Through a programme called Growth Accelerator, the two institutions will assist emerging entrepreneurs with financial and technical assistance to scale up their ventures. The identified entrepreneurs will tap from a $40,000 fund to boost their business.
The programme will be implemented by Malawi’s first innovation hub and incubator, MHub, in partnership with a pan-African company focused on the acceleration of local and international businesses, Growth Africa—Growth Frontiers and a Netherlands-based investment firm, Accesserator.
The Growth Accelerator market test will start as an entrepreneurship innovation challenge targeting start-up entrepreneurs with an innovative product or service on the market
The programme will also enhance acceleration of innovative, scalable, ambitious and impactful early stage Malawian enterprises, acting as a catalyst for the growth of the entrepreneurial ecosystem in Malawi.
UNDP Resident Representative, Maria Jose Torres, said supporting youth-run enterprises could accelerate economic growth in Malawi.
“Young people are innovative and energetic and their knowledge, reach and innovative solutions are essential for Malawi’s national development as outlined in the Malawi Growth and Development Strategy,” she said.
Minister of Industry, Trade and Tourism, Henry Mussa, said the project is in line with the government policy of creating employment for the youth.
Mussa said the project would complement government initiatives to develop the youth such as the community colleges programme.
In its pilot phase, in the next few months, between 10 and 12 young entrepreneurs will be selected from a national call for proposals.
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