Fostering Entrepreneurship and Innovation
Before joining the MSME Olympiad Acceleration Program, Philmafaith General Enterprise Limited faced a significant challenge in expanding its market reach. The company aspired to break into the African and European markets, but the complexities of international trade, including regulatory compliance, market access, and identifying suitable partners, posed a substantial obstacle. This challenge curtailed the company's ability to achieve its goal of becoming a key player in the briquette industry on a larger scale. As part of the MSME Olympiad Acceleration Program, Philmafaith General Enterprise Limited received training and knowledge essential for promoting intra-African trade. The program equipped them with the skills and insights required to navigate the complexities and opportunities in international trade. Key solutions implemented by the company because of the program included.
Exploring market linkages and collaborations: Philmafaith General Enterprise Limited actively sought partnerships with other entrepreneurs they met during the program. This included collaborating with an agro-processing SME to develop a briquette machine capable of handling agricultural waste. They also established connections with potential buyers, such as Allpak, a company interested in purchasing their briquettes. Compliance and documentation: The company initiated the process of ensuring compliance with various regulatory bodies, such as the Kenya Revenue Authority (KRA) and the National Environmental Management Authority (NEMA), to facilitate international trade. The program's insights and knowledge provided them with a roadmap for dealing with the paperwork required for intra-African trade.
Market research and planning: Armed with the knowledge gained from the program, Philmafaith General Enterprise Limited created a comprehensive plan to expand their market reach to other African countries. This included researching target markets, understanding different currencies, and establishing connections in countries of interest, such as Tanzania. The application of the lessons and recommendations from the MSME Olympiad Acceleration Program has already begun to yield positive results for Philmafaith General Enterprise Limited. While some outcomes are still in the pipeline, others have provided immediate impact and are indicative of a promising future. Market linkages: The company established connections with potential buyers, such as Allpak, which could significantly expand their market reach.
These connections have the potential to boost revenue and ensure business sustainability. Innovation: Philmafaith General Enterprise Limited's collaboration with an agroprocessing SME to develop a briquette machine has pushed the company to be more innovative. This initiative not only serves as an additional revenue stream but also demonstrates their commitment to addressing waste challenges in the agricultural sector. Compliance and documentation: The company's proactive approach to compliance with regulatory bodies and documentation will pave the way for seamless international trade. This can lead to market expansion, increased revenue, and enhanced sustainability. The measurable impact of these outcomes, such as increased revenue, market reach, and sustainability, is expected to become more apparent as the company continues to implement the solutions learned from the program. While some of the recommendations are still in progress, Philmafaith General Enterprise Limited is well on its way to achieving its goal of becoming a prominent player in the international briquette market.
