A previous winner of the national business plan competition – Business Bomba – and currently prominent business woman in Sierra Leone Mrs. Gladys England is marking the third year of the competition with the objective to stimulate entrepreneurial activity and support commercial success.
In her statement, Mrs. England pointed out that the previous two Business Bomba Competitions were hugely successful resulting in the establishment of growth of more than 25 businesses with over 200 new jobs created. She noted that since 2009, more than 1,600 entrants have received business development support training as a result of entering Business Bomba, and that each category has a top prize of Le 100 million with second prizes of Le 35 million. Additionally because of the high application numbers, agriculture also has third and fourth prizes of Le 30 million and Le 25 million. The combination of financial support, which is not a loan, and ongoing business support should make this the best business plan competition ever she said.
Mrs. England also mentioned some of the previous winners with the first Bomba Mrs. Eva Roberts who won Le 75 million, and that Mrs Roberts had the idea to process and package Moringa into tea bags but needed the financial and business support backing to help turn her idea into commercial business and three years later, her product ‘Moringa tea’ is a splendid success.
Other winners like Business Bomba II grand prize winner Samuel Theopilus Powers who won Le 100 million for his ideas to establish a briquette bio-coal company from available agriculture waste. Mrs Clara Harding, another recent winner whose idea was to produce pasteurized milk and milk products is almost ready to launch her business.
Another winner is Abdul Sillah with an idea to mechanize the production of coconut oil and whose company will commence production in mid April 2012.
Gladys England also a previous winner has been well known for her juice bar, ‘Oasis Juice Bar’ as this is a familiar success that has come from the idea of Mrs. England to provide high quality juice and food which since 2010 has made Mrs. England a key figure in Freetown.
All “these are proof that the Business Bomba Competition is playing a vital role in the country’s private sector especially with respect to small and medium enterprises.”
Business Bomba Competition III provides a supportive business environment to applicants who are not sure how to develop their idea into a business. It is a national one with on the ground support and advice in many provinces around the country, as people are encouraged to apply regardless of literacy education levels and all applications will receive strong business support to follow them to the top.
It is an initiative of the Ministry and sponsored by the International Finance Corporation (IFC), Soros Economic Development Fund (SEDF), ICCO and Churches in Action and the German International African Foundation for Development Sierra Leone (AFFORD-SL) is the organization that has implemented the first two competitions.
The Business Bomba initiative is based on the belief that entrepreneurialism is something that everybody can participate in once they have an idea with its primary function to encourage Sierra Leone’s entrepreneurial culture and to ensure that everybody in the country has access to opportunity for success. The application phase started on the 8th February and ends on the 9th March at the AFFORD-SL office at Siaka Stevens street.