GEW Rwanda

THE OFFICIAL BLOG OF GLOBAL ENTREPRENEURSHIP WEEK RWANDA

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GEW doesn't end with the closing! Free training on leadership & entrepreneurship on Saturday by @AIESECRWANDA.

AIESEC Rwanda facebook page: https://www.facebook.com/aiesecrwanda AIESEC Rwanda twitter handle: @AIESECRWANDA

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GEW Rwanda Opening Ceremony: Monday November 18 2013

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Invitation to the GEW Rwanda Closing Ceremony 

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For information on what's happening this week, check out our events calendar.

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Inspiring Stories, new dreams grace entrepreneurship week closure

The first Rwandan ‘global entrepreneurship week’ was held last week, providing an occasion for entrepreneurs to share dreams and success stories.

One of those stories was from Japhet Nshimiyimana, who will be turning twenty-three next month. “I started my handicraft business one year ago with 5000 francs, now my business has grown because I am now producing 50 bags in one month and I employ five people in my business. My working capital has also grown tenfold,” Nshimiyimana explained.

Her story was one of the dozens that caught the attention of the hundreds of participants during Rwanda’s first participation in the global entrepreneurship week. “Entrepreneurship is about being smart. I started with just five thousand, who among you can’t get such a small amount?” Nshimiyimana asked her audience.

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Entrepreneurship Capital Boosts SMEs

As Rwanda concluded seven days of the “Global Entrepreneurship Week”, it is expected that more businesses will be established because of the confidence induced within entrepreneurs.

“It has laid a strong foundation for private sector development which is going to lead the growth of this economy,” said Emmanuel Hategeka, the Permanent Secretary in the Ministry of Trade and Industry.  The zeal for entrepreneurship is expected to create more jobs and boost the country’s exports. Currently, Rwanda’s enterprises stand at 119,158 from 72,000 registered SME’s in 2008

“The story is not too bad; an increase of 65 per cent of registered enterprises in three years is a positive sign to achieve the EDPRS (Economic Development and Poverty Reduction Strategy) target to create 1.4m jobs non-agricultural jobs,” Hategeka said.

Hategeka observed that the week, which ended on November 20, was a success being the first time Rwanda has participated with high turn up and interactive discussions.

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For the first time ever, Rwanda has participated in impactful global initiative known as Global entrepreneurship week. An event that run from November 14-18.A series of activities designed to encourage and support entrepreneurs have been taking place throughout the country.

Global Entrepreneurship week (GEW) is the world’s largest celebration of the innovators and job creators who launch start-ups, that brings ideas to life, drive economic growth and expand human welfare.

During one week each November,GEW inspires people everywhere through local activities ranging from large-scale competitions and events to intimate networking gatherings, connecting participants to potential collaborators, mentors and even investors introducing them to new possibilities and exciting opportunities.

It is in this vein during this week in Rwanda various activities  includes competitions, mentoring workshops, presentations   have taken place at campuses and schools to encourage entrepreneurship among youth especially aspiring entrepreneurs, students to unleash new ideas  ,generate jobs and drive growth in the country.

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Day 3: Social Entrepreneurship with Solid'Africa

Solid’Africa organized an interactive workshop on social entrepreneurship on the 16 th of November at Lemigo Hotel. After providing the 45 participants a global context and framework on this topic in Rwanda, small groups had to work on their own social entrepreneur cases. Four main issues were addressed: homeless people, drinking under influence, people outside of the health care system and women begging in the streets. Participants had to come up with creative and innovative solutions taking into account financial and environmental constraints. The workshop was a real success and people were getting passionate about the case they had to solve. They proposed many ways to tackle those issues for instance creating an NGO taking care of the homeless people. The workshop ended by a presentation of Solid’Africa, its goals and its social entrepreneur responsibilities.  Submitted by Solid'Africa. 

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StartUp! Program

StartUp! Program at the Kicukiro IPRC

On Monday November 14th, the module delivered was BUSINESS LAW IN RWANDA

The module’s key learning points are:

Ø  Legal forms of business

Ø  Advantages and disadvantages of the different legal forms

Ø  How to get a business registered.

Ø  Where to find information on registration, licensing requirements, permits and tax information.

Ø  How to find a business attorney.

This module helped participants to know legal forms of the business and this helped them to choose the best legal form for their business. They also learnt about agencies in Rwanda that help people to register their businesses, they got to know the process of registration in Rwanda, and also they knew when attorney is needed and activities an attorney can help the entrepreneur with.

  On Tuesday, November 15th, 2011, the module delivered was BUSINESS TAX POLICY IN RWANDA. 

The module is consisted of the following key learning points:

Ø  Types of  taxes in small business

Ø  Types of taxes by Business entity

Ø  How to find small business accountant

Ø  Tax lingo bingo

This module helped participants to learn about the different taxes imposed on small business and the rates of each kind of tax. They also learnt how to know under business class their business falls and the types of taxes they are entitled to pay, as well as where and how they can get tax professional/accountant to help them to deal with tax administration. They also learnt about the forms of financial records a taxpayer should have or keep.

Submitted by 

Grace Mugabekazi

Communications and Social Media Officer

Digital Opportunity Trust Rwanda

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Tips from "Getting to Yes":  A presentation made by SFB Rector, Reid Whitlock on Access to Finance.

1.       Entrepreneurs don't understand their industry/regulatory environment well enough. 

2.       Entrepreneurs don't demonstrate how their business is differentiated: You must stand out from competition.

3.       Not paying selves enough money in projected financials. It’s important to include salaries in financials because individuals are bound to have expenses.  

4.       Entrepreneurs pay themselves too much in projected financials. It is important to remember that you can't drain the business of value

5.       Entrepreneurs intend to use business loans for personal purposes. A business loan can ONLY be used for the business.

6.       Entrepreneur has no credit history: One must build a history with the banking industry to establish credibility. 

7.       Entrepreneur has bad credit: It is important to fulfill your loan obligations and do it on time! 

8.       Too much family involved in business doesn't establish faith in business. Hire qualified professionals. 

9.       Irrelevant or falsified references. Use references that speak to ability to repay loan. NEVER use forgery. Banks always check authenticity of references. banks check. 

10.   Business has no focus. When starting, choose one core activity and do it well. Don't spread biz too thin 

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A few photos from the Entrepreneurship and Self-Employment session sponsored by the Africa Innovation Prize and hosted by the Kigali Institute of Science and Technology Entrepreneurship Club.  Photos and captions submitted by Josh Niyosingiza.

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Hosted by: Solid Africa Date: Wednesday, November 16, 2011 Time: 6:00pm Location:  Lemigo Hotel Kimihurara, Kigali RSVP: Open to the public Description: Solid Africa is a young and dynamic local NPO-NGO that helps vulnerable patients in public hospitals in Rwanda. Working along with social workers, our four main programs (Food for All, Medical Expenses, Hygiene, Hospital Bills & Transport) aim at compensating the lack of financial resources and thus, ease their recovery and accelerate their return back home. After introducing Solid’Africa and its activities, the workshop aims at understanding the specificities of social entrepreneurship in the particular setting of contemporary Rwanda.  As we all know, at the core of any project, there is an idea. Ambition, resources and opportunities are crucial to transform this idea into reality. Furthermore, building a young, effective and viable NGO requires to identify, to understand and to go beyond constraints. Therefore, Solid’Africa has developed different integrated strategies to maximize the use of its resources. Namely, an innovative way to do so is to foster cooperation between social and corporate worlds through Corporate Social Responsibility programs or cross-branding agreements. Our NGO offers a unique framework for individuals to channel their efforts, along with local companies and organizations, towards helping those in need. Contact: Patrick Nizeyimana,  Audric Mitraros Email: [email protected], [email protected]  Phone:  [phone] or +25.078.490.3947 Web: www.solidafrica.net

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Event: Financial Literacy Fair 

Hosted by: Centre for Entrepreneurship Development at the School of Finance and Banking (SFB) Date: Wednesday, November 16, 2011 Time: 9:00am – 4:00pm Location: Small Auditorium, School of Finance and Banking Kigali, Rwanda RSVP: Open to the public Description: A halfday workshop to teach aspiring and active entrepreneurs the basics of business financials. The discussions will be led by financial industry practicitioners and SFB professors and will be followed by technology demonstrations in the afternoon. University students, TVET students, and business owners are all encouraged to attend! Contact: Olive Murinda, Director Email: [email protected] Web: www.sfb.ac.rw

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Day Two: Youth and Entrepreneurship

The Youth and Entrepreneurship talk was hosted by AISEC Rwanda and was held at the Institute for Research on Peace and Dialogue (IRDP). The speaker, Sam Kebongo, is a lecturer at the Rwanda Tourism University College (RTUC) and writes a weekly article in the New Times on entrepreneurship. He is also the head of the Consultancy Department at RTUC.  The talk was attended by students from ULK and youth who visit the IRDP Community Center to study or conduct research and by Babson College-Rwanda Country Directors, Benjamin Cox and Chris Smith. It was a highly interactive talk, in which the delegates were actively involved. The speaker engaged the delegates with self-reflection questions that started off the presentation.  The main lessons from the talk were that the youth need to be passionate about their business ventures and that they should not let anyone put them down or discourage them. As long as they believe in what they want to do, then they should be bold and fight for it. They need to set out clear and specific goals, and find creative ways of overcoming obstacles they encounter along the way.