Africa’s development over the past decade has been promising for some emerging economies. In the phase such economic makeover for Africa, there has been a spur of youth in entrepreneurship which is really causing a trend in production rate over service provision. Youth in Africa are engineering a revolution of founders and entrepreneurs which is increasing manufacturing of products within the continent.
An arising concern for young and already existing entrepreneurs is the availability of machinery for production. According to most start-ups, the cost of production equipment is so expensive such that it is highly difficult for a small or medium enterprise to purchase.
Comparing start-up performance in other continents (focusing on Asia and Europe), most entrepreneurs in Europe build their start up using a wide variety of techniques – when it comes to acquisition of machinery for production. One of the ways young start-ups in Africa could adopt is having virtual mentors and targeting low cost machinery through online market. What kind of machinery do you need for an SME or a start up? Where can you get your needed machinery and how much will it cost? Are you operating from a mega space or probably, garage? What is your anticipated customer size? You will need an expert to help you answer these questions and make good decisions.
There are thousands of online markets for used machinery. Online market such as EXAPRO offers even more services than just a market. Though known as an online market for used machinery – where buyers meet sellers, the platform have been designed to suit new start-ups and manufacturers who are not really sure of the quantity, type, size or unit of an equipment they desire to use for production. The platform has specialists who works behind the scenes to ensure that buyers get the exact machines they are looking for or suitable machines to serve the purpose they require at the price they prefer. Sellers are also available on the platform to exhibit their product. Such platforms are freely available for manufacturers in Africa who seek expansion but has little funds for purchasing brand new equipment, and also very helpful to start-ups with little capital.
Online markets (Buying and Selling) have been discovered as a major tool that facilitate good performance of start-ups in other parts of the world. Instead of awaiting a big capital to purchase a new production equipment for an SME, western entrepreneurs trade online and secure a used equipment to help get their product on the market.
Getting your product on the market is key! Once you know the performance and feedback of your product, you can engineer a mechanism to secure as much capital as you desire. Investors no longer fund ideas but a functioning prototype.