ITC and KOSME launch Youth Start-up Academy to improve Uganda’s start-up ecosystem, increasing employment and business creation

The International Trade Center (ITC) and Korea Agency for SMEs and Startups (KOSME) today launched the Youth Start-up Academy Uganda project. The project will incubate 1,000 young entrepreneurs and improve the start-up ecosystem in Uganda to increase youth employment and boost businesses.

Participating entrepreneurs will benefit from a three-stage incubation program, access to a fully equipped business creation facility including coworking spaces, a computer room and creative spaces, the opportunity to expand their business networks and to develop joint ventures with local, regional and international companies. -UPS.

The young entrepreneurs who will participate in the 1st round of incubation were recruited during the official opening ceremony held in Kampala, while 10 entrepreneurs had the chance to present their business model in front of judges during an investment relationship presentation competition. The program will start in the second half of 2022.

The Youth Start-up Academy Uganda follows the success of the same program in the Republic of Korea, implemented by KOSME. Since its launch, the program has supported the creation of nearly 4,800 start-ups, including two unicorns whose current market valuation exceeds $1 billion. The Youth-Start-up Academy project in Uganda is a joint effort between ITC, KOSME, the National Information Technology Authority (NITA-U) and Hive Colab, a coworking space in Kampala.

Hatwib Mugasa, Executive Director of NITA-U, HE Chris Baryomunsi, Minister of ICT and National Orientation of Uganda and HE Sung-soo Park, Ambassador at the Embassy of the Republic of Korea in Uganda participated in the ceremony to congratulate the launch of the project and pledge their support.

Background

Uganda is a rising star in the African start-up ecosystem. The country’s young population and rapidly growing IT infrastructure are key drivers for the development of Uganda’s ecosystem. In particular, the Ugandan fintech industry is showing 35% annual growth from 2016 to 2018. Despite the vitality of the ecosystem and the success of the fintech sector, a significant number of entrepreneurs from all sectors continue to face serious difficulties to turn their business ideas into viable and viable projects. scalable businesses. Ensuring that these entrepreneurs have access to the right support in a structure ready to nurture their ideas and make them grow, this is the objective of the project.

Quotation

“The Youth-Start Up Academy has a very ambitious goal. We want to incubate Uganda’s first unicorn start-up. It’s not going to be easy. But by joining forces with our partners, we believe we can do it. The Youth Start-up Academy in the Republic of Korea has already incubated two unicorns, and a Ugandan start-up supported by ITC in previous projects has reached the pre-unicorn level. Dorothy Tembo, Deputy Executive Director, International Trade Center

“The Youth Start-up Academy is the most successful support program for the Korean start-up ecosystem with over 5,800 alumni since 2011. With today’s launch ceremony, KOSME expects to may it be the motive for encouraging promising young Ugandan entrepreneurs and the starting point for a lasting partnership between the Republic of Korea and Uganda. Hak-Do Kim, President, KOSME

Distributed by APO Group on behalf of the International Trade Centre.