The NSSF Hi-innovator initiative that provides young inventers a platform to present their business ideas, elaborate at length key perspectives like growth prospects kicked off yesterday at National Theatre, Kampala.
It is a two-day event in which cohort 2 of the Hi-innovator programme are pitching their businesses, with over 100 Small and Medium Enterprises (SME’s) tussling it out to stand a chance of receiving seed funding of up to $ 20,000.
The programme organized under the auspices of National Social Security Fund (NSSF) in collaboration with Mastercard Foundation Uganda provides practical entrepreneurship training to more than 75, 000 youth to enable them address gaps in their businesses.
While launching the program on May 10th, 2021, NSSF Managing Director Richard Byarugaba said the initiative is intended to curb high attrition rates of SME’s, due to lack of government practices, inadequate adoption of technology to scale, inadequate access to expertise and inadequate access to funding.
Deputy Managing Director for NSSF Patrick Ayota while speaking at today’s event said a total of 75, 000 individuals with various competencies in several fields will be supported to polish their businesses in a period of 5 years, and more other 500, who are deeply engaged in technological innovations.
He said that since 2021, NSSF has invested about UGX. 3.6 billion in several youth innovative establishments, on top of creating about 20,000 jobs for the youth.
Most importantly, the $ 20,000 fund is tailored towards strengthening the existing entrepreneurship ecosystem through which entrepreneurs can be harnessed and supported to build profitable, sustainable and scalable businesses, as well as engaging young people in development solutions that address today’s social and economic challenges.
Note has to be taken that 50 out of 100 businesses are pitching today, to a team of six expert committee members to dig deeper into their pitches, and ascertain the potential to scale, governance, market fit and record keeping. Other 50 plus business will pitch tomorrow.
Businesses pitching include those dealing in beehive leasing, business branding, e commerce, digital marketing, ride sharing, tourism, e business cards, inventory management software, telemedicine, and agriculture.
Other businesses to pitch include those dealing in Maize processing, coffee, powdered eggs, honey, fresh fish, wine and brandy, balcony gardens, liquid bio fertilizers, solar cooing stoves, roofing, tiles, and briquettes nutritional supplements.
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