Mentored Student Cooperative Startups

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Mentored Student Cooperative Startups: Students building startups,Professors in their fields,consulting,sustaining them

Lagos, NigeriaLagos, Nigeria
Year Founded:
2014
Organization type: 
for profit
Project Stage:
Idea
Budget: 
$10,000 - $50,000
Project Summary
Elevator Pitch

Concise Summary: Help us pitch this solution! Provide an explanation within 3-4 short sentences.

Funds contributed by students while in school to various business cooperatives as shareholders, used to setup startup businesses where they can be employed upon graduation. Professors from related disciplines having relevant expertise consulting for these firms for honorary shareholder benefits.

WHAT IF - Inspiration: Write one sentence that describes a way that your project dares to ask, "WHAT IF?"

What if "we"(students) could create the jobs that many are out there in wrongly knotted ties looking for which nobody else is ready to create?
About Project

Problem: What problem is this project trying to address?

Unemployment and poverty.

Solution: What is the proposed solution? Please be specific!

Student contributions during years in higher institutions used to creat startups that would employ many(them) and increase GDP of countries in which they operate.
Impact: How does it Work

Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.

Student participants and members of these cooperatives will be shareholders in their respective firms to the tune of their contribution. Upon graduation they can join the company if employable as paid employees as well if they opt for that. The enreprenural spirit which drives every world economy would be revived in the youths, the most important age bracket in the development of these countries. Poverty as a result of unemployment or underemployment would be mitigated and with time eradicated.

Impact: What is the impact of the work to date? Also describe the projected future impact for the coming years.

This project has the potential to influence and churn out better inclined graduates entrepreneurally. It would offer a sustainable solution to unemployment and would definitely turn around a struggling economy especially as relates to developing countries.

Spread Strategies: Moving forward, what are the main strategies for scaling impact?

Stronger firms formed earlier from these cooperatives can render consultancy and advisory services to more recent startup firms. Technology can be shared between firms under an agreement of parties involved.
Sustainability

Financial Sustainability Plan: What is this solution’s plan to ensure financial sustainability?

Students in school can decide to contribute to firms already setup and running, say ones set up by previous graduates. Hence there would still be inflow of funds for possible expansion other than just that from business turnover.

Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?

Government. Government however uses a loan scheme for graduates which is usually difficult to obtain especially when one has not enough or no collateral for the capital required to enter ones desired market. Also, the absence of expert advice and cost of expert advice has few of these government loan funded startups surviving the first five years of business operation.
Team

Founding Story

The idea first came to me after I completed my diploma programme. It was time to intern for a year and I had a really tough time getting interviews talk more of an offer. It then occurred to me that if the unemploymed pool in Lagos, Nigeria was that much compared to firms hiring, that there was a much bigger problem if the data from the rest of the nation should be collated. Then came the question, "who created the job you are out there looking for?" I shared a post about my idea that same week on nairaland - one of Nigeria's most visited forums, it received about 89 responses and I was positive that its an idea I can sell to Nigeria.

Team

The team would comprise academicians who are professors in their disciplines, outstanding graduate students, a chief legal counsel, a partner bank/ financial team.
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