The Youth Startup Academy Uganda (YSAU) is celebrating a significant milestone with the graduation of young entrepreneurs that have gone through the Academy at an event held at Mestil Hotel in Kampala. This two-day event not only marks the culmination of an intensive incubation program but also highlights the transformative impact of YSAU on Uganda’s startup ecosystem.
The YSAU initiative, financed by the Korea SMEs and Startups Agency (KOSME) and implemented in partnership with the International Trade Centre (ITC) and local entities like Hive Colab and the National Information Technology Authority of Uganda (NITA-U), aims to incubate 1,000 young entrepreneurs by 2024.
The program adapts successful elements from Korea’s renowned startup incubation model to fit the unique challenges and opportunities in Uganda.
The graduation ceremony represented the culmination of a rigorous selection and training process. Participants began their journey with an initial pool of applicants, from which 110 entrepreneurs were selected for the first cohort. This group underwent three phases of training and mentorship.
Comprehensive training and support
Throughout the program, participants engaged in comprehensive training sessions covering essential topics such as financial management, marketing strategies, and operational planning.
Each entrepreneur was paired with experienced mentors who provided personalized guidance and support tailored to their specific business ideas.
The program also included consulting services aimed at refining business models and enhancing market readiness. This multifaceted approach ensured that graduates were well-equipped to navigate the complexities of starting and running a successful business.
The impact of YSAU extends far beyond individual success stories. Collectively, the graduates have created over 3,700 jobs, contributing significantly to Uganda’s economy. The initiative has not only fostered entrepreneurship but has also facilitated international exposure for Ugandan startups.
Notably, 15 YSAU startups participated in GITEX Africa 2024, a major tech exhibition held in Morocco from May 29-31. This event provided invaluable opportunities for networking and securing funding, with participating startups collectively raising funds to support their growth.
A vision for the future
Barbra Mutabazi, the co-founder at Hive Colab highlighted that the hub envisions this alumni community “being a voice for other entrepreneurs in the country. We encourage you to be active in this community. We shall continue supporting you using virtual platforms and our offices.”
She added that the YSAU graduation event is a testament to the power of collaboration, resilience and what integration can do to a country’s economy.
“We are grateful to Korea SMEs and Startups Agency for choosing Uganda as the very first country to run the Program and bring transformation,” she stated.
The success of YSAU underscores a broader vision for Uganda’s economic future—one that is driven by innovation and entrepreneurship among its youth. At the moment, the start ups under the program have created over 263 jobs this year alone, enabling 24 individuals and 13 startups to receive $200,000 in donations.
The collaboration between Ugandan institutions and international partners like KOSME illustrates a commitment to fostering an innovation-driven economy. YSAU is pivotally positioned to provide young entrepreneurs with essential skills, resources, and networks necessary for success.
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