ITC and KOSME Announces Youth Start-up Academy to Enhance Ugandan Start-up Ecosystem

An initiative called the Youth Start-up Academy Uganda has been started by the International Trade Center (ITC) and the Korea SMEs and Startups Agency (KOSME).

To generate youth employment and strengthen enterprises, the project will incubate 1,000 young entrepreneurs and enhance Uganda’s startup environment.

“The Youth-Start Up Academy’s objective is really lofty. The first unicorn start-up in Uganda is what we want to foster. It won’t be simple, I can tell. But we think we can accomplish it if we work together with our partners. Two unicorns have already been fostered by the Youth Start-up Academy in the Republic of Korea, and one ITC-supported Ugandan start-up has progressed to the pre-unicorn stage. Dorothy Tembo, the International Trade Center’s deputy executive director

The three-stage incubation program, access to a fully equipped business creation facility with co-working spaces, an IT room, and maker spaces, the chance to expand their business networks, and the chance to form joint ventures with local, regional, and international start-ups are all benefits that participating entrepreneurs will receive.

While 10 entrepreneurs had the opportunity to pitch their business models in front of judges at an investor relation pitching competition, the young entrepreneurs who would take part in the first phase of incubation were selected during the ceremonial inauguration event held in Kampala. In the second half of 2022, the program will begin.

KOSME anticipates that today’s opening ceremony will serve as both the impetus for supporting deserving young Ugandan entrepreneurs and the beginning of a long-term alliance.

The Youth Start-up Academy in Uganda was created in response to the success of a similar program run by KOSME in the Republic of Korea. The program has assisted in the development of around 4,800 start-ups since its inception, including two unicorns with current market values above $1 billion. ITC, KOSME, the National Information Technology Authority (NITA-U), and the Hive Colab, a coworking space in Kampala, collaborated on the Youth-Start-up Academy project in Uganda.

In order to congratulate the project’s inauguration and pledge their support, Hatwib Mugasa, executive director of NITA-U, H.E. Chris Baryomunsi, minister for ICT & national guidance in Uganda, and H.E. Sung-soo Park, ambassador at the Embassy of the Republic of Korea in Uganda took part in the ceremony.

In the African startup environment, Uganda is a rising star. The key forces behind the development of the Ugandan ecosystem are the young population and the quickly expanding IT infrastructure of the nation. Particularly in Uganda, the Fintech sector experienced yearly growth of 35% between 2016 and 2018. Despite the health of the ecosystem and the success of the fintech industry, a sizable number of business owners across all industries still struggle to turn their ideas into profitable ventures that can scale. The project’s objective is to guarantee that these entrepreneurs have access to the proper assistance in a setting that is prepared to foster their concepts and aid in their development.

With more than 5,800 alumni since 2011, the Youth Start-up Academy is the most effective supporting program for the Korean startup ecosystem. With today’s opening ceremony, KOSME hopes it will serve as a catalyst for supporting aspiring young Ugandan entrepreneurs and the beginning of a long-lasting alliance between the Republic of Korea and Uganda. President of KOSME, Hak-Do Kim