Cameroon: Opportunities are not given to startups that have nothing -Entrepreneurs say

By Boris Esono Nwenfor

The event focused on examining governmental support to entrepreneurs in Cameroon, access to finance, tax registration requirements and declaration procedures for SMEs in Cameroon
The event focused on examining governmental support to entrepreneurs in Cameroon, access to finance, tax registration requirements and declaration procedures for SMEs in Cameroon

Entrepreneurs have said they face difficulties
accessing finance as financial institutions require bankable projects or
collateral to finance projects. As such, opportunities are not afforded to
startups that have nothing.

The entrepreneurs were speaking during the 2020
Small Business and Entrepreneurship Networking Forum organized by the Small
Business and Entrepreneurship Centre of the Denis and Lenora Foretia Foundation
at ActivSpaces, Immeuble Tecno, Boulevard de la Liberte Akwa, in Douala.

The forum organized with support from the
Canadian Funds for Local Initiatives had as theme “The Pivotal Role of Business Networking to Entrepreneurs in Cameroon” and focused on examining governmental support to entrepreneurs in
Cameroon, access to finance, tax registration requirements and declaration
procedures for SMEs in Cameroon as well as accessibility of business
Consultants to Entrepreneurs in Cameroon.

Panelists speaking during the event encouraged
participants to implement functional ideas instead of copying from developed
countries and forgetting about practicality. Participants also suggested
government supports incubation projects in public & private structures to
ensure ideas can be transformed to concrete projects.

The panelists equally made known that networking
is one of the very important pillars of construction development. It is a
consistent effort that brings together entrepreneurs and other agencies to
engage in developmental efforts.

“It was actually a wonderful time of exchanges, and we actually spoke
much and had to put an accent on the recent regulation and legislation in the
finance sector in Cameroon, and the CEMAC Sub Region,” Tataw Kenneth, moderator on the module on access to finance

“We were trying to let our entrepreneurs know how they can raise
finance without necessarily depending on banks and microfinance. What I mostly
told them was to be able to do startups by gathering funds themselves. They
could start with the little they have and then later in they may invest the
profit, or they could go partnering; you partner with somebody maybe who has
the same idea with you.”

“With the little you have maybe you can make it, or maybe you do
investment that is you have the idea, but you can have somebody who has the
finance and is ready to partner with the business and make it grow,” Yvonne Ngem, facilitator.

To a participant, “… It was a
lucrative programme as opinions were shared on how businesses can grow.
Entrepreneurs need to be strong to be able to move ahead as things in Cameroon
are done manually. We are looking at avenues where things will be done
automatically. We need young entrepreneurs to take things further as we are in
a new decade.

Ndikomnui Nigel, Consultant and Tax expert said “many people need to know how to register their taxes, and how to do
about it, so they should not get stuck at the level of the declaration
procedures. This is a consistent education that needs to be done to educate
entrepreneurs.” 

Panelists all left with the wish that the
Foretia team keeps organizing such events for entrepreneurs, so they can get
information on various aspects discussed. To them, many governmental supports
are not well known by the entrepreneurs because there is a lack of
communication.

According to the Small Business and entrepreneurship
Center (SBEC), entrepreneurial and small business networking has substantially
increased in volume during the last years. The interest has been driven both
from the entrepreneurial side, where businesses inter-link rapidly and form
network configurations and from the policy side, where governments have
implemented a variety of policies to encourage economic growth through
self-employment and to support small businesses.

Participants and panelists at the conclusion of the 2020 Small Business and Entrepreneurship Networking Forum organized by SBEC
Participants and panelists at the conclusion of the 2020 Small Business and Entrepreneurship Networking Forum organized by SBEC

Entrepreneurial and small business networks
usually represent dispersed and varied networks with uncertain boundaries and
resource-based or role-based division of labor. They are comprised of
autonomous agents that are linked to each other via various formal and informal
contracts, who design collective strategies and share information. In addition,
create partnerships with government agencies, banks, and Microfinance
Institutions to access finance. 

source: https://panafricanvisions.com/2020/02/cameroon-opportunities-are-not-given-to-startups-that-have-nothing-entrepreneurs-say/

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