About the program
The Hive Accelerator is a Business Accelerator initiated and built by Hive Colab in partnership with the Argidius Foundation, with the goal to Increase the percentage of successful high growth and investment ready locally led startups in Uganda.
To achieve this goal, Hive Colab will run an investment Readiness Program for 80 growth driven and locally led startups in Uganda, over a period of 3 years from 2023 to 2026, through 4 cohorts of 20 startups each to provide well structured business acceleration to support businesses with fundamentals to grow, scale and attract investment.
The program is sector agnostic however strong preference will be given to the following:
- Tech and Tech enabled startups particularly in the five thematic areas of Agtech, Medtech, Edtech, Fintech and Govtech.
- Female founded and led startups.
What we are looking for in applicants
We are looking for a diverse cohort of startups with innovations and business models that have the potential to:
- Generate revenue growth
- Create new jobs
- Attract investment into their businesses
Requirements for application
We are looking for startups that meet the following minimum requirements:
- Legally incorporated in Uganda with the founding team being Ugandan.
- Have been in operation for a minimum 1-3 years.
- Founding team of at least 2 members with diverse skill sets, an entrepreneurial mindset and at least one founding member working full time on the business.
- Have a profitable and sustainable market-based solution.
- Have minimum annual revenue of at least USD 10,000.
- Intend to grow and scale significantly over time with a clear and well-articulated strategy and milestones.
- Payment of participation fee of 500K UGX if selected to the program. Refer below for benefits to the selected participants.
What we have to offer to the selected participants
The startups can expect to receive the following benefits:
- Customized training program on business fundamentals to grow, scale and become investment ready.
- Mentorship – personalized and group mentoring to provide expert guidance and unpack training into business implementation.
- Competitive peer-to-peer awarded investment funding of USD 15,000 each for the best 4 startups in form of debt or equity.
- Help to raise further Investment funding for 50% of the businesses from each cohort within 1-3 years after program completion.
- Peer learning and access to other founders to strengthen innovations and build best practices.
- Networking opportunities to showcase your solutions and meet with investors and other stakeholders during and after the program.
- Ongoing support with access to continued mentorship for 6 months after program completion.
- Access to a variety of resources such as shared co-working space, and maker space which includes 3D printers and laser cutters.
How to Apply
Go to the link below to apply.
Only online applications will be accepted.
The call for applications closes 30th September 2023 at Midnight EAT.