In a significant enhancement of Uganda's entrepreneurial ecosystem, the Hive Accelerator, supported by the Argidius Foundation, is a dynamic new investment readiness initiative aimed at revolutionizing the startup scene. This program is designed to nurture the growth and success of high-potential startups across the nation, emphasizing the enhancement of high-growth, investment-ready local businesses. With a strategic infusion of investment, the accelerator is positioned to drive remarkable job creation and stimulate significant economic growth. Maintaining a sector-agnostic stance, it displays a keen interest in nurturing startups specializing in Agtech, Medtech, Edtech, Fintech, Govtech, and sustainability. Spanning from 2023 to 2026, this ambitious project aims to support 80 startups through four cohorts, each comprising 20 startups, equipping them with the vital tools for growth, scalability, and the ability to attract further investment.

For the youth in Uganda, the Hive Accelerator Program opens up several significant opportunities. Firstly, it provides a platform for young entrepreneurs to transform nascent enterprises into scalable, successful businesses, particularly in the fields of Agtech, Medtech, Edtech, Fintech, and Govtech. Secondly, the program emphasizes the empowerment of female entrepreneurs, thereby encouraging gender inclusivity and addressing the gender gap in the entrepreneurial landscape. Lastly, it offers a unique chance for young business owners to learn from intensive workshops and personalized mentoring, which are crucial for navigating the challenges of business growth and investment attraction.

The program is open to all sectors but shows a strong preference for technology and tech-enabled startups. To qualify, applicants must be legally incorporated in Uganda with a predominantly Ugandan founding team. They should be in the early stages of business, poised for substantial growth, and must have a minimum annual revenue of at least USD 10,000. The founding team must include at least two members with diverse skill sets, with at least one member working full-time on the business.

Participants in the Hive Accelerator Program can expect a robust package designed to prepare them for the challenges of scaling and securing investment. This includes a series of 3-week intensive workshops spread over three months. There are also competitive funding opportunities, with peer-awarded investment funding of USD 15,000 each for the top four startups in each cohort, available as equity or debt. Additionally, ongoing personalized and group mentoring for six months post-program focuses on strengthening business fundamentals and addressing areas of risk.

Interested startups are encouraged to apply promptly as the call for applications for the second cohort will close on 12th May 2024 at midnight EAT. This timeline gives potential applicants a brief window to finalize their submissions and seize this transformative opportunity. The application process is exclusively online, ensuring a broad and accessible reach. By providing essential resources, funding, and guidance, the Hive Accelerator Program aims to catalyze the growth of startups and contribute significantly to the economic development of the country. For ambitious entrepreneurs, this program offers a unique chance to elevate their business and achieve new heights of success.

For more details on the program and to apply Visit Hive Accelerator Page