Develop scalable, sustainable ventures, LBS urges start-ups

• School holds MBA investor forum

To succeed in a dynamic business environment like Nigeria and have a considerable impact on society, entrepreneurs must ensure that their ventures are easily scalable and have a vision not only to meet local demands but also have potentials for exports.

This was the submission of judges for the Lagos Business School’s (LBS) MBA Investor forum, in which outgoing MBA students shared their experiences running businesses for a four-month period.

In a statement, the school said the business ventures were focused on having a positive impact on society while being profitable so as to ensure sustainability.

Noting that the business enterprises was part of the its Entrepreneurship course in the MBA programme, LBS said the students received N5000 seed capital and, in the four months, grew businesses worth hundreds of thousands of Naira.

“The event featured thirty-one business presentations. The presentations had the dual purpose of piquing the interest of potential investors and allowing a panel of five judges select the businesses with the best ideas.”

Facilitated by Dr. Henrietta Onwuegbuzie, the forum had ex-MBA students of the school as judges, which included Stephanie Obi (MBA 9), who now runs an on-line business of her own and Uka Osaigbovo (MBA 10), founder of domestic.com.ng, who started Nigeria’s first online retail furniture store, among others.

According to the statement, “A number of the businesses presented attracted as many as four investors, who were willing to invest and scale the MBA businesses. Three businesses emerged as winners at the end of the forum: Additive company, owned and managed by Oladiwura Oladepo, Adekunle Ekundayo and Oluwatobi Ricketts, emerged winners; Rubicks Solution, owned and managed by Jadesola Adepoju and Adekanmi Olubakin, came second while Stacy’s Smoothies owned and managed by Chiamaka Madu, ranked third.”