A lot of businesses in Uganda have failed to take off, and others have only remained on paper because of a lack of capital.
Not to despair though, the National Social Security Fund (NSSF) has partnered with Outbox – a tech-based incubation company, Makerere University Business School (MUBS) Entrepreneurship, Innovation and Incubation Centre to launch an initiative dubbed Hi-Innovator.
The Hi-Innovator initiative will target small and growing businesses with seed funding, technical assistance and strategic partnerships for their growth.
NSSF and its partners will through this initiative source good start-ups, potentially profitable and sustainable businesses that can return investment and give them funding up to the tune of $20,000 (Shs74million).
This fund will come with technical assistance from MUBS Entrepreneurship, Innovation and Incubation Centre with assistance from other incubation hubs around the country.
To be eligible,a business has to be registered, operational for at least two years and with a product in the market that addresses one of either the Sustainable Development Goals (SDGs), the National Development Plan or NSSF’s Strategic business objectives in the fields of education, agriculture, health, energy, tourism and financial services and ICTs.
“At NSSF, we believe that poverty alleviation, productive employment and economic development can be realised in Uganda today if all relevant stakeholders take keen interest in social development.
“As a Fund that’s in the business of securing the future, we believe Hi-Innovator will go a long way in helping Uganda achieve Vision 2040, a transformed Ugandan society from a peasant to a modern and prosperous country within 30 years,” Richard Byarugaba, NSSF Managing Director said.