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Entrepreneurs must be able to articulate what they do
Judges Allan Lwetabe (left), Rosemary Mutyabule (centre), Iga Zinunula (third right) and Global Entrepreneurship Network Uganda Chapter managing director Mary Odongo, chat with Mr Collins Mbulakyalo (second right) from Waape, whose pitch won last week. PHOTO / FILE
What you need to know:
- The Global Entrepreneurship Congress is a setup of different countries that organise and work together to enhance entrepreneurship
Entrepreneurs must be able to articulate what they do if they are to benefit from their innovations, Mr Gerald Begumisa, the Yo Uganda managing director, has said.
Speaking at a pitching competition to select the best startup for the forthcoming Global Entrepreneurship Congress + Africa, Mr Begumisa said many entrepreneurs struggle to explain what they do, which affects their product preposition.
“This is one of the things [entrepreneurs] have to learn. Articulate what you do in a way that your audience understands. Some entrepreneurs are doing things that are not easy to explain, but you have to work out an explanation. That is one thing you should never get tired of,” he said.
The pitching sought to select one start-up from the 10 that presented their innovations, which will represent Uganda at the Global Entrepreneurship Congress + Africa due in March in South Africa.
Participants included Rent Better, which came second and walked away with a cash prize of Shs1.5m, SylKare, Rada Shoes and Waape, which emerged winner, wining a trip to South Africa to represent Uganda and a cash reward of Shs2m.
Others included Redvers e-Mobility, which emerged third, walking away with a cash prize of Shs1m, Mawejje Creations, Nakawere Wange, Kiso Fresh and Bulamu Bridge.
The Global Entrepreneurship Congress + Africa is a setup of different countries that organise and work together to enhance entrepreneurship.
It organises conferences in a rotational format with the next conference expected in March.
Mr Iga Zinunula, the Global Entrepreneurship Network Uganda Chapter chairman, said innovators must always seek to solve a problem, on which they can leverage to create solution-based businesses.
“Anyone who wants to get elevated from the level of being a start up to a successful entrepreneur has got to answer the question of how will this idea make money. You must know the problem you want to solve, show how to solve it and show how it will make money,” he said, adding that businesses rely on turnover or exclusivity to gain an advantage, failure of which they risk getting stunted and a burden to owners.
