The Mozaik Foundation believes in people – good people with good ideas. Their “Incubator for Social Business” offers a program which transforms good people into excellent social entrepreneurs who are leaders in the development of their communities. How do young people from the Balkans create these businesses?
Thirty-seven young people from 13 cities around B&H met in Sarajevo on 16th and 17th December 2017 to present their business ideas to the Mozaik Foundation jury. This “Demo Day I” provided an opportunity for seventeen teams to provide a 5-minute description of the business model they want to develop. They spoke about the products and services they are planning to offer, their potential clients and customers, their financial plans and, most important, the impact their plan will have on their local community and on society in general.
In preparation for Day 1, all these businesses benefited from a two-month process of mentoring support from the ‘Incubator.” With the help of Mozaik’s experienced mentors, they conducted market research, competition analysis, created a financial plan and constructed a detailed business model based on social entrepreneurship.
Thirteen teams succeeded in proving the market potential of their ideas to the Mozaik jury, thus securing an investment of up to 3.000KM (1.500EUR). The money will be used by teams to build and test their product/service prototype. In addition to designing and testing prototypes, Mozaik Foundation’s Social Business Incubator will continue providing mentorship in production, sales, marketing, finance and legal issues.
All these activities will help prepare the teams for Demo Day II (April 2018), which will then provide an opportunity to demonstrate the business potential of their ideas and to compete for an investment of the 15.000KM (7.500EUR) needed for company registration and entry into the Bosnian market.
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