Why Nigerian SMEs are unable to scale, grow ― Ogunbowale

The co-founder and CEO of the leading grant-writing marketplace, Grant Master Olugbenga Ogunbowale, has explained why many Nigerian start-ups and small-and-medium enterprises (SMEs) are unable to scale, grow and make a sustainable impact.

Ogunbowale made this known on Saturday in Ibadan while speaking on the reasons why start-ups and SMEs are struggling in the country.

He identified lack of financial capital as the biggest challenge facing entrepreneurs in Nigeria and in Africa, adding that loans in Nigeria have interest rates as high as 37 per cent and that getting equity investment is difficult to come by, not to mention the gradual loss of ownership.

He emphasised that one of the safe and easy ways small businesses can tackle the challenges of capital and funding is through grant funding.

He, however, noted that grant writing is tough, technical, time-consuming, and competitive; and that the approval of a grant depends on the writer’s competence as well as the SMEs competence.

“Most grant applicants abandon the grant application, struggle through the grant application, or simply submit something and hope for the best,” he said. “Very few SMEs have the technical competence required to put together a winning grant proposal.”

Ogunbowale advised start-ups and SMEs to position themselves for funding and learning opportunities and to ensure that their businesses are solving pressing problems people are willing to pay for.

According to Olugbenga, if a business owner has to beg people to buy what they are selling or offering, then people probably do not need it in the first place. He added that small businesses need the right positioning and support to scale and grow.

While speaking about Grant Master, he stated that it connects businesses and organisations in need of grants with expert grant writers and that asides from matching SMEs with grant writers, they also find grants for free and share free grant opportunities via their social media handles and email newsletters.

Ogunbowale seized the opportunity to talk about Grant Masters Creative Writers Fellowship (CWF), an online fellowship sponsored by Grant Master, which would run from July 4 to August 26, 2022.

While noting that the application for the tuition-free Grant Masters Creative Writers Fellowship ends on June 5, Ogunbowale said the fellowship will combine workshops with hands-on projects.

He added that topics will cover all areas of grant writing, including finding grants, confirming eligibility, creating funding plans, writing what reviewers want to read and fund, creating budgets, designing programmes, and designing evaluation plans.

He said the fellowship, which will be taught by a faculty that has raised over $2 million in grants, is open to young people between the ages of 18 and 35 years.

He added that interested applicants can apply through their website and social media platforms.