IITA BBEST PROJECT BOOSTS PARTNERS CAPACITY ON BUSINESS MODEL DATA COLLECTION AND ANALYSIS

As part of its effort to develop a business model for small and medium scale production to inform potential businesses and private investors on the profitability of the Black Soldier Fly (BSF) technology, the IITA BBEST Project organized a two-day training to strengthen the capacity of socio-economists and BSF Units managers in the four implementing countries.

The training which was held in Accra, Ghana focused on the data collection, data analysis and reporting, was facilitated by Dr Shiferaw Feleke, an agricultural economist from IITA and the lead of the business model development on the project.

He provided in depth knowledge on the types of data needed from the central units and the decentralized units. He explained the approaches and methods in running the key valuation metrics such as cash flows, net present values among other variables.

The training provided the right platform for partners to familiarize themselves with the key financial terms, the measurement the production efficiency, and the financial performances. Furthermore, they discussed about the bio conversion rate of the feed among other subjects.

As the training unfold, the facilitator and the participants reviewed the current data collection template and agreed on what a production cycle for a business model and discussed the report writing format to ensure timely data submission after every production cycle. The training also focused on the steps involved in constructing the capital budget; from identifying all costs and benefits to documenting findings making recommendations and the future forecasting.

Assessing the training, some of the participants confirmed its effectiveness as it gave them a good understanding of what is expected of them. He stated that they now master the calculation of the economic indicators.

Another participant appreciated the financial aspect of the business and added that he will work to improve the variables to make the BSF treatment facilities to indicate the profitability of the units.

The participants reaffirmed their commitment to provide data as requested by the lead for business model design.