Giving up is not an option - Startups looking for early-stage funding told

Small business owners and startups have been urged not to easily give up in their pursuits for funding during the formative stages of their ventures.

This, according to Richard Osei Owusu, a respected member of the UPSA Enterprise and Innovation Centre's (UEIC) advisory board, should be one of the cardinal arsenals for such businesses if they want to be able to breakthrough.

Richard Osei Owusu, who also doubles as the Director of Finance and Administration for Interglobal Company Limited, made this known when the University of Professional Studies, Accra (UPSA), hosted its maiden edition of the Entrepreneurship Fair.

The program was aimed at providing intensive coaching and mentorship opportunities to students, and promote entrepreneurship and innovation as the keys to sustainable job creation and wealth generation.

The event, which took place on Wednesday, April 19, 2023, at the Dr. Kofi Ohene Konadu Auditorium, attracted over 3,000 students from UPSA and other tertiary institutions across Ghana.

The fair, assessed to have had a resounding success, featured insightful speeches and breakout sessions, as well as exhibitions by entrepreneurs and business owners who showcased their products and services at the Fair.

Addressing the gathering, Richard Osei Owusu stressed that starting a business can be challenging but Early-Stage Business Startups and entrepreneurs should be willing to go through the process.

“Starting a business from scratch is a difficult and often daunting challenge, but securing the funding you need to get your business off the ground can be even more challenging. Whether you're seeking funding from investors, applying for loans from banks, or exploring alternative financing options, there are a lot of hurdles to overcome and a lot of factors to consider.
 
“But here's the good news: it is possible to secure the funding you need to start and grow your business. It takes hard work, persistence, and a lot of research and preparation, but with the right strategy and approach, you can increase your chances of success,” he stated.

Helping out with how startups can adequately achieve this, Richard Osei Owusu outlined some five key strategies that he believes are winning strategies these entrepreneurs can use.

They are: research different funding options, from traditional sources like banks and venture capital firms to newer options like crowdfunding and angel investing; be prepared to make a strong case for your business; don't be afraid to think outside the box; and, don't give up because securing funding can be a long and challenging process, but if you stay focused, persistent, and optimistic, you can achieve your goals.

In addition to the speeches and breakout sessions, the event also saw five student start-up businesses at UPSA receiving financial support to help grow their businesses.

The university management also awarded Richard Osei Owusu with a plaque, in recognition of his invaluable contributions to the UEIC and the university community as a whole.

Tsonam Cleanse Akpeloo, CEO of Suku Technologies, and Greater Accra Regional Chairman of the Association of Ghana Industries (AGI), also received a citation for his contribution in job creation and bridging the gap in the information technology world.

The UPSA Entrepreneurship Fair 2023 was a clear indication of the university's commitment of promoting entrepreneurship and innovation as a means of addressing the unemployment gap in Ghana, while providing students with the skills and resources they need to succeed in the competitive business world.

MA/AE