Rapid Incubation Model for the development of Micro and Small enterprises in Sub-Saharan Africa

Abstract

Africa was called The Dark Continent by Europeans because little was known about it prior to European colonization Sub-Saharan Africa region covering 48 countries refers to the area of the continent of Africa that lies south of the Sahara desert Sub-Saharan Africa though having an agricultural base has all kinds of resources in the world in terms of vast availability of minerals gold and diamond crude oil and Uranium etc like no other continent Despite having so much resources Sub-Saharan Africa continues to face longterm development challenges poverty dependence on a few primary commodities like agriculture and mining low human capital weak governance and non-existence of appropriate policies low employment low technology or processing capacity low Investment high cost of Finance low empowerment of women and climate change non availability of cheap finance etc Rapid Industrialization of Sub-Saharan Africa through establishment of Micro and Small Enterprises MSEs would be a signification step addressing major challenges like distribution Establishing Micro and Small Enterprises MSEs is not a cake-walk despite having innovative inventions and ideas It takes more than just having an idea of establishing a startup Planning and arrangement of scarce resources like Finance Infrastructure Technology Sourcing of raw materials Marketplaces buyers and organizing Sales distribution channels are the major challenges for establishment and survival of any enterprise Majority of startups fail in their first year of inception Many of these failures can be prevented if entrepreneurs get handholding support by an Institution having specialized Incubation programmers An incubator s main goal is to produce successful Micro and Small Enterprises with an array of targeted resources and services These incubates have the potential to create jobs develop technology for import substitution commercialize new technologies and strengthen local an