Bitature hails venture capital entry
Jun 06, 2011
BUSINESSMAN Patrick Bitature has advised budding business poeple to be disciplined and adapt structures that will attract external and valuable funding to expand their enterprises.
By David Mugabe
BUSINESSMAN Patrick Bitature has advised budding business poeple to be disciplined and adapt structures that will attract external and valuable funding to expand their enterprises.
Bitature, one of Uganda’s leading businessmen, said the entry of venture capitalists in Uganda showed the attractive entrepreneurship side of the country that was for long buried during the political turbulence of the past decades.
Venture capitalists take equity or shares in a business for a specified period and, besides funding the business, they also share the risks with the main business owner. It is a good opportunity for accessing capital and reorganising business structures through best practises that make the business attract competent employees and growth.
“The entry of venture capital is like learning many languages,†said Bitature, comparing the complementing role of venture capitalists to the current banks.
Two firms, Norfund from Norway and Fanisi from Kenya, are entering the Ugandan market. Fanisi makes equity investments of between $0.5m and $3m (about sh7.2b) per transaction in high-growth businesses, including start-ups and early stage companies.
Per Emil Lindoe, Norfund investment director for Eastern Africa listed their key success factor that would help Ugandan businesses as management, ownership, technology and capital. He said East African firms also have opportunity to co-partner with direct investors from Norway. Lindoe said both financial institutions and small and medium sized enterprises stand to benefit.
A Fanisi partner said they are ready to partner with people who are ready to grow.
“Our focus is to assist entrepreneurs achieve their objective, we take the funding risk and share in the upside and downside and we bring systems which make your business scalable,†said an official.
Bitature in a main presentation to several business owners and corporate firms castigated the culture of looking for employment yet there still exists immense opportunities for making money in the stock market, property, internet and owning businesses.
“If everything else fails, that is when people go for business,â€
He advised Ugandans to start small, gradually grow their enterprises so the country’s potential is turned into reality.
Bitature said the country’s entrepreneurial spirit was never killed even when the country faced tyranny.
“But we will get there, we just have to work twice as hard and now we are beginning to attract the right kind of money, we should be ready for them,†said Bitature.
He said there is no short cut to success but continuous trying. He mentioned perseverance, responsibility, confidence, discipline and hard work as the yard sticks to success.
“You need to keep going back, start saving and thinking for yourself,†said Bitature.
BUSINESSMAN Patrick Bitature has advised budding business poeple to be disciplined and adapt structures that will attract external and valuable funding to expand their enterprises.
Bitature, one of Uganda’s leading businessmen, said the entry of venture capitalists in Uganda showed the attractive entrepreneurship side of the country that was for long buried during the political turbulence of the past decades.
Venture capitalists take equity or shares in a business for a specified period and, besides funding the business, they also share the risks with the main business owner. It is a good opportunity for accessing capital and reorganising business structures through best practises that make the business attract competent employees and growth.
“The entry of venture capital is like learning many languages,†said Bitature, comparing the complementing role of venture capitalists to the current banks.
Two firms, Norfund from Norway and Fanisi from Kenya, are entering the Ugandan market. Fanisi makes equity investments of between $0.5m and $3m (about sh7.2b) per transaction in high-growth businesses, including start-ups and early stage companies.
Per Emil Lindoe, Norfund investment director for Eastern Africa listed their key success factor that would help Ugandan businesses as management, ownership, technology and capital. He said East African firms also have opportunity to co-partner with direct investors from Norway. Lindoe said both financial institutions and small and medium sized enterprises stand to benefit.
A Fanisi partner said they are ready to partner with people who are ready to grow.
“Our focus is to assist entrepreneurs achieve their objective, we take the funding risk and share in the upside and downside and we bring systems which make your business scalable,†said an official.
Bitature in a main presentation to several business owners and corporate firms castigated the culture of looking for employment yet there still exists immense opportunities for making money in the stock market, property, internet and owning businesses.
“If everything else fails, that is when people go for business,â€
He advised Ugandans to start small, gradually grow their enterprises so the country’s potential is turned into reality.
Bitature said the country’s entrepreneurial spirit was never killed even when the country faced tyranny.
“But we will get there, we just have to work twice as hard and now we are beginning to attract the right kind of money, we should be ready for them,†said Bitature.
He said there is no short cut to success but continuous trying. He mentioned perseverance, responsibility, confidence, discipline and hard work as the yard sticks to success.
“You need to keep going back, start saving and thinking for yourself,†said Bitature.