The Mmofra Trom Bead Project originated as an attempt to use a business structure to address a social problem. There are16 vulnerable children receiving a scholarship to attend elementary school that would not have funding to complete their education with a high school and university education. Bentley University students and faculty hypothesized a solution to this problem through a bracelet business. Bracelets were chosen because they are a low-cost product that offers a high profit margin.
The hypothesis is proving successful; MTBP currently has enough money to send 6 children to high-school at top- Ghanaian institutions. This business plan will structure the expansion plan to scale operations to fund education for more children from other developing countries. Furthermore, the plan will integrate more students from developed nations to gain social entrepreneurship experience.
The bracelets sold are produced near Somanya, Ghana where the glass bead industry is concentrated. Purchasing our raw materials from this region offers economic opportunity to local businesses. Specifically, our main supplier, Juliana, has expressed her sincere appreciation for our large orders that make it possible for her to send her children to school. After the beads are acquired, they are brought to the Mmofra Trom Education Center where the students string them as a Saturday activity. They enjoy stringing the bracelets knowing that people are excited to wear their product. Furthermore, they feel empowered knowing that they are contributing to their future education.

Problem

There are children in developing countries that, if educated, could end to the cycle of poverty that has affected their families through obtaining a higher-paying, stable occupation. This is because education creates economically productive citizens. Higher productivity leads to higher standards of living, which create better health conditions, more employment opportunities and higher environmental awareness which, put simply, contribute to the end of the cycle of poverty. Simultaneously, there are countless hours wasted by students in developed nations that could be better used to address social issues while gaining an experiential education. Furthermore, there are many small businesses in developing countries seeking financing for expansion that can not afford the 30-40% interest rates.

Solution

The Mmofra Trom Bead Project addresses all three problems with one solution. The three demographics looking for social improvement collaborate to operate a bracelet business. The profits from this business are used to fund education for students in Ghana. In our recent expansion, the MTBP proposes to implement an expense that covers an internship program that provides students from developed countries the opportunity to travel to a developing country and learn about social entrepreneurship. This program will evoke empathy in the university students prepare these young adults to be committed to social change. The beads from the bracelets are made in Somanya, Ghana by local artisans. They are bought in large quantities at fair trade prices which contributes to the economic development of the artisans and their families. The students then string the bracelets for a couple hours a month and then ship them to the US. MTBP uses a portion of the retained earnings to give loans at a 5% rate.

Example

Beads are bought by program directors from three artisans based in Somanya, Ghana. The main supplier is named Juliana and she supports her family and pays tuition for her children to attend school. The bracelets are then brought to the Mmofra Trom Elementary school where 16 orphaned students were given a full scholarship to attend, room and board. The students are very busy with their studies, sports and activities, but make time to string the bracelets a few hours a month as a team. The children 16 children are able to make around 1,000 bracelets in a few hours. This project was originally designed because there was no funding for these children to attend high school and college after they graduated the Mmofra Trom Elementary School. Students lead by professor Diane Kellogg, developed a sustainable business plan to teach the US students about social entrepreneurship and find funding for the Ghanaian students. The bracelets are then shipped to Bentley University where students market and sell the bracelets. Every business decision made considers how it will affect the children's education fund that is comprised of the aggregate profits stored in a BofA account in the US. The first child to benefit from the Bead Project will graduate in 2013. Until then, the money is stored and safely invested. One of our recent investments has been to give a microloan to a network of female poultry farmers near Akusari, Ghana.When MTBP leaders met the group they explained how if they had a mill,they could make feed and sell to other farmers to grow their business. MTBP gave them a microloan

Marketplace

The School Fund is a non-profit organization that shares a mission and target very similar to that of MTBP. Specific children that are in need of funding for their education are listed on the website. People can donate directly on the website and choose the child who they want to fund. The personalization of the children directly being funded by the School Fund is a potential threat as far as competitors, but is an avenue that the MTBP is currently exploring. On the other hand, MTBP is a sustainable, income generating business that raises money through profits rather than donations. The bracelets are a statement that the customer supports social and economic development globally.Other organizations, like Relief Beads, sell bracelets that use a portion of sales to fund a different cause.