#MEET Enhancing sustainable youth start-up eco-system in Malawi through a novel financing model
Published on: 08.08.2017
#MEET Enhancing sustainable youth start-up eco-system in Malawi through a novel financing model.
This is a short interview we conducted with Daniel Chiumia, the creator of Enhancing sustainable youth start-up eco-system in Malawi through a novel financing model. If you like this project and would like to vote for it, click here
1. Please, tell us a bit about yourself: where are you from and what is your background?
Daniel Chiumia is a Malawian serial entrepreneur and a scientist with a specialty in livestock.
2. Can you describe your idea or project in two sentences?
Enterprise Innovation Hub is a financing business providing seed capital and mentorship in return for equity to graduate owned start-ups. The absence of collateral in this novel financing model allows customers to more easily and practical to access critical resources to start their businesses.
3. How did you get your idea or concept?
The business was born from the life experience of the founders. We were out of a job after graduating for more than 2 years despite having the obtained a masters degree. Personally, I went to one of the Banks in Malawi to get a loan but I was shocked when I noted that I had to repay it with 42% interest within a year. I didn’t proceed with the process and later when were discussed all these experiences we conceived the Enterprise Innovation Hub concept.
4. What is unique about your idea/project and how does it benefit mankind?
The unique elements of the Enterprise Innovation Hub concept are that 1) it has blended seed capital and long-term on-business mentorship (5-10years) and 2) does not require collateral. The key benefits of this business model are first, the creation of more businesses, an important element of economically sustainable development, and second jobs thereby lessening unemployment among youth especially graduates.
5. Describe yourself as an entrepreneur in one sentence
A serial entrepreneur who pays attention to details.
6. How do you deal with people that doubt your abilities/initiatives?
I focus on my vision and trust my instinct. My school of thought is that not everyone will agree or trust in what I’m doing and neither do I need the approval of people nor thought to take action or keep going.
7. Where does your passion lie?
As an entrepreneur, financial freedom.
8. What are you afraid of or what keeps you up at night?
9. According to you, money is a synonym for…..
A stepping stone towards success.
10. What are the benefits you take from the Entrepreneurship Campus?
Knowledge (from the course) and networking building.
11. What do you like more about the Entrepreneurship Campus?
The online course
12. Which idea/project do you like most?
Lily Douere Bandotubo’s project Community and youth empowerment through entrepreneurship programme.
NOTICE: If you want to see more submitted ideas and projects at the Youth Citizen Entrepreneurship Competition, visit BEST IDEAS and BEST PROJECTS and VOTE for the ones you think deserve to WIN the Competition!