In line with our core objective of becoming a catalyst for economic growth and development in Kogi State we introduced the Mentor-Box Business Clinic, a free business Master class and Consulting Clinic aimed at equipping aspiring and emerging entrepreneurs with skills, tools, requisite knowledge, business mentorship to promote business growth and acceleration.
Since we launched the program in April 2019 we have trained and mentored 28 aspiring entrepreneurs and 42 emerging entrepreneurs in the State cut across various business sub sectors. In the time of our existence we have birthed two startups with high potential through the approach of using indigenous ideas to solve local business problems. We are happy to share stories of startups that we are currently incubating; startups like Wakalo a tricycle transport service focused on providing safer and more efficient transport services and that Pro-Logistics a logistics business focused on providing food delivery services for restaurants, Hotels and Bars within Lokoja Metropolis. The presence of this startups that have been birthed in our Hub within the short time that we have launched our programs shows that with the right business environment, Kogi State has the potential to create more youth led startups like Wakalo and Pro-logistics, at Mentor-Box we are of the strong believe that with the right business environment, an idea with significant potential can transform into a business delivering high quality products and services while also creating sustainable employment opportunities for and adding overall socio-economic value to the communities it operates in and the larger society.
The Business Incubator Program at Mentor-Box has created the opportunity to carry out sector focused research of the business ecosystem in Kogi State. Findings and data drawn from engaging
with MSME cluster associations including the Association of Spare Part Dealers, the Union of Tricycle Riders and independent businesses indicate that consumer spending power in the state has declined over time, in the feedback received from survey forms issued out recently showed that 70% of the respondents strongly agreed that purchasing power in the state has reduced considerably because residents especially those with the larger spending power spend the bulk of their earnings in larger towns or cities outside Kogi State.
80% of the responder agreed that if residents spend at least 10% more of their disposable income in local businesses they will add more to the local economy assuming that the money continues to circulate in the state at the normal rate.
It against the backdrop of the data gathered from this research that Mentor-Box we launched the #SpendKogiMoneyinkogi Campaign in partnership with the Kogi State Internal Revenue Service (KGIRS) to encourage residents (especially those with the higher spending power) to help contribute growing the state economy by spending at least 10% more of their disposable income patronizing local businesses in the state.
- Improve the local economy by encouraging money circulation within the state economy.
- Encourage aspiring enterpreneurs to take business risks.
- Serve as nesting hub and incubator for new businesses and startups by ensuring that they are equipped with the requisite knowledge to focus their resources on the most productive sectors of the state economy.
- Increase in percentage of taxable sales there by increasing state revenue.
- Create opportunities for job employment and increase higher velocity of demand.
Contribute to the achievement of sustainable development Goal 8, decent work and economic development.
- Circulation of money in the state through patronage of local businesses, employment of certain percentage of locals by investors and purchase of raw materials from vendors in the state.
- Financial inclusion of young people.
- Emergence of new and sustainable business.
- Increase in state revenue and taxable sales by at least 10%.
- increased employment opportunities for youths in the state.
- Existing Private industries.
- All existing arms of Government
- Ministries and Development Agencies.
- Persons with High Purchasing power
- Persons with Low Purchasing Power
- Local Investors.