Growth Accelerator Malawi COVID19 Tourism Entrepreneurship Challenge is targeting businesses in the tourism sector who have been adversely affected by COVID-19, including nature-based tourism. In contrast to the broader Growth Accelerator programme, this tourism window will only provide financing and no technical assistance.
The Growth Accelerator Covid-19 Tourism Entrepreneurship Challenge aims at supporting tourism designated businesses that have been affected by the COVID-19 pandemic.
Growth Accelerator has identified; domestic tourism (including ecotourism and nature-based operators), supply and value chain revival, product service innovation, digital integration and employment retention; as its core overarching areas towards contributing to reviving tourism in Malawi.
The programme is implemented by, Malawi’s first innovation hub and incubator, mHub; in partnership with a pan African company focused on acceleration of local and international businesses, GrowthAfrica. The programme has four investment partners, namely: Accesserator, Kweza Equity Partners, National Bank of Malawi and EcoBank Malawi Ltd. The programme has two principal partners, Malawi Ministry of Tourism and United Nations Development Programme (UNDP) Malawi.
- Selected entrepreneurs will match the financing requested from Growth Accelerator Malawi with 10% commercial capital raised from a financial partner or their own contribution which will take the form of a cash “co-investment”. The co-finance is a commercially approached matching mechanism providing business centered incentives in support of commercial activities. No in-kind contribution will be accepted.
- Legally registered business under the Laws of Malawi with a valid certificate issued by the Ministry of Tourism;
- Valid registration and licensing with the Tourism and Hotels Board according to The Tourism and Hotels Act (1968);
- Lead applicant must be a for-profit business;
- Lead applicant must have been operational before January 2019;
- At least one founder should be full time in the business.
- Strategic alignment: the proposal should align with a focus on domestic tourism, with evidence of positive environmental and social impacts.
- Business model strength: Gauge the likelihood of sustainability, growth and scale
- Impact potential: Will threatened jobs likely be retained? Will income-generating opportunities likely be yielded along the supply and value chain? What positive social and environmental outcomes will be delivered?
- Collaboration or integration of other players: Does the proposal have a broader sectorial approach and will collaborations likely be yielded with support from Growth Accelerator?
Market demand: is there a clear understanding of the market and enough demand for the tourism service/product offer?
- Use of financing: Is it clear that the financing requested is to support a long-term goal as opposed to addressing short-term challenges i.e. working capital/opex vs. productive assets as relates to the venture and sector
- Capability of the team: No Technical Assistance is offered for the COVID-19 Special Tourism Window, therefore it is imperative to have a team that is experienced, driven and focused, with a track record of transparent financial management.
- Innovation or scope for product/service development: What is the likelihood of the applicant successfully adding products or services that will add value to their business and service in the broader industry?
- Matching financing: Is there a commitment that the matching funds of 10% will be available by latest end November 2020?
- Digital component: Are there realistic plans to incorporate tech/digital components into their service delivery? For more information, visit https://growmalawi.com/covid19-tourism-entrepreneurship-challenge/