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?
Myself & my partner, The Lighting Power have been planning to produce my products in Panama for the past 2 years. The Lighting Power already does community work in Panama, distributing free solar powered lighting to help the communities. They therefore have knowledge of the communities & have contacts. The founder of The Lighting Power, Ron Saccomano has vast experience in the US lighting industry. He is the Vice-President of Global Business Development at Westinghouse Lighting Corporation, one of the largest lighting companies in the US.
The prize money would enable us to fund our plans to produce the products in Panama. It can help pay for my travel to Panama to train people in making my lights. It can help pay for tools and equipment.
Financial Sustainability: What is your business model to ensure financial sustainability?
Sales of the products will mostly be put back into the business to help develop and grow the business further. We hope to expand this into other countries after succeeding in Panama. The running costs are relatively low due to the main material being free and most of the tools are just simple hand tools. The start up costs are being contributed mainly by my business partner, The Lighting Power and some of my earnings.
Experience: Please provide examples of any previous entrepreneurial initiatives you have pioneered.
I started trading in my business about 4 years ago. I started the business from scratch working from just my spare bedroom. I now have my own studio with my work sold in shops & galleries and I have also taken on large projects. One of which was making 5 huge chandeliers for the Coca Cola Hospitality Centre at the London 2012 Olympic Park. I believe that my contacts with Coca Cola will help with the promotion of the business in the future.