MIT Solve

Solution Overview

Solution Name:

Presidium Transforming Lives

One-line solution summary:

We transform lives by creating sustainable businesses and jobs in Africa's emerging market leveraging on innovative technology especially to

Pitch your solution.

MSMEs are a major driver of growth in Africa accounting for up to 90% of all business with more than 50% of employment and contributing to 40% of national income - gross domestic product- in economies across the continent. However, a great number of them struggle to survive and are fraught with so many challenges which hamper their ability to thrive beyond two years. Presidium provides a multi sided smart and secure digital platform that uses artificial intelligence, big data, machine learning and blockchain as a single source of access to tailored specific speedy solutions enabling MSME's flourish irrespective of geographical location. If scaled globaly , my solution will positively change lives as entrepreneurs will attain millions of dollars in annual revenue, create billion of dollars in gross domestic product and provide over a trillion jobs across the world thereby reducing extreme poverty by 50% in 2030.

What specific problem are you solving?

Africa has an estimated population of more than 1.3 billion people that is growing over 2 percent annually in most countries with over 60% of the people below the age of 25. The majority of Africa's population is predicted to double in just over 10 years with youths accounting for 70% of the unemployed leaving them to focus on entrepreneurship which is usually fraught with challenges. There is likelihood that youths may become financially dependent and this will be a terrible waste of a vibrant group of people. The IFC estimates that 65 million enterprises will have an unmet financing need of $5.2 trillion every year which is 1.4 times the current level of the global MSME lending. A huge gap of about $390 billion in Africa exists for undeserved segments such as women owned MSMEs. However, MSME’s failure goes beyond access to finance. Lack of access to new markets, conduicive business environments and limited management/ operational capacity further slows the performance and growth potential of enterprises. According to the World Bank estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce which makes MSME development a high priority for many governments around the world.

What is your solution?

The multi sided digital platform uses artificial intelligence, big data, machine learning and blockchain to connect diverse stakeholders - investors, venture capitalists, angel investors, charities - to deserving and underserved segments of MSMEs for real time access to grant funding, capital, free resources, new markets, capacity building, opportunities even in hard to reach areas without internet using Ussd codes, voice and Sms. It will also enable businesses in rural and suburban communities, get matche, gain insights and access to qualitative business development support which is crucial to the survival of businesses especially in the pre -seed and seed stages.

Who does your solution serve, and in what ways will the solution impact their lives?

The target population are MSME's led by a youthful population and underserved women MSMEs who make up for over 65% of the $5.2 trillion whose financing needs are umnmet every year. My team practically carried out a research which revealed on the communal and grassroots level that these groups are less likely to get access to bank loans thereby relying on internal funds, cash from friends/ family to launch and run their enterprise. After series of engagements during townhall meetings, my team decided to incorporate the Ussd and Sms to ensure that underserved MSME's are not left out. This cutting edge solutions will enable businesses irrespective of their geographical location and even without internet connectivity get speedy, safe and supportive services which is crucial to their survival.

Which dimension of the Challenge does your solution most closely address?

Enable small and new businesses, especially in untapped communities, to prosper and create good jobs through access to capital, networks, and technology

Explain how the problem, your solution, and your solution’s target population relate to the Challenge and your selected dimension.

Automation rapidly transforms the nature of work. However, good jobs and inclusive entrepreneurship is key amidst the ongoing pandemic as the Covid -19 is expected to cause massive economic disruption. Workers are contending with challenges as jobs are quickly disappearing . Two-thirds of jobs worldwide are created by small and medium-sized businesses, supporting those traditionally underserved with access to capital, networks, and in-demand skills. Enterprises are a major key to creating opportunity and good jobs for entire communities. My target population –MSMEs and the problem I am trying to solve provides a path ensuring their growth and stability.

In what city, town, or region is your solution team headquartered?

Abuja, Nigeria

What is your solution’s stage of development?

Prototype: A venture or organization building and testing its product, service, or business model

Who is the primary delegate for your solution?

Team Lead - Barbara Great Eigbiremolen