Dar es Salaam:
The Business Incubation and Investment Facility (BIIF) is designed
T
by t
he Institute of Management and Entrepreneurship Development (IMED to
support talented and ambitious youth with innovative business ideas to
develop, launch and grow their enterprises.
BIIF TARGET GROUP
The BIIF targets youth (not older than 35 years) with ambition and talent
to create and or/develop growing enterprises. We are targeting existing
young entrepreneurs who intend to grow their businesses as well as those
who are thinking big but are ready to start at a small scale and expand as
they learn. The applicants must commit to adopt best practices in
governance and management, including ethical behavior, active learning,
transparency, record keeping, compliance to laws and regulations, etc. This
facility is also available to youth who are not registered into our long
term programs.
BIIF SERVICES
BIIF will provide ongoing advice; mentoring; coaching; information; linkage
to strategic services and networks; and equity finance to the selected
applications. IMED will also organize regular training services for
applicants and investees, invest in some of the businesses and provide
ongoing professional advice.
BIIF TERMS
BIIF is not a grant making service. It is a business service We do not
intend to take majority shares in any firm. IMED, its directors and other
equity investors in IMED’s network shall take a maximum of 30% of shares in
the investee companies. Ownership must remain largely in the hands of the
promoter. IMED and other investors will either be on the Governing Board of
the business or appoint persons to represent them.
APPLICATION AND INVESTMENT PROCESS
Step 1: Business Concept
Interested applicants should submit a Concept, summarizing the business
idea and the promoter (person or team behind it). The business idea should
describe the market opportunity and how the business will operate. The
description of the team should include background, career goals, vision,
values, talents and skills of the promoters and how they are suited to the
proposed business. The Concept should not exceed 2 pages of single space
typed text. Concepts can be submitted any time.
Step 2: Pitching
Those whose concepts are selected are invited to session where they are
give about 20 minutes to present (pitch) their idea to a group of
prospective investors (experienced entrepreneurs and IMED Directors)
Step 3: Engagement
Those who will impress prospective investors at the pitching session will
meet with IMED facilitators and prospective investors to explore the idea
and the person in detail and possibly start discussion on collaboration
Step 4: Due Diligence
Those who pass Step 3 will be subjected to due diligence, which will
include background checks, character assessment and further viability
assessment of the business. This process will also involve development of
a business plan by the applicant.
Step 5: Development of a Business Plan
Those who pass Step 4 will develop the business plan with support of IMED
or other prospective investors.
Step 6: Contracting/Investment
Business plans that pass step 4 will qualify for investment under terms to
be agreed by the investee and interested investor (s).
Step 6: Business creation/Growth
This will be an ongoing activity
INITIAL APPLICATION
Send a 3 page (maximum) Concept in English to the following address
biif@imedtz.org
Any inquiries should be sent to the same address. For clarifications, text
or call +255-758-4660508