, a complementary entrepreneurial service that will be offered to start-ups and SMEs operating in West Africa, particularly Mali, Cote d’Ivoire and Sénégal, has officially been launched.
SuguLab will assist companies to identify potential investors, expand to a new market or raise financing, SuguLab will assist. Focus will be on SME’s with founders aged 40 and below, that are confronted to a specific challenge.
According to Suguba co-founder Issam Chleuh the firm behind the SuguLab: “Suguba’s vision is to support and scale the impact of SMEs and entrepreneurs across Francophone West Africa.”
Entrepreneurs and SMEs in West African countries such as Mali, Senegal and Cote d’Ivoire play a pivotal role in driving economic growth, creating jobs, and engineering solutions to various development challenges. However, there is a lack of access to expertise, advisory support, networks, and financial resources needed to start new ventures. The key gap is sustainability and replicability of the SMEs while at the same time, capacity-building services for SMEs in the region are scarce and rarely sustainable.
More money is flowing into impact investing, yet many entrepreneurs creating companies that serve the poor still find it difficult to raise capital and reach specific operational objectives. Also, out of the $366M that African start-ups raised in 2016, only 10% went to Francophone countries. Suguba intends to close this gap by launching SuguLab.
Through SuguLab, one of the Suguba co-founders will personally work with entrepreneurs to assist them reach their business objective over a period of 6 months.
Suguba will use its deep investor network, investing experience and general management experience to enable you to accelerate startups performance.
“Once we receive your specific goal and gather initial information about your company, we will develop a targeted and personalized program for you. We will be available to interact regularly to follow up on the plan we will have developed and check on progress. The collaboration will end once the milestone has been reached.”