~ By Roy Agiande
It is no longer news that the world has been hit by a severe financial crisis often compared to the Great Depression of the early 1930s and countless jobs have been lost worldwide due to this catastrophic phenomenon. It is scary to note that developed countries are shedding jobs, recording huge losses, cutting down on production cost and salaries. Worthy of note is the report that the UK has been hit by an unemployment figure of over 2.4 million which is the worst recorded over a decade. These are countries that have a well structured policy of job creation and backup policy to absorb the different fluctuations and shortcomings of the economy. I begin to wonder if there is hope for Nigeria, a less developed country where both the Private and Public sectors are all counting monumental losses, some banks are experiencing what you may call SYSTEMATIC FAILURE; where the Apex Bank has sacked the CEOs of major banks for gross insider abuse and the stock market experiencing a meltdown.
There are so many ways of helping the economy bounce back and diverse from its traditional mono-economic ways. One of which is to inject capital to the ailing and hungry sectors. Startup Weekend Nigeria is one of such avenues of doing just that. Fresh and radical business ideas proposed and funded from the scratch and new entrepreneurs are created. If you ask me, it’s like killing two birds with one stone. How?
By creating about 10 companies every Startup Weekend means new jobs would be created as well and the spin-offs could boost the economy, thereby complimenting the government’s efforts of job creation. Secondly, it’s also a way of capital injection to the cash strapped economy. Past minister of finance and present World Bank President, Dr (Mrs.) Ngozi Iweala once said:
“Create entrepreneurs, because it is a definite catalyst for job and wealth creation.”
It might interest you to know that some of the biggest businesses in the United States started as startups which eventually turned to multibillion dollar companies. Believe it or not, Nigeria is blessed with a large array of great thinkers and business minds which are going to be harvested and utilized to full capacity through Startup Weekends in Nigeria. It would also address the issue of the pool of unemployed graduates and those fresh from the National Youth Service Corps (NYSC) Scheme.
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