The Youth Startup Academy Uganda (YSAU) is here. After their first successful cohort of empowering young entrepreneurs through a series of programmed
The Youth Startup Academy Uganda (YSAU) is here. After their first successful cohort of empowering young entrepreneurs through a series of programmed activities that included Boot camps, Pitch competitions, investment advisory, etc. “This groundbreaking program aspires to support over 1,000 budding entrepreneurs in three different stages of admission to the program by December 2024, propelling Uganda’s startup ecosystem to new heights. Also as stated on Hivecolab’s website, the goal of the program is “to fuel youth employment and cultivate a thriving landscape of youth-led businesses”
The first and second cohorts so far received about 590 and 500 applicants from which 110 and 300 entrepreneurs were finally selected respectively who are undertaking the 5months transformative program. This means a total of 410 entrepreneurs have so far gone through their programs targeting 1000 entrepreneurs, but of which the ones who have at least reached to the 3rd stage are estimated at Forty (40) top-notch startups that qualify for funding. Suffice to note that; the first and second stage are 5 intense boot camps where you go through several business aspects like; understanding the business model, go-to-market strategy, customer analysis, etc. This program provides a multitude of benefits including, training, exposure programs and offering collaborative workspaces, incubation and access to markets, investor connections, coaches and other experts.
In a phone interview with one of the heads of the program, a one Mr. Bob Okello, we also learnt that the final Ten (10) startups selected from stage three (3) are the ones that go through the actual three (3) months incubation where their key focus is investor readiness. For details of who these startups are, check the next post “We actually flew in some investors from venture board from Korea, a venture capital firm in Korea managing about USD $50M Dollars.”
He also informed us that this program builds upon the success of the 11-year-old Youth Startup Academy (YSA) in Korea, which is the most successful startup program in Korea, having already produced two (2) Unicorns and other Soonicorns. Moreover, Uganda is the first country out of Korea implementing YSA. He further alludes to the improved approach of cohort two (2) which considered entrepreneurs from the four regions of northern, Western, Eastern and Central.
We sought for perspectives of different participants at different levels, eve from those who did not cross to the third (3rd) stage,
Mr. Oroma Geoffrey CEO at NaMoni, which is a platform for authentic storytelling inspired by African culture. “The experience of working with other entrepreneurs was first the most important, having to do some of these things, ideally having to do these things by myself looking at the screen, but when I am with other people is much more productive.” Says Geoffrey. Despite falling of the program after Stage Two (2) of Cohort One (1), he admits to have benefited in so many other aspects like financial projections, pricing, startup valuations, and nuggets for fundraising.
Mawejje Dimma Team Leader at Mawejje Creations a which is a social enterprise revolutionizing the fashion industry using plant based substances and textile waste to mitigate the challenges in fast fashion and climate Change. Who is at stage three (3) of Second (2nd) stage had this to say; “KOSME and YSAU has been one the best programs that I have been part of. While they have tried to be original, Uhh in everything, they are offering to the participants.” The experience and support through the exchange programs with the other participates in the older participants
The Third (3rd) call for applications for Entrepreneurs is on; apply here, the deadline for applications is July 15, 2023. It was also noted that YSAU hosts pre-application webinars, which provides valuable support to prospective applicants who might have had interests apply but are unfamiliar to some of the mandatory requirements like pitch decks.
This YSAU project is supported by very incredible organizations with each having very specific roles they play in the program; Hivecolab which provides the mentorship and workspaces, NITA-U which provides the support IT infrastructure and training, ITC which provides skills and resources and KOSME which is a key sponsor for the project in general.
In conclusion, the only few cons identified from our different discussions just like any other program; there is information that is not disclosed certainly, until one finalizes the program especially regarding investment ticket sizes and a few other pieces of information, which should build more courage, interest and morale for participating entrepreneurs.
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