In Africa, despite having the world’s highest entrepreneurship rate, the Micro, Small and Medium Enterprises (MSMEs) sector has been neglected, leading to an alarming 80% failure rate within the first five years of establishment.
Adding to the concern is the observation that many aspiring African entrepreneurs initiate businesses without the necessary resources or structure, causing them to struggle for survival.
Addressing these issues was a primary focus of the Global Mentorbridge Summit’s second edition held in Lagos. The event, which took place from August 4-5, 2023, at Sheraton Hotel and Radisson Blu Hotel in Ikeja, as well as virtually, stood out due to its unique approach to intergenerational mentorship.
Unlike typical gatherings, the Global Mentorbridge Summit brought together business professionals spanning three generations. This setup facilitated the exchange of knowledge, ideas, and networking opportunities across various business backgrounds.
Renowned speakers and panelists, including Olusegun Sogbesan, Maria Carolina, John Obidi, Chichi Eriobu, and others from around the world, shared their insights during the summit.
In her opening remarks, Jane Oma, the convener of the summit, emphasized the need to bridge the knowledge gap between older and younger business leaders to promote the growth of sustainable businesses.
Furthermore, John Obidi, founder of Headstart Africa, and Chichi Eriobu, a panelist, highlighted the importance of a mutually beneficial mentor-mentee relationship, where both parties share experiences and successes.
The summit also featured Moe Hamid, CEO of LokIncubator, who discussed a successful angel investment network in Palestine that addressed financial and mentorship gaps within the country’s ecosystem.
Drawing from his experience, Eyitayo Ogunmola, CEO of Utiva, encouraged mentors to maintain open channels of communication even when challenges arise with their mentees.
– Business Day