Youth tipped on investment

A group of lawyers under their umbrella name Bytelex Advocates have given youth tips on how to get funds for businesses. They advised the youth to be aware of the competition, be honest and organised.

"If you want to win the investor's hearts, from the time you decide to pursue your business idea, you must be aware of potential competition. This means that you must do a lot of research and survey whether similar or closely related ideas have been implemented, if you find out that they have been implemented, it might be hard to get funds, so immediately get a new idea, even if you fail to get, continue applying for funds and always use the internet as your biggest tool," notes Chrispinis Onyandu, a business consultant.

Onyandu also called upon young people to be honest so that funders can trust them and to make sure that they have advisers so that when the investor sends money, it is not misused.

Bytelex Advocates The managing partner of Raymond Asiimwe addressing the participants. Photo by Francis Emorut

Speaking at the function, Joshua Businge, the director of Matibabu, advised youth who need start-up capital to develop their business, to always participate in competitions and when they win the prize, to always mention it in the proposal.

"When we were still at the university, they were grant opportunities for students with innovative ideas, we applied for them and we won. So when we were looking for funds, we mentioned all the prizes we had won and that helped us to gain the investor's confidence to get funds. 

So we are advising people who are starting up businesses to mention those awards, the investor will be happy that you have more than an idea," said Businge.

Businge also advised people that the easiest way to get funds is by having a team and if you are a team, you need to be organised.

"If investors do investigations and find out that the team is disorganised or you are giving contradicting information, they will run away," Businge noted.

Ivan Morozi, the manager of Printboda, advised start-up businesses that if they want serious funds, they need to show the investor that the business can grow big to other countries.

"When you are writing a business proposal, you need to mention the social impact of the business, show how you will employ people to curb poverty, and you must show that in your business you have women employees. International funders respect gender," noted Morozi.

During the conference, Martin Asingwire, the founder of Bytelex Advocates noted that they have come up with online law classes that will help lawyers upgrade their papers.

"We have so many lawyers who want to study but they do not have time to go for classes. We are working together with the Uganda Law Society to accredit our courses so that when one is done with the course, they will be awarded a certificate of completion," explained Asingwire.