By Fabiola Kemegni
The Small and Medium-Sized Enterprises Promotion Agency (SMEPA) to launch a new mechanism called Prototyping Support Fund also known as PROTO-FUND, to assist the innovative projects of Small and Medium-sized Enterprises, SMEs in Cameroon.
The information was made public via a communiqué issued by the SMEPA which indicated that, the PROTO-FUND will officially be launched on June 15, 2020. The general objective of this mechanism is to provide financial and technical support to young entrepreneur with a potential for growth or job creation and innovative SMEs embarking on a serious Phase.
Furthermore, it will help beneficiary entrepreneurs to speed up the process of developing products and services by mobilizing financial actors and banking institutions to finance the prototype stage, as well as ensuring the viability of the fund. However, the beneficiaries must present a sample or model of the finished product for fundraising.
The SMEPA therefore urges young entrepreneurs in Cameroon to get registered such that their companies could benefit from a financial and technical support.
Going by the communiqué, the competition is opened to business and start-up initiators in all the 10 regions of Cameroon. Besides, The SMEPA is targeting all young male and female stakeholders who have benefited from the trainings delivered by SMEPA within the framework of the Program Promoting the Entrepreneurial Spirit amongst Youths, PE2MJ from 2016 to date. Mainly workshops on entrepreneurial awakening and rearmament, workshops for capacity-building in entrepreneurship based on the behavioral approach, and workshops promoting youth entrepreneurship based on peaceful co-existence.
In addition, the PROTO-FUND involves SMEs with a legal structure or those in the process of registration based in Cameroon and whose capital ownership is predominantly Cameroonian. SMEs transferred by the National Support Program for Urban and Rural Youths to SMEPA and all entrepreneurs, inventors and innovators residing in Cameroon or those staying abroad with innovative solutions who wish to set up or develop their business in Cameroon are also included.
By the end of this competition, 20 SMEs and leaders of projects nationwide will benefit each from a financial support with 20 innovating products and services which shall be developed and commercialized in a given period of three years. Coming at a time when countries around the world view entrepreneurs as solution bearers and key vectors of development especially on a continent like Africa. It is hoped that this model will yield positive results strong enough to impact the economy positively.
Download Evolve Newspaper