AFRICA ( Commonwealth Union) _ Cascador, an accelerator program supporting mid-stage entrepreneurs in Africa, has reported that its efforts in Nigeria have helped small and medium enterprises (SMEs) raise $23 million in growth funds over the course of four years.
During an alumni dinner in Lagos, Cascador’s Co-founder, Mr Dave DeLucia, highlighted the significant impact the program has had on business owners in Nigeria. He stated that Cascador’s intervention had benefited 45 organizations, collectively enabling them to secure funding for growth and scaling across various sectors of the economy.
DeLucia expressed the program’s aim to double the number of beneficiaries and make a greater impact on Nigeria’s economy in the next six years. Cascador intends to have at least 100 companies in its alumni portfolio within that timeframe, providing them with support to raise funds and enhance their leadership capabilities and scalability.
Cascador addresses challenges faced by entrepreneurs by offering them access to top-tier fundraising support and educating them on raising investment capital to propel their businesses forward. The program also focuses on leadership development by providing assessment data and coaching to help entrepreneurs identify and build on their strengths, fostering effective teamwork.
Regarding business development skills, DeLucia explained that Cascador closely examines the businesses it works with, conducting a diagnostic assessment to identify areas for improvement. The program then provides tailored advisory support to facilitate business growth.
Blessing Mene, Co-founder of Cascador, emphasized that the accelerator program targets organizations that have successfully raised capital, demonstrate strong annual revenues, and have a team of 10 or more employees ready to scale rapidly. The program caters to entrepreneurs with annual revenues of $50,000 or more, typically employing 10 to 50 individuals and operating for two to three years, who have a strong desire to scale their businesses.
Mene further stated that Cascador assists more experienced entrepreneurs who are striving to achieve significant growth and make a substantial real-world impact. She noted that while business challenges and success requirements are universal, it can be particularly challenging to grow a thriving company in Nigeria. However, she highlighted the strong passion for business ownership and work ethic present in the country.
