1. Integrated framework for establishing and financing start-ups in Nigeria: concepts and cases Sheffield Hallam University By Patrick Oseloka Ezepue & Nonso Ochinanwata

2. Introduction Micro and small to medium enterprises (MSMEs) have different needs and funding challenges compared to large businesses for example access to capital and sound investment advice is more difficult for them These factors limit the capacity of start-ups and MSMEs in Nigeria to enhance the economic growth and development of the economy Therefore need for ‘financing start-ups and workforce development’ in Nigeria via industry-facing business management and apprenticeship programmes The key rationales include MSME job creation through HEI-industry-government collaboration (research-led entrepreneurial ecosystem)

3. The objectives of the study RQ1: What challenges face the informal sectors of Nigeria’s economy and how should innovative start-ups be established and financed to overcome the challenges, effectively, efficiently, operationally and financially? RQ2: Given the centrality of banking and financial services to Nigeria’s economic development, poor and high-interest access to loans from them by potential start-ups, how should innovative enterprise support firms be created and financed in order to improve the sector, for example a Nigerian Centre for Advanced Research and Enterprise Development (CEfARED) and related challenger banks?

4. Related research and enterprise development initiatives The following research and enterprise development (RED) initiatives will address these needs: An online Skills for Students, Graduates and Start-Ups (SSGS) An innovative Nigerian Renewable Energy Research and Consulting firm, which can roll out solar houses and model solar villages as solutions to current energy-mix problems in the country A Centre for Advanced Research and Enterprise Development (CEfARED) We use it as an illustrative case study in this paper, in order to practically explain the elements of the integrated framework for establishing and financing start-ups in Nigeria

5. A framework for financing and establishing start-ups in Nigeria

6. Business Development and Financing Approaches Industry and market trends linked to industry and stakeholder needs analyses Exploring the nexus amongst national socio-economic development plans and budgets, remits of government ministries, departments and agencies (MDAs) and MSMEs Analysis of trends in government budgets for the stated social intervention schemes across years

7. Loan segment and risk framework Loan segments -Educated and non-educated customers -Long-term growth and short-term growth -Novel and conventional business -Big loan and small loan Risk framework - High value proposition - high risk - likelihood - high impact - High value proposition - low risk - likelihood - low impact - Low value proposition - high risk - likelihood - high impact - Low value proposition - low risk - likelihood - low impact

8. Collaboration and business development programme Credit-plus approach - Loan and business development integration Strengthening SME business models Different value propositions for customer segments Learning platforms and information sources for - Physical - Media - Online

9. Elements of Born-global Firm Business Model Elements of born-global firm business model (Source: the authors)

10. Policy implications and conclusions We explored the challenges of poor financing, inadequate resources, poor understanding of customer needs and identification of niche and underserved mass markets, and ineffective solution of Nigeria’s economic management challenges, which could be addressed by using the integrated frameworks presented in this paper, before detailed business planning Using the CEfARED as a main case study in the paper enabled us to moor the explored constructs to reality Pedagogically, the results will support effective case- and problem-based learning within disciplinary curricula linked to customer needs, and the economic development of Nigeria So far in Nigeria there is no link between start-ups and government economic development initiatives. This paper fills this gap in knowledge through the initiatives.

11. Thank You For Listening