Seven small businesses receive $20,000 seed funding

The Hi-Innovator initiative seeks to elevate enterprises that typically struggle to attract traditional investment, with a particular focus on women and youth-owned businesses

Kampala, Uganda | THE INDEPENDENT | Seven small businesses have secured seed funding of approximately $20,000 each through the Hi-Innovator program, a joint initiative by the National Social Security Fund (NSSF) and the Mastercard Foundation. The beneficiaries are Marjoz Farm Stores Limited, Ebenezer Energy Saving Stoves Limited, Kaps Circle Company Limited, Dreck Ventures Limited, Classic Baking and Catering Limited, Crested Resources Limited, and Afro Lube Limited.

Launched in August 2020, the Hi-Innovator initiative seeks to elevate enterprises that typically struggle to attract traditional investment, with a particular focus on women and youth-owned businesses.

The five-year program, implemented by Outbox and supported by several Entrepreneurship Support Organisations (ESOs), including the Stanbic Business Incubator Limited (SBIL), aims to provide financing and technical assistance to promising but underserved enterprises.

Patricia Ainembabazi, Monitoring and Evaluation Specialist at NSSF, encouraged entrepreneurs to remain resilient. “For those who didn’t make it, don’t give up. Use the skills, knowledge, and networks you have gained to refine your ideas and position yourselves for future opportunities,” she stated.

The winning businesses, dubbed the “Ignite cohort,” were selected after a rigorous pitching process involving 13 entrepreneurs at the SBIL offices in Kampala. They were assessed on various criteria, including problem-solving, business models, market potential, impact on women and youth, and team composition.

Catherine Poran, Chief Executive of the Stanbic Incubator, emphasized the importance of collaboration in entrepreneurship. “Entrepreneurship can be lonely, but you need partners. Everything we do here is about transforming Uganda, and our key pillars—access to finance, markets, and operational skilling—are designed to help entrepreneurs succeed,” she said.

In addition to the seed funding, the winners will join a six-month accelerator program that includes mentorship, work planning, and access to business development services aimed at scaling their businesses and making them investor-ready. This support will help them unlock additional funding beyond the initial $20,000.

Since its launch, the Hi-Innovator initiative has trained 29,000 entrepreneurs, provided seed funding and technical assistance to 330 businesses, built the capacity of 13 ESO partners, and reached over 150,000 youth and women.