L’aine Foundation Organises First Start-Up Workshop

The first edition of L’AINE Foundation’s ‘Start-up Workshop’ was organised under the theme: “Understanding the Core Strategic Choices Facing Start-ups in Ghana”. The event sponsored by L’AINE HR, Innovate Workspaces, and LADL Patisserie, was held on Friday, 21st April 2023 at Innovate Workspaces, Adabraka.

Delivering the welcome address, Mr. James Laar, the Managing Director of L’AINE HR said: “Starting a business is no easy task. It takes hard work, dedication, and a clear understanding of the strategic choices that must be made to succeed. And for start-ups in Ghana, these choices are especially critical, as the landscape can be challenging to navigate. This workshop is aimed at helping entrepreneurs understand these strategic choices and equipping them with the tools they need to make informed decisions for their businesses.” He also entreated attendees to take advantage of the event to meet new people, exchange ideas, and build a support network.

In her keynote address, Ms. Anne Ethel Komlaga, Executive Director, Enterprise Bureau shared some statistics on the contributions of start-ups to Ghana’s economy. She said, “SMEs also make up 70-90% of African Economies; contribute 70% of its GDP; supply about 80% of its Jobs; cater to the lower end of the majority of its population, hold the potential for poverty reduction and development of African economies, and achievement of Sustainable Development Goals (SDG).” She also urged Start-up Founders to research local markets and customer needs, utilize the right technology, network, and build relationships in order to grow their businesses.

Delivering the second keynote address, Mr. Reginald Sakitey, Internal Auditor of L’AINE HR shared with participants the importance of taxation and financial management for start-ups. On financial management, he advised employees to not run out of money, and to do this, they [entrepreneurs] need to prepare a budget, complete with projected inflows and pay-outs, and stick to it. Speaking on taxation, he advised entrepreneurs to have a compliance mentality, avoid penalties and avoid closure.

Attendees took advantage of the Q & A session to ask very relevant questions and solicit advice from the speakers on some problems their start-ups were facing. Answering a question on accessing governmental funds, Mr. Sakitey advised entrepreneurs to exercise patience during fund application processes and endeavour to make regular follow-ups during the process.

L'AINE Foundation is a registered not-for-profit, non-governmental organisation which supports entrepreneurs and would-be entrepreneurs in the Ghanaian urban and local communities. The Foundation believes entrepreneurship is a powerful force for change in the developing world. This change will help reduce poverty, create jobs, and foster sustainable development in our local communities.

The next power-packed edition of L’AINE Foundation’s start-up workshop will be held during the second quarter of 2023.

Visit www.lainefoundation.org learn more about L’AINE Foundation and follow them across social media platforms to get updates.