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    Date submitted
  • 21-Jun-2018

Luku Diamonds

Abstract

We aim to go beyond product and service quality and set the highest standards in sustainable economic development in less developed nations by providing access, not aid. Africa is being drained of resources by the rest of the world and it is losing far more each year than it gains. Africa alone loses $192 billion each year to the rest of the world. Whilst rich countries often talk about the aid their countries give to Africa, this is, in fact, less than $30 billion each year. This why our mission is to provide access to capital and global markets, rather than the debilitating aid that often crushes industry, economies and the very hearts and souls of local communities.

Additional Questions

Who is your customer?

We divide the market into 1.Consumer buyers: "Future Grooms," "Suburban Husbands," and "Young Working Women." Men will be our priority target because according to our research, "surprise factor" is still what makes the engagement ring market flourish in the U.S. Engagement rings are considered an essential investment in any marriage proposal in the U.S. 2. Industrial drill bits mining companies will get remains of mining that turn into tools. 3.Wholesale and retail loose diamond buyers who purchase for the purpose of resale

What problem does this idea/product solve or what market need does it serve?

For Consumers: Affordable Conflict-free Diamonds: creating a market for social good in the diamond industry Landowners: Contribute and give access not aid to help improve landowners mined, cut and sell their diamonds to global market.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

Fas Lebbie the founder is from Sierra Leone is the grandson of 2 chiefs from the Kono region and his name is literally 'little chief' so he has unique access to thousands of private acres of mining land, government officials, mining experts, security and more. The number one spot in Africa and the world is soccer. The most famous structure for soccer is 4-4-2. We believe in that same philosophy when it comes to revenue share. 40% of retail price goes to the landowner, 40% goes to the platform and 20% goes to the Kono Coop where 10% is invested in infrastructure (roads, power, water), and the other 10% is invested in meso-fund account that gives loans or investments from $5K-$50K that is desperately needed across the continent to stimulate economic growth through entrepreneurship.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

We have direct access to little over 100 acres and hope to employ and train over 100-300 locals. The Kono District was chosen because of one of the founders Fas Lebbie a senior at the University of Utah who is from there Kono district in Sierra Leone who has personally been affected by a civil war until he moved to America with his family. The Kono region is considered to be one of the world’s most abundant source of diamonds in the world. I also have Advisory Board Members to help ensure the success and security: Brenner Adams Adjunct Instructor, Department of Entrepreneurship and Strategy. Brenner has worked with some of the biggest or coolest brands in the world like Xbox, burton, DC shoes and Cannondale and was crucial in their success. Brad Williams who is the director of the Entrepreneurship program at the U and has proven business development on large scale in the company like the Skullcandy and stance Courtney McBeth is the Executive Director of the Sorensen Impact Center here at the U and has years of global experience from the Hinkley Institute. Matthew Wride is the COO of DecisionWise and former head of Kirton McConkie south, as a lawyer and business strategy leader Matt is very interested in helping us succeed. Brigham Daniels is the professor of Environmental Law at BYU who has lead many successful impact tour with students to Africa to assist in many ways.