BIZ - Business Incubation Zone

Many SMEs, caught in the challenges of meeting business targets, believe that obtaining more funds and just ‘throwing’ money at these problems will prevent failure. They sink enormous resources into ideas, hardly ever completing or using a bankable business plan that is driven by a well-articulated strategy. Many highly successful entrepreneurs today when asked, will say that they started with little financing and where this was in credit form, in most cases, it was obtained from friends and family members. By strengthening SMEs through targeted extension and technical assistance, LAMID’s Business Incubation Zone will shorten the learning curve, and deploy competencies required to increase the chances for success and expanding.

When doing it yourself is no longer yielding the desired result or advantages. When you can’t invest the time or resources to address a given need because you are too busy or resource- stretched. When you want to save or make money and when need information in real time to beat the competition.

LAMID’s experience confirms the evidence that 70 per cent of businesses fail due to lack of sound business management information/skills on the part of the promoters, and not financing. Even for those that survive, many fail to track and manage growth. While financing is not to be under-stated, many SMEs, especially new start-ups tend to undermine the importance of other vital components of success. These include access to markets, technology, adequate infrastructure, and sound knowledge of business/management.