Small and medium enterprise, SMEs
Over the past 20 to 25 years small scale enterprises have exploded in the informal sector of the Nigeria's businesses. The informal sector study (CBN, NISEK 2000) showed that over 25,000 small scale enterprises were in existence in the agro industrial production sector of the economy during the year 2000. This paper proffers a model of funding called "Proof of Concept Fund" as a bridging credit facility to research institutes and small scale industrialist who would want to patent/franchise budding research findings to commercialization. The study reveals that there are substantial empirical studies of countries that have used the Proof of Concept Fund approach to invoke the research findings from the laboratory to the level of franchising and patenting for the market. It had been used to leverage on bringing higher levels of control on production and product differentiations.
Akanji, Omolara O.
"Proof of concept fund approach to small and medium enterprise franchising and marketing research findings.,"
Bullion: Vol. 30
, Article 6.
Available at: https://dc.cbn.gov.ng/bullion/vol30/iss4/6