Deadline: 30-Sep-20
The Startup Uganda, an association of Entrepreneurial Support Organizations in Uganda, with support from UNCDF and in partnership with implementing partners like Financial Sector Deepening Uganda (FSDU), Ministry of Local Government (MoLG), Mobipay, Danish Refugee Council and Ensibuuko, is launching a Digital Innovation Challenge 2020 towards the development of use-cases that will be impactful for low income populations with a focus on farmers, women, youth and refugees.
The innovation challenge can boost the financial health of small and micro businesses in Uganda with a strong focus on those owned or run by women and youths.
The objective of this challenge is, therefore, to innovate together with the above-mentioned actors on how to best support their members and customers who own or run micro and small businesses, with a strong focus on, Women and Youths to better manage finances, absorb financial shocks, effectively use a range of financial tools and have the financial freedom to make the choices that allow them to enjoy life.
There is an opportunity to leverage digital technologies and innovation to improve the existing digital solutions in how best they serve the financial health needs of the target segments.
Challenge Areas
- Financial Health for MSMEs
- Citizen Engagement
- Leveraging Last Mile Distribution Networks
- Digital Literacy
Benefits
- Financial health for MSME’s:
- Shortlisted innovations will have the chance go through an acceleration program where they will receive technical assistance from FSD Uganda, Startup Uganda and UNCDF to refine their proposed solutions to better suit the needs of the target customers.
- The final outstanding solutions will be supported – with catalyticcapital– to pilot and / or scale the new solutions / features. Grants between 10,000 to 20,000USD.
- The opportunity to get linked to Tier 4MFI’s, SACCO’s and VSLA’s as an entry point for the solution into the rural financial services market.
- Citizen engagement:
- Shortlisted innovations will have also have the chance go through an acceleration program where they will receive technical assistance from the anchor partner, the Innovation hubs, and UNCDF to refine their proposed solutions to better suit the needs of the target customers.
- The final outstanding solutions will be supported – with seed capital to pilot and the new solution / features. Grants between 10,000 to 20,000USD.
- The opportunity to work with the anchor partner on a scaling option, should the pilot be successful.
- Leveraging last mile distribution:
- Shortlisted innovations will have also have the chance go through an acceleration program where they will receive technical assistance from the Anchor partner, the Innovation hubs, and UNCDF to refine their proposed solutions to better suit the needs of the target customers.
- The final outstanding solutions will be supported – with seed capital– to pilot and the new solution / features. Grants between 10,000 to 20,000USD.
- The opportunity to work with the anchor partner on a scaling option, should the pilot be successful.
Eligibility Criteria
- Innovators with existing businesses/solutions already serving the target market, who would like to:
- Co-create and add new innovative features to their existing solutions, to allow them to address financial health needs of the users. The new innovations have to be based on evidence of knowledge of the market/customer need.
- Work with MFI’s, SACCO’s and VSLA’s to jointly better understand the financial health challenges of the users and thereby co-create solutions / features to add to their existing product / service offering
- Scale existing solutions.
- Solutions that have the potential to reach 100k small and medium businesses in the next 3 years
- Existing grantees (those that have valid contracts / agreements) for UNCDF and FSD Uganda are ineligible to apply.
Readiness and Traction
- The applicant: The startup should be a registered business with existing businesses/solutions already serving the target market, demonstrate added value and cohesiveness. The startup should possess a minimum viable product (MVP) or a product available in the market.
- The solution: The applicant should be able to share a visual representation or mock up designs of their proposed solution.
- Business model: The applicant should have a clear business model envisaged for the solution – with a good idea of the key resources needed to grow the solution, and how they intend to monetise it.
- Scalability: The solution should be easy to replicate on a large scale, with potential to reach at least 100,000 Micro and Small Businesses in Uganda over the next 3 years.
For more information, visit https://innovationchallenge2020.startupug.com/