39 businesses made their mark at the NSSF Hi-Innovator Cohort 4 Pre-Selection Bootcamp held from August 13th to 16th, 2024 at Sheraton Hotel Kampala. CURAD stood out by recommending 16 of the 39 businesses, setting a new record for the largest number in Cohort 4.
The Consortium for Enhancing University Responsiveness to Agribusiness (CURAD) is among the NSSF Hi-Innovator Entrepreneurship Support Organizations (ESOs) that play a significant role in supporting growing and emerging entrepreneurs by managing innovation processes and providing resources and technical support services at different stages of growth.
Since joining the Hi-Innovator program in 2023, CURAD has excelled as a leading force in business incubation. With the largest pipeline of supported businesses and has demonstrated its commitment to nurturing small and growing Businesses. To date, the organization has played a pivotal role in helping 31 businesses secure seed funding. The total amount raised through their efforts has reached an impressive USD 620,000, equivalent to UGX 2.3 billion.
Cohort 4, the 7th accelerator program, is a general cohort admitting both men- and women-owned businesses in light manufacturing, agriculture, digital economy, and the creative industry. This diverse group represents a wide range of innovative sectors, reflecting the inclusive nature of the program.
The NSSF Hi-Innovator Pre-selection Bootcamp is to `equip entrepreneurs with skills and be able to pitch to an experienced Investment Committee, which assesses their readiness to receive funding. The bootcamp also helps participants identify and address key concerns before facing the committee, sharpen their communication of revenue drivers and growth plans, and deepen their understanding of equity investment. This preparation ensures that entrepreneurs are well-positioned to secure the support needed to expand their operations.
The entrepreneurs have been supported by various facilitators and have learned how to establish strategic goals and objectives for their businesses. Fiona Mwesigwa, CEO of Darkon614 and a beneficiary in the program, shared her Hi-Innovator journey. Although she didn’t secure financing on her first attempt, she took a break of about six months and returned for a second shot, where she succeeded. “Embrace failure but learn from it,” she advises. She also encourages entrepreneurs to set goals, as doing so will help them understand what changes they need to make personally and within their businesses to achieve success.
Additionally, the entrepreneurs were also able to learn how to build and assess their technical competencies. They delved deep to understand what it takes for an entrepreneur to deliver on their goals. They also understood their business’s financial standing and fine-tuned their financial needs.
Maria Nampijja, a co-founder of Digimark Communications and also a beneficiary of a program whhile sharing her HI Innovator journey at the bootcamp, encouraged entrepreneurs to enter the market with cost-effective solutions for their customers. She said, “If you’re entering the market, have cost-effective solutions for your customers, and that will help you grow.”
She also shared that the program has enabled them to realize their unique selling points and value proposition. This has helped them to train their staff, acquire necessary equipment, and conduct business development. “It is through HiInnovator that we have been able to develop our commercial and technical competencies. As a result, we’ve been able to onboard clients like Toyota, Flexi Pay, among others, and this has increased our revenue,” she added.
After the Pre-Selection boot camp, the entrepreneurs will work with their hub partners to practice their pitch and be ready to pitch before the experienced committee. The successful ones will secure UGX 75,000,000 in seed funding.
The NSSF Hi-Innovator Programme is an initiative by the National Social Security Fund (NSSF) of Uganda in partnership with Mastercard Foundation, designed to support and nurture entrepreneurs with innovative business ideas. It provides early-stage entrepreneurs with the tools, resources, and funding necessary to grow their businesses and create sustainable employment.
