Ghana - Business creation project

Describe your project or startup in a few words

BizQuest App aims to develop a mobile application that offers practical and accessible financial education, entrepreneurship guidance and tools and investment management tools to users of all categories.

01.01 Describe your project in more detail

The main mission is to empower individuals with the knowledge and skills necessary to make informed financial decisions, foster entrepreneurship, and contribute to the achievement of Sustainable Development Goals such as No Poverty, Quality Education, and Reducing Inequalities

01.02 What is the main problem you are trying to solve?

In Ghana and across Africa, financial illiteracy has long been a major challenge, holding back people and businesses. Many struggle to understand personal finance, entrepreneurship, and investing, which has led to poverty, limited opportunities, and difficulty achieving the United Nations' Sustainable Development Goals. BizQuest will be a groundbreaking app designed to bridge the gap between practical financial education and affordability. BizQuest will aim at empowering Africans with the knowledge and resources they need to reach their full potential and drive economic growth. BizQuest will have a two-pronged approach. First, it will offer engaging, interactive and practical courses with a gamifying interface on topics like personal finance, entrepreneurship, and investment management. These lessons will be tailored to the African context, providing practical insights and case studies to help individuals make smart financial decisions, and also provide businesses with financial tools.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

1. BizQuest will provide a comprehensive financial, entrepreneurial, and investment education in a practical form to bridge the gap between theory and practice. 2. It will be aimed at ensuring accessibility and affordability of quality practical education for all regardless of your economic status or gender or race. 3. It will promote business empowerment through the use of our robust financial modelling tools that will be aimed for Small Scale and Medium Enterprises to conveniently facilitate and keep track of their finances.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

1. BizQuest will be aimed at serving individuals specifically youths and teenagers and even young professionals who would like to gain additional knowledge and practical skills. 2. Small and Medium Scale Enterprises: One of the factors that lead to most SMEs in Africa failing is the poor management of their financial resources. With BizQuest, we aim at providing a robust financial modelling tool to manage the finances and steer their strategical plans. 3. We will be focusing on low income and developing countries and continents, Africa specifically and later strive for an expansion to other places.

01.05 When did you start working on your project?

2024-03-01

01.06 How many other partners are associated with your business venture?

2

01.07 Among the other partners, how many are female?

1

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

1. I am a business commerce student in my final year, this will be my first time venturing into a business, but I have managed several Small-Scale family businesses, currently one of my late mother's. I have also undertaken in total 7 months internships in relation to finance and management over the years. 2. Blessed is a chartered accountant currently with the Ministry of Finance in Ghana 3. Kofi is a doctor and business strategist: he is our mentor and partner. He has over the years provided mentorships and training seminars on advancement in new technologies and business strategies, LinkedIn development among others.

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

https://www.linkedin.com/in/larrysakyi?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=ios_app

01.10 Which industry best describes your project?

h) IT (digital services, equipment and software)

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

By practically providing financial, investment, and entrepreneurial education at an affordable price, easily accessible everywhere on the continent, we will provide users with the knowledge on how to keep track and manage their finances, start enterprises with ease and sustain them. This is not just help in creating financial freedoms for users by also create employment opportunities to all within the continent thereby eliminating poverty.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

By empowering Small-Scale farming, supporting rural enterprises and entrepreneurships, facilitating access to agricultural financing, promoting sustainable agricultural practices, we will contribute to zero hunger. BisQuest will contribute to these by incorporating into its curriculum sustainable practices, providing users with advise on how to access agricultural finances

02.03.01 My project contributes to the Good health and well-being goal

2

02.03.02 Good health and well-being - Justification

02.04.01 My project contributes to the Quality education goal

5

02.04.02 Quality education - Justification

At the heart of BizQuest's educational offerings is a deep understanding of the unique challenges and aspirations of African communities. The app's curriculum will be meticulously designed to address the specific financial knowledge gaps and capacity-building needs of the continent's diverse populations. By focusing on personal finance, business management, and investment strategies tailored to the African context, BizQuest will empower users with the practical skills and mindset required to navigate complex financial landscapes and achieve their economic goals.

02.05.01 My project contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification

BizQuest's entrepreneurship courses will go beyond simply imparting business acumen. They will also address the social and cultural norms that have traditionally hindered women's participation in the formal economy. By fostering an entrepreneurial mindset and providing practical guidance on navigating the challenges of starting and scaling a business, the app will enable women to overcome systemic barriers and unlock their full potential as business leaders and job creators. Through its personal finance modules, BizQuest will equip women with the knowledge and skills to take control of their financial futures. From budgeting and saving to investment management and wealth creation, the app's tailored content will empower women to become financially independent and make informed decisions that can transform their lives and those of their families.

02.06.01 My project contributes to the Clean water and sanitation goal

4

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

6

02.08.02 Decent work and economic growth - Justification

The mission of BizQuest is the recognition that sustainable economic progress requires the empowerment of individuals, especially those in underserved communities, to actively participate in and shape the economic landscape. Through its comprehensive educational curriculum, the app will equip users with the knowledge and skills to navigate complex financial systems, access resources, and build thriving businesses. BizQuest's financial literacy modules will provide users with a deep understanding of personal finance, budgeting, and investment strategies. By improving their financial acumen, individuals will be better equipped to make informed decisions, manage risks, and leverage financial tools to achieve their economic aspirations. This, in turn, lays the foundation for more stable and secure livelihoods, contributing to the creation of decent work opportunities.

02.09.01 My project contributes to the Industry innovation and infrastructure

6

02.09.02 Industry innovation and infrastructure - Justification

The offerings of the app will be a deep understanding of the unique challenges and opportunities faced by the African business landscape. The app's educational curriculum will be designed to equip users with the knowledge and skills required to navigate complex financial systems, access capital, and develop innovative business models that can drive industry transformation BizQuest's entrepreneurship training will go beyond imparting traditional business management skills. The app will also encourage users to adopt a problem-solving mindset, leveraging design thinking and technology-driven solutions to address the most pressing challenges faced by industries and communities. This cultivates a new generation of entrepreneurs who are not only equipped with technical expertise but also empowered to disrupt existing paradigms and drive sustainable innovation.

02.10.01 My project contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification

The app will be dedicated to the deep understanding of the multifaceted nature of inequality and a commitment to addressing the various social, economic, and structural barriers that have perpetuated disparities within and across African communities. Through its comprehensive educational curriculum, the app will empower individuals, particularly those from marginalized and underserved communities, to gain a deep understanding of personal finance, budgeting, and wealth creation. By equipping users with the knowledge and skills to better manage their financial resources, BizQuest will enable them to build financial resilience and secure more stable livelihoods, thereby reducing income and wealth gaps.

02.11.01 My project contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

5

02.12.02 Responsible consumption and production - Justification

Through its financial literacy modules, BizQuest will empower individuals to make more informed and sustainable consumption choices. By improving their understanding of budgeting, savings, and investment strategies, users are better equipped to make purchasing decisions that align with their financial goals and values. This, in turn, incentivizes businesses to adopt more responsible production and supply chain practices to meet the evolving demands of environmentally and socially conscious consumers. The app's commitment to sustainable development will be further reinforced by its strategic partnerships with local organizations, policymakers, and industry leaders.

02.13.01 My project contributes to the Climate action goal

6

02.13.02 Climate action - Justification

The app will equip users with the knowledge and skills to make more informed decisions about their spending and investment patterns. By understanding the long-term financial and environmental benefits of sustainable choices, BizQuest users may be more inclined to support eco-friendly products, services, and technologies. This shift in consumer demand can incentivize businesses to adopt more climate-conscious practices, such as reducing their carbon footprint, implementing circular economy principles, and developing innovative green solutions. BizQuest's entrepreneurship training will further amplify this effect by nurturing a new generation of business leaders who prioritize sustainability as a core part of their operations.

02.14.01 My project contributes to the Life below water goal

4

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

4

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

5

02.16.02 Peace justice and strong institutions - Justification

The BizQuest app's focus on financial education and entrepreneurship development will indirectly support the advancement of peace, justice, and strong institutions by equipping individuals and businesses with the tools and knowledge they need to participate more actively and responsibly in their local economies and communities. Through its personal finance modules, the app will help users improve their financial literacy and decision-making skills. This can lead to increased economic stability and self-reliance, which in turn can reduce the risk of social unrest and conflict driven by financial insecurity.

02.17.01 My project contributes to the Partnerships for the goal

5

02.17.02 Partnerships for the goal - Justification

At its core, the BizQuest app will be designed to foster strategic partnerships and collaborative networks to amplify its impact across the African continent. By aligning its initiatives with the broader SDG framework, the app will be well-positioned to contribute to the overarching goal of revitalizing global partnerships. One of the app's key strengths will be its ability to bring together diverse stakeholders - from local organizations and policymakers to international development agencies and private sector partners. Through these collaborative arrangements, BizQuest will be able to leverage a wider pool of expertise, resources, and knowledge to enhance the relevance and effectiveness of its financial education and entrepreneurship programs.

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

4

05.02 The product/service we envision creating represents an entirely new type of product/service.

6

05.03 The product/service we envision creating could be described as a new technology.

6

05.04 The product/service we envision creating is an improvement on an existing product or service.

5

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

4

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

3

05.08 Justification

The BizQuest app represents a new and innovative digital solution for financial education and entrepreneurship development in Africa, leveraging the power of mobile technology to reach underserved populations. The BizQuest app will offer a comprehensive suite of financial literacy and entrepreneurship development services, including personal finance management, business planning, access to capital, and mentorship support. The BizQuest app will be specifically designed to cater to the unique needs and challenges faced by underserved populations, such as low-income individuals, women, and youth, who have traditionally had limited access to quality financial and business development services. By tailoring its content, delivery methods, and support mechanisms to these target segments, the app will fill a critical gap in the market and addresses an unmet demand for more inclusive and accessible entrepreneurship and financial empowerment programs.

05.09 Who are your main potential competitors and what makes you stand out from them?

Companies such as M-Pesa (Kenya), Flutterwave (Nigeria), and Yoco (South Africa) have developed mobile-based platforms that offer a range of financial services and business support tools targeted at small and medium enterprises (SMEs) and individual entrepreneurs. Also, traditional educational systems and NGOs. Yet we stand out because of: 1. Personalized and Adaptive Learning Experience 2. Comprehensive and Integrated Digital Platform 3. Gamifying interface 4. Affordability and accessibility

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

Not yet