigeria, for example, a lot of indigenous companies have been snuffed out due to elevate running cost owing to needless investment in buying diesel for generators. Small businesses and corporate institutions have had to battle between starting up the businesses and keeping the systems on to attend to the needs of clients. This has greatly, greatly affected development as businesses are battered, they are tempted to increase prices and soon they fall out of the market. The kind of products that will come from this idea will help certain businesses to afford a reasonable running environment.
the solution will also produce employment as it grows, producing these ICT systems and solar cells.
It will also boost education as there would be constant training in fields associated with the research and products presented by this solution
Sustainability
List all the funding sources that are required for the sustainability of this solution
International funding, such as UN, World Bank, DFID, UNIDO. Corporate industrial partnerships and where possible government intervention
Demonstrate how your proposed solution has the capacity to graduate from dependence on public finance. What is the time frame?
The solution has a very attractive commercial face, with the growing dependence of businesses on ICT and the growing need for energy; the energy efficient systems and solar products that will be produced will eventually sustain the project, along with the trainings that will be offered to aspiring professionals.
Demonstrate how your proposed solution will survive a potential loss of its largest private funding source
The project will be downsized to remove certain facilities like a solar module production line, in other words we will then research and contract production to foreign companies
Please tell us what kind of partnerships, if any, could be critical to the greater success and sustainability of your innovation
Technical partnerships, Financial partnerships and strategic partnerships
Are there non-financial issues that could threaten the sustainability of your proposed solution?
yes, Governments' undue intrusions
Please tell us if your proposed solution aims to scale up through a high growth sector, expand immediately to multiple sectors, and/or scale up geographically
Yes, most definitely, it would diversify within the ICT field and the energy field to research other forms of renewable energy. it will grow to open more centers and parks in more locations to push product availability and meet the market demands
 | 148 weeks ago Chidi Onwuchekwa updated this Competition Entry. |
| 148 weeks ago Chidi Onwuchekwa updated this Competition Entry. |
| 148 weeks ago Chidi Onwuchekwa updated this Competition Entry. |
| 148 weeks ago Chidi Onwuchekwa updated this Competition Entry. |
| 148 weeks ago Chidi Onwuchekwa submitted this idea. |
