Funding innovation

There are a number of ways you can fund your growth through innovation, either by using your own funds or tapping into external funding such as loans or equity finance.

However, any route to external funding will need a high-quality business plan that describes your business and sets out detailed forecasts of where it’s going.

Businesses often turn to their banks for a line of credit or loans for additional finance, depending on their borrowing needs.

If you’re willing to relinquish some control of your business to external investors, you could consider using equity finance. The two main routes for this are investment from business angels and venture capital firms:

1. Business angels are wealthy individuals who invest in private companies, typically from ghc30,000 to ghc500,000.

2. Venture capital firms provide higher levels of investment in return for shares in the business.

Government programs

You may also wish to consider applying for a government program. This will only usually cover part of your project, but you will retain control of the shares in your business.