Uganda Development Bank Limited (UDB) in partnership with the Resilient Africa Network (RAN Lab) has announced the UDB i-Growth Accelerator 2017. The program will focus on supporting commercialization of local start-ups and stimulating a culture of innovation in Uganda so as to contribute to the country’s social economic development. Applications will be accepted until January 25, 2018. UDBL provides project finance with a minimum of UGX 100 Million Grants. To further develop the solution, financial support ranging between UGX 10,000,000=/ to UGX 25,000,000/= will be provided.
The i-Growth Accelerator program is an annual initiative that will support individuals to grow and expand their start-up enterprises in all sectors. For 2017, the Accelerator will focus on the Agriculture and Manufacturing sectors under the theme ‘Towards a Smart and Sustainable Agricultural and Manufacturing Sector’ under the following sub-themes: Production, Post-harvest handling and Transportation, Value Addition, Standardization, Bulking and Branding, Market access and access to capital opportunities, Manufacturing and Agro processing.
The call is open to interested applicants from diverse backgrounds who propose brilliant projects in relation to the theme. Submissions can be done in teams or individuals for example youth groups, community based organisations, vocational institutes, students, young entrepreneurs, NGOs, women groups, associations, SMEs etc. Projects should suggest transformative interventions or solutions. Applicants should note carefully that the suggested projects could be in form of ‘technologies’ or ‘approaches’. It should be a project with a demonstrable proof of concept for the solution/approach an existing enterprise with atleast 1 or 2 years of existence.
The winning team will get inclusion into UDB i-Growth Acceleration Program, where teams will receive: Technical support, Mentorship and Business Coaching; Linkages to local, regional and international expertise and contacts; Financial support to develop and pilot the solution towards scaling; Linkages to potential investors and financiers. In Addition to the award package, the winner(s) also have a chance to be considered for debt or equity funding from UDBL.
Uganda’s Vision 2040 identifies Agriculture as a strategic opportunity that requires harnessing to maximize returns to the country’s economy, an objective which aligns with UDB’s development strategy. Agriculture is the mainstay of the Ugandan economy employing 65.6 per cent (UBOS 2010) of the labour force and contributing 21 percent to the GDP. Agriculture, if well harnessed will bolster the country’s economy. By 2007 the sector accounted for 47 percent of total export earnings. Its contribution to the GDP has been declining but remains very important to provide a basis for growth in other sectors.