6. BUSINESS PROFILE – PART 2
The TEEP 2018 Application Guide comes in handy here. This section is quite technical and a lot of people find it challenging. All the fields here are compulsory.
a. Elevator Pitch: In 50 your current business words or less describe the idea.
If you could reduce your business idea to one line of text or one sentence, what would it be? Your Elevator pitch is like your one-minute sales pitch. You can see it as your business bio. An elevator pitch could be in this format;
Our company manufactures <<PRODUCT>> for <<TARGET CUSTOMER>> that allows them to <<YOUR VALUE PROPOSITION>>. Unlike <<OUR COMPETITION>, we <<PRIMARY COMPETITIVE POINTS OF DIFFERENCE> CALL to ACTIONS
We make [solution] for [target market] so that [value].
For example, you plan to produce refined Garri in a commercialized and mechanized scale, you can say:
“My company would produce high quality, vitamin-A fortified, well-packaged and hygienically refined Garri at an affordable price. we aim to produce Garri that would turn semovita consumer into Garri lover”
b. Detailed Description (Of your business): In more detail, describe your product or service (200 words).
This part of the application is very important. Here you have to articulately describe your product or service in a way that would be very attractive to an investor. It MUST not be boring. Remember, more than 100,000 people may apply for TEEP 2018. Say something nice about your product or service here. Stand out!
For example, let’s say we plan to produce refined Garri, our business description could be;
The name of our product is GARENA. The idea for GARENA was conceived when could not find clean, hygienically prepared, Vitamin-A fortified, Cyanide free and well-packaged Garri. I had to resort to taking semovita which I did not like. As a result, I started doing research on how to produce good, clean Garri on a large scale.
The result of that research is GARENA. GARENA is produced with a special class Cassava which is an improved variety introduced by the International Institute for Tropical Agriculture (TA), which is based in lbadan, Nigeria.
This variety of Garri has special qualities like being naturally fortified with Vitamin-A, having zero Cyanide content and a natural yellow colour. The Garri produced is very hygienic, nutritious, smooth, drinkable and cyanide free. The entire process of production would be mechanized in the future. For now, it is partly mechanized and partly manual due to financial constraints. GARENA is in the second year of production. It is attractively packaged in 1kg 5kg 10kg 20kg and 50kg thick plastic bags, different from what is currently obtained. Last year, we produced and sold 50,00Okg of GARENA We hope to increase it to 200,000kg this year.
c. Wow Us: What is interesting or different about your product or service? List 3 things. (100 words).
- Our Garri free unlike others in the market
- GARENA is Vitamin-A fortified
- GARENA is very hygienic and cyanide-free. GARENA is attractively packaged and available in different quantity.
This sub-section is very important. You must say something that is very unique and your product must stand out. Remember, the TEEP program is extremely competitive. You must stand out. Check our detailed E-book Guide for more details.
d. Problem Solved: What problem does your product or service solve? (50 words).
Every unique business must have a product or service that solves a problem. That is the kind of business the Tony Elumelu Foundation (TEF) wants to support. Does your business solve a problem? Write it here. The problems being solved may be reduced cost, convenience, better security or protection, etc. For our Garri example, the Garena products solve a few problems.
- Garena is cyanide-free. It solves the problem of high cyanide content of most Garri in the market.
- Garena is well-packaged and hygienic. This solves the problem of poor hygiene
- Garena is Vit-A fortified. This solves the problem of nutrition.
- Garena has smooth grains, unlike others that are rough and non-uniform.
e. Development Stage: Which most accurately describes your product or service development stage?
You have to choose between the following;
- Idea stage
- Testing Stage
- Infancy Stage
- Growth Stage
f. Industry Sector: Select your company’s primary industry
Select your industry sector from the list.
g. Industry Sub-sector: Please select an industry sub-sector that is closest
Select your sub-sector.
h. Sustainable Development Goals: Of the following Sustainable Development Goals (SDGs), which one does your business idea/product/service most closely represent?
Choose the Sustainable Development Goals (SDGs) that closely represents your business idea. The TEEP 2018 Application Guide recommends that you choose at least two (2).
7 COMPANY STRUCTURE
This part of TEEP 2018 Application requires you to fill in some important information about your company.
a. Company Registration: is your company registered?
The answer to this question is either YES or NO. If your business is still at the idea, testing or entry stage you may not bother about business registration. But if you are at the growth stage, business registration may be an advantage to you as far as the application is concerned. If your business is registered, fill in your business start year and the type of business entity you are running (Sole Proprietorship or Ltd).
b. Business Partners: Do you have business partners?
The answer is either YES or NO
c. Primary Role: What is your primary role in the business?
State your primary role here. It could be CEO, MD, Director, COO,
d. Employees: How many contractual, part-time, and full-time employees do you have?
List the number of employees you have, whether contractual, part-time or full-time.
When you are done, save and move to the next section.