Mo Entrepreneurs Competition
The Program: Mo Entrepreneurs Competition seeks to provide a TZS 10 million interest-free loan to innovative firms, enabling them to improve productivity and income.
Focus Areas: Community Development
Impact: In partnership with Problem Solved Ltd., we have provided the final competitors with Minishop Accounting Software, which they have used for the past three months. The provision of this software has improved the firm owners’ financial literacy and their understanding of their companies’ profits, and will allow us to make a data-driven decision on the winners.
Mo Entrepreneurs Competition is a collaborative effort between Mo Dewji Foundation, Darecha Limited, and Problem Solved Ltd., to recognize and support the efforts of young entrepreneurs in Tanzania, who are running high-potential start-ups but lack further support in form of growth capital, networks, and mentoring. All finalists have been provided with accounting software to improve their financial literacy, understanding of their profit flows, and to allow us to make a data-driven decision. Additionally, the winners of the program will receive a TZS 10 million interest-free loan and mentoring from Mo Dewji.
The program components are:
1. Free one-year installation of the Minishop* accounting software paid for by Mo Dewji Foundation;
2. Minishop software installed on their recipients computer to monitor the progress of my business;
3. Training provided by the Problem Solved Ltd* team to support the recipients company in utilizing the Minishop accounting software package;
4. Mo Dewji Foundation to access the recipients company data through the Minishop accounting software package for monitoring and evaluation purposes as part of the Mo Entrepreneurs Competition for a three-month period from when it is installed;
5. On the first week of every month, recipients will submit company bank statements to the Mo Dewji Foundation for monitoring and evaluation purposes as part of the Mo Entrepreneurs Competition for a three-month period from the software is installed;
6. Forgery of data is automatic grounds for dismal from the competition and will therefore the recipients will ensure that all data entered into the Minishop software is accurate.
The prize for the winners is a TZS 10 million interest-free loan.
In Tanzania there are 3.1 million businesses. More than half of these (57%), rely on mental records alone when it comes to accounting. This creates a problem when applying for loans because banks require written financial statements.
The Minishop Accounting System makes it possible to produce these financial statements at a fraction of the cost incurred when paying a certified accountant (of which there are less than 5,000 in a country with 46 million people).
Giving our contestants free use of the Minishop software enables them to manage their business records and learn more about their financial flows, in order to make better decisions. It also allows us to use their records from three months of using the software to make an informed decision when choosing our winners by allowing us to analyze who will make the best use of the loan as well as have the best capacity to make the repayments.
Learn more about our 10 finalists!
We sought young entrepreneurs (18-30 years old) who have the passion, drive, and determination to grow their start-ups, in order to increase their income and their contribution to Tanzania economy. We received many applications, and have narrowed the contest down to 10 finalists.