CRS Tourism SMEs Development Plan

CRS Tourism SMEs Development Plan

Calabar, NigeriaCalabar, Nigeria
Organization type: 
government
Project Stage:
Start-Up
Project Summary
Elevator Pitch

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

Cross River State Tourism Bureau was established in 2003
to encourage sustainable tourism development for the social
& economic benefit of the State’s population.
CRSTB’s vision is to make Cross River the preferred destination in West Africa in terms of creating memorable experiences through superior service
delivery,quality accommodation, fun-filled activities, while providing value for money

About Project

Problem: What problem is this project trying to address?

Tourism is a new word in Nigeria. It is perceived to be the responsibility of the Government. The tourism SMEs development plan will address the issue of dependence of communities on the Government for developing the sector and support for SMEs. However, the Cross River State Tourism Bureau acting as destination manager of the state will help show tourism SME potentials to investor audiences through development of elaborate tourism SME business plans and an investment platform for CRS tourism SMEs. Further to this, fora will be created to connect Tourism SMEs with investors (business Angels and venture capitalists) who will form partnerships with tourism SMEs in the state for development and expansion of the businesses.

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

Support innovative product development for emerging SMEs that demonstrate strong market potential Assist undeserved communities in Cross River investor ready platforms; investor relations, attraction and communication Support creation and revitalization of tourism attractions, sites and experiences Enhance the quality of tourism SMEs services and practices through training
Impact: How does it Work

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

CRS Tourism SMEs Development Fund is a private equity fund structure that encourages private investment in tourism SMEs based on the realization that the tourism industry's risk owners is the private sector not the government. The fund is structured as a limited partnership of the investors and tourism SMEs. The fund allows business angels and private equity companies to invest in tourism startups and expanding tourism SMEs. Obudu Delight is one of Cross River State's Tourism SMEs. Obudu Delight is a honey farm, supplying tourists visiting the Obudu Mountain Resort, Cross River State and southern Nigeria as its market reach. The farm's production level have been increased through private investment by helping the locals with the necessary farm implements to keep bees rather than get into the wilds and forests to hunt bee hives with low productivity as the output. The scalability of this tourism SME was achieved through private equity funding. However, the investors had a good return on investment for the 6 years Obudu Delight has been in operation and the community is running the farm with little supervision and advice on the management of the farm. The following are a list of CRS tourism SMEs and markets to be developed: 1. CR Cocoa Processing Factory 2. Palm oil bottling company 3. Dry gun distillery 4. Yam and cassava flour processing company 5. Obudu delight - Obudu honey farm (currently in existence for 5 years) 6. Palm-wine bottling company 7. Art and craft markets for each senatorial district 8. Reconstruction of beach market & beach restaurants
Sustainability

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

Akwa Ibom and Plateau states make up Cross River State's tourism competition. The government of these states are the risk bearers of the tourism industry, constantly providing funding for the sector with little private sector participation and political regimes come with mind set shifts to divers areas of interests. The CRS Tourism Bureau only serves as a fulcrum to support the industry through marketing to investor audiences to access critical funds for the industry. This private sector mindset has helped the industry grow faster with little government presence. The challenge this competition poses is that they take a slice of Cross River State's tourist visit pie, but not investible funds from the private sector.
Team

Founding Story

I began conducting small scale researches on the retail economy of Cross River State Tourism, keeping in mind that tourism SMEs were the key to driving the states economy. However, the Cross River State Tourism Bureau is not set our to generate profits, it is to ensure that the communities and locals benefit from the tourism market. This stirred up the CRS tourism private equity fund initiative. In addition, we do not only look forward to having this initiative work for Cross River State tourism, we look forward to its scalability and application in other tourism states in Nigeria and for them to consult Cross River as the foremost destination managers of Nigeria.
About You
Organization:
Cross River State Tourism Bureau
About You
First Name

Akan

Last Name

Odu

About Your Organization
Organization Name

Cross River State Tourism Bureau

Organization Country

, CR, Calabar

Country where this project is creating social impact

, CR, Calabar

Age of Innovator

18-34

Gender of Innovator

Male

How long has your organization been operating?

More than 5 years

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Innovation
How long have you been in operation?

Operating for less than a year

Social Impact
What solution(s) does your initiative address to help emerging entrepreneurs and small businesses grow and thrive in underserved communities? (select all applicable)

Access to financing, Access to talent, Access to technology, Access to economic opportunity.

What has been the impact of your solution to date?

The solution has enlightened communities on self sufficiency and tourism idea generation and development. The first face of CRS tourism development plan is the community based tourism: this initiative helped communities to understand the business of tourism, preserving their culture and how to make their tourism product offering Ppealing and available to tourist and destination visitors.

What is your projected impact over the next 1-3 years?

It projected impact is to have CRS tourism shift from a current 60/40 government/private sector participation to a 30/70 government/private sector participation in the tourism industry.
To achieve this, we should be able to create a system that connects investors to tourism SMEs, train tourism SMEs in areas of marketing and service quality.

What barriers might hinder the success of your project? How do you plan to overcome them?

Formation of Public/Private Partnerships (PPP)
CRSTB's method of overcoming barrier of creation and sustenance of PPP is through the behavioural change and sensitization campaigns which are done at community level to sensitize communities on risk bearing in tourism industry, and leveraging tourism SMEs through strategic alliances and partnerships. This is ongoing: Cross River State is made of South, Central and Northern senatorial districts, currently we have covered the southern senatorial district.

Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact

To create a working investment vehicle to CRS tourism SMEs

Identify three major tasks you will have to complete to reach your six-month milestone
Task 1

Development of business plans for CRS tourism SMEs

Task 2

Investor lead generation for investment in the SME

Task 3

Creation of investment platform

Now think bigger! Identify your 12-month impact milestone

Provide tourism SMEs with 'A' round of funding (Seed capital) through private partnerships

Identify three major tasks you will have to complete to reach your 12-month milestone
Task 1

connect private investors and SME and create concrete Public Private Partnerships (PPP)

Task 2

Have first round of funding (seed capital)

Task 3

Begin to produce/provide tourism SME product and services

Sustainability
Tell us about your partnerships

The Cross River State government as per the Tourism Bureau has partnerships with:
Guinness Nigeria to promote the Calabar Festival, which commences on the 30th of November to 31st of December, driving in 2,000,000 tourist (local and International)annually.

MTN Nigeria is the annual sponsor of our traditional festivals (Leboku).

First Bank Nigeria is sponsor on tourism SME and the proposed fund manager of the tourism SMEs Development funds.

Please elaborate on any needs or offers you have mentioned above and/or suggest categories of support that aren't specified within the list

NEEDS
Provision of funding to build a system of investor/tourism SMEs partnerships.

Help promote a sustainable CRS tourism through marketing the state's tourism effort to global travel trade.

Assist the Cross River State Tourism Bureau with partnerships a& collaborations that will aid product development of CRS SMEs.

OFFERS
Assist other destination managers with similar product offering