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 economic opportunity.
What has been the impact of your solution to date?
1) Entrepreneurship Forum in Haiti enabled entrepreneurs to connect with key decision makers in Haiti to push their business forward.
2) We have done due diligence on over 10 companies in Haiti.
3) After much due diligence, we finally identified our first promising company, Perle Hospitality.
4) Raised first round of funding for Perle Hospitality, our first company.
5) Currently working on IPO effort in Haiti
What is your projected impact over the next 1-3 years?
1) Fund 6 companies
2) Solve 3 of top 10 pressing problems in Haiti through these companies
3) Create over 10,000 direct jobs and 50,000 indirect jobs
4) Successful businesses to contribute a percentage of their earning to social causes in Haiti that would near over $5 million
What barriers might hinder the success of your project? How do you plan to overcome them?
1) Identify entrepreneurs with the right mindset that will respect contract. After doing due diligence for 10 companies we realized that mindset and respect for contract was challenging
2) Entrepreneur mindset. Entrepreneurs have been having a hard time understanding that private money investors expect stellar return on their money. Given that Haiti has been living in a donation focused economy, it has been a challenging effort to successfully teach about this value.
Our approach now is much like a journey. We start by working with entrepreneurs with re-writing the business plan and working with them to structure the company. Our management team spend over 20 hours per week in the capacity of team members to teach, educate and learn about the entrepreneur.
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
Now think bigger! Identify your 12-month impact milestone