Why should it be funded? (1)

“O.N.E Hit S.O.N.G”

“If it is not funded, it will be found dead” – thinkUP

An idea is either dead or it’s being funded. “An entrepreneur without funding is a musician without an instrument.” – Robert A. Rice Jr.

Why should it be found dead? Pitch it!

My formulas for entrepreneurial success (Es) are as follows:

Es = O + N + E

Es = S + O + N + G

O = Opportunity N = Necessity E = Entrepreneurship S = Solution G = Genuineness

 

Entrepreneurship is essentially the practice of problem-solving, innovation, value-creation, opportunity finding and technology application (PIVOT), for the purpose of impact or profit. A need or problem encourages creative efforts to meet the need or solve the problem. “Entrepreneurs are social doctors who solve social problems. They transform the economy and modernize the society using a leverage called innovation” – Segun Adedeji, Professor of Economics of Education, University of Ibadan.

I was at a PhD seminar recently where a student, after presenting his thesis, was asked a very salient question by one of the students present. The question: “Assuming someone wants to sponsor a doctoral research, tell us why yours should be considered for funding?” This question got everyone thinking. It was there it dawned on me too, from that background, that, I am yet to clearly identify the problem my thesis intends to solve, or the research gap it will potentially fill. What is the problem I am trying to solve? What do I envision as an outcome for solving the problem? What is the process like? Well, whether you are an entrepreneur looking for a social problem to solve, or you are an entertainer like Cobhams Asuquo praying for “one hit song”, you also need “O.N.E hit S.O.N.G” to attract investment or funding.

Funding is a vital aspect of the entrepreneur’s journey. It is the peak of achievement in any entrepreneurial endeavour. Without funding, a project will be “found dying”. One of the fundamental requirements for a project to attract funding is not its newness or genuineness; it is its “problem-solving design”. Whether you are a researcher or an innovator, there are cogent questions potential sponsors or investors want to ask, one of which is the problem you are trying to solve. It doesn’t matter how well you are able to pitch your idea, all that really counts in the final analysis is the solution you are proffering to real problems. There are indicators that tell whether a problem is really a problem or it is merely perceived as one. One of such is the frequency of occurrence. In a similar vein, there are attributes that make your solution/intervention stands out among many others. One of such is the statement of novelty. Once you are able to clearly identify and coherently state the problem, you are half way to getting it solved. “A problem well stated is a problem half solved.”

If you had four minutes to pitch your business idea in order to secure funding and you were told to state why it should be funded in four sentences, how would you present it in such a way that it captures the tangibles? There are things one should look out for when trying to make a difference in a world that is dominated by sound entrepreneurs, whose imaginations travel faster than the “speed of sound”. What makes individuals, organizations and nations outstanding is their investment in knowledge. Knowledge drives innovation while innovation, in turn, drives problem-solving skills. Companies require knowledge, talent, and investment in order to further their R&D needs and goals.

 

Below is the checklist for entrepreneurial ‘FUNDing’:

Frequency of the problem

Uniqueness of the solution

Necessity for solving the problem

Description of the problem

 

Frequency of the problem

This is the rate at which a problem occurs over a particular period of time. Think of what people frequently complain about. Weigh the magnitude of the problem and the extent at which it impacts on the subject. For instance, problems such as climate change, cancer and cyber crime are serious problems which are of environmental, health and security importance to scientists and researchers who deploy resources in an attempt to curb these problems as well as come up with sustainable interventions. Climate change is directly contributing to humanitarian emergencies from heat waves, wildfires, floods, tropical storms and hurricanes and they are increasing in scale, frequency and intensity. Research shows that 3.6 billion people already live in areas highly susceptible to climate change. Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. According to the United Nations, Cybercrime is an evolving form of transnational crime. The complex nature of the crime as one that takes place in the borderless realm of cyberspace is compounded by the increasing involvement of organized crime groups. Perpetrators of cybercrime and their victims can be located in different regions, and its effects can ripple through societies around the world, highlighting the need to mount an urgent, dynamic, and international response. These and many more are examples of problems ravaging the society and need quick interventions from both government and non-governmental organizations as regards funding outcomes-based research and strategic innovation to mitigate society’s myriad challenges.

 

Uniqueness of the ‘product’

Don’t just sell the product, sell the benefits. Don’t just sell the benefits; sell its uniqueness (newness and genuineness). “If your only tool is a hammer then every problem looks like a nail.”

Questions and not answers create knowledge. To measure the uniqueness of your product (solution/intervention), reflect on the following questions:

What problem does it solve?

What vacuum does it fill?

What value does it offer?

How does it differ from others?

 

Necessity for solving the problem

If the purpose of a project is not deep, do not deploy resources. It may be supporting a social cause or exploiting a business opportunity, ensure it is a movement that enhances people’s lives, or an improvement that advances the cause of humanity respectively.

 

Description of the problem

A problem statement is a short, clear explanation of an issue or challenge that sums up what you want to change. It helps you, team members, and other stakeholders to focus on the problem, why it’s important, and who it impacts. Developing a problem statement that provides a brief description of an issue you want to solve is an important early step in problem-solving. But creating an effective problem statement isn’t that easy, even for a genius like Albert Einstein. Given one hour to work on a problem, he’d spend 55 minutes thinking about the problem and five minutes finding solutions. Problem statements help to meaningfully outline objectives to reach effective solutions. A good problem statement should create awareness and stimulate creative thinking.

 

Scripstars (My funded invention)

Scripstars is a scripture-based board game I designed to help people memorize scriptures accurately in an atmosphere of fun. I discovered that many Christians have scriptural quotations on their mind, but hardly pay attention to where they are written in the Bible, in the correct order of book, chapter and verse.

 

Problem statement and objective

Examples:

1. Problem: “Students are finding science experiments boring and have difficulty staying engaged.” Objective: “To transform the way science is taught, and make it interesting for students to participate in science related experiments.”
2. Problem: “The high school dropout rate in our community has risen by 20% over the past two years, negatively impacting our future workforce. Objective: “To implement targeted intervention programs to reduce dropout rates and ensure a more educated workforce.”