In the realm of environmental entrepreneurship, Fibre Wealth stands as a trailblazer pioneering the conversion of coconut waste into Cocopeat —a remarkable growth medium that replaces conventional soil for crop and vegetable cultivation. Co-founder George Edu Annan attributes their success to a pivotal collaboration with the Ghana Climate Innovation Centre (GCIC) as it helped address quality and standardization issues, as well as human resource, and organizational structure challenges that once hindered their growth and client engagement.
Since aligning forces with GCIC, Fibre Wealth has undergone a remarkable metamorphosis, propelled by visionary support from the incubation program and a comprehensive suite of services that have empowered the company to flourish.
Masterclasses led by subject matter experts, covering design thinking, ESG (Environmental, Social, and Governance), and commercial acumen, augmented their industry knowledge and business acumen. Access to the Coursera e-learning platform, enabled them to complete specialized courses in macroeconomics, recruiting strategy, and business growth strategy; effectively addressing HR as well as administration and file management challenges. A dedicated portfolio manager provided invaluable mentorship, guiding the enterprise across various facets of their business to drive efficiency and inspire growth. This support extended to the implementation of proper accounting systems and the development of master templates for documenting all processes, formalizing employee contracts, and articulating a clear vision, mission, and niche.
At the end of their collaboration with GCIC, Fibre Wealth successfully secured a grant to boost technology and product development, reinforcing their innovative concepts.
The outcomes were transformative. Fibre Wealth streamlined its organizational structures, optimized documentation processes, and established an in-house testing laboratory that reduced product testing times from an average of 21 days to just one day. This directly translates to timely servicing of client orders with guaranteed quality and reputation. Discussions are underway for the laboratory to serve as an external testing facility for the Ghana Standards Authority (GSA), extending its impact beyond the company.
By addressing quality concerns, Fibre Wealth not only regained lost clients but also reinstated trust in its offerings. Operational improvements led to increased efficiency, reduced waste, higher revenue, and expanded employment opportunities, with the staff size growing from 16 workers to 25, marking a remarkable 56.25% increase, with workspace constraints being the only limiting factor.
Deeply committed to sustainability, Fibre Wealth manages waste effectively, using coconut waste as a raw material, implementing pollution and flood control measures in the process. Poised to make a significant difference in the green business sector, the enterprise contributes to environmental preservation, driving positive change as they navigate towards a sustainable and prosperous future.
GCIC’s strategic interventions have transformed Fibre Wealth into a thriving green business, fostering growth and generating positive impact on the surrounding community. As Fibre Wealth looks ahead, they are dedicated to upholding stringent product quality standards and adhering to industry benchmarks.
