Scaling the Solution: How do you intend to scale your activities over the next two years (e.g., reach new markets, diversify solutions, etc.)? What will make this possible?
Eccolizer is conducted by a multidisciplinary team mentored by local and international experts. Three directors including CEO of Eccolizer are the recent business graduates and its chairman is the former Chief Scientist of BCSIR, largest industrial lab of Bangladesh. Another agro-scientist and an engineer are also working with us. The team is being mentored by a prof. of University of Dhaka who has expertise in agriculture. After obtaining few licenses from different ministries of the govt. and setting-up all distribution channels we plan to fully commercialize. To this end, any prize money and publicity will make the govt. inspired to give us licenses as getting those are too complex. It will also increase Eccolizer's image to customers.
Financial Sustainability: What is your business model to ensure financial sustainability?
Business model of Eccolizer stands in selling the product to customers and makes profit thereby. To fully function, Eccolizer needs primary budget of $125,000 that can be collected as equity and debt capital in 3:2. In the coming 4 years, Eccolizer will earn a net profit of -$23,830, $5300, $53118 and $137,872 respectively. Other financial measures: Cost of Capital 18%, IRR 39%, Payback Period 3.49 years and Net Present Value (NPV) $132,648.
Experience: Please provide examples of any previous entrepreneurial initiatives you have pioneered.
In 2011, I designed and implemented an organization which is about helping the flood affected people of Bangladesh come out of poverty by providing training on cultivation in the floating water-hyacinth bed. Working for 1.5 year, it made 20 families become self-reliant. Recently Yunus Center, an institution of Nobel Laureate Prof. Muhammad Yunus, expressed its interest to work with the organization. This project was awarded by GSEC and DSIC.