The NSSF Hi-Innovator Initiative 2019
National Social Security Fund in partnership with Outbox and Makerere University Business School Entrepreneurship, Innovation and Incubation Centre launched the Hi-innovator initiative.
The National Social Security Fund of Uganda (NSSF) is Uganda’s national retirement Fund that has, over the last 7 years, grown from a fund size of USD 800 million to the current USD 3.0 billion.
Increasingly, businesses seeking to grow are struggling to find the capital and technical assistance required which is financing amounts between Uganda Shillings 74 million and at least 1 billion. This is because traditional financial vehicles are not willing to bet on them, and providing technical assistance is not profitable; as raised in the Global Entrepreneurship Monitor (GEM) Global Report of 2015, and the Uganda Entrepreneurial Ecosystem Report 2018.
The Hi-innovator initiative seeks to provide visibility to small and growing businesses so as to help them secure seed funding, receive technical assistance and build partnerships for their growth.
Under the initiative, NSSF and its partners will link potentially profitable and sustainable businesses that can drive positive social change and returns to investments with funding of up to Uganda Shillings 74 million (approximately USD 20,000). The Hi-innovator convenes potential local and foreign stakeholders in Uganda that can invest in the potential of these eligible local entrepreneurs.
You are eligible for the Hi-innovator program if:
- Your business has been operational for at least two years;
- You are formally registered with the Uganda Registry Services Bureau;
- You have a functional product in the market, with at-least early customer feedback;
- You have not raised more than $300,000 in blended capital;
- You are operating in any of the focus sectors that include agriculture, education, health, tourism, financial services, and Energy
- Team: Availability of applicants and skill-sets to be able to work on the solution.
- Product and Company: Applicants ability to demonstrate how their solution differentiates from already existing initiatives. What novel approaches it presents, how scalable it is and Knowledge on customer segmentation. In addition, a good understanding of your SGB (Small and/or Growing Business) positioning within the market, Business modeling, Revenue, and the external business environment.
- SDGs: How the applicant addresses the SDGs (Sustainable Development Goals) and the expected impact.
- SGB (Small and Growing Business): small-and-growing businesses are defined as commercially viable, high-potential businesses employing five to 250 people and seeking growth capital of 20,000 USD to 2 million USD.
How to Participate
Interested applicants for the Hi-innovator initiative are encouraged to register through the link below;
Deadline: To be communicated