The Youth IDEAthon
The Youth4Business Innovation and Entrepreneurship Facility
The United Nations Development Programme (UNDP) Uganda in collaboration with Stanbic Bank Uganda recently launched the Youth4Business Innovation and Entrepreneurship Facility, to tackle youth unemployment through impact driven innovation and entrepreneurship in sectors with a high multiplier effect on creation of jobs and livelihood opportunities.
About the Facility
The Youth4Business Innovation and Entrepreneurship Facility consists of three separate, but interlinked windows designed to boost the economic empowerment of youth. They include:
- Innovation Challenge Fund and Growth Accelerator that provides competitive matching grant awards necessary to spur impact-driven innovation by the youth and MSMEs in sectors where growth leads to jobs. The winners will each receive up to $40,000 in grant resources.
- Enterprise Challenge Fund which provides competitive blended finance (grant awards and concessional debt finance from partner financial institutions) to MSMEs with commercially viable businesses that address a defined key development challenge.
- Youth Entrepreneurship and Innovation Ecosystem platform which will revitalize youth networks including the YouthConnekt Uganda, to collectively
identify and tackle systemic issues impeding the social economic empowerment of young people.
“The Youth IDEAthon”
Whereas the Youth4Business’ Innovation Challenge Fund (ICF) requires existing enterprises that already have 12 months of business operations/history, and to be registered under the laws of Uganda, and the Youth IDEAthon presents an “entry-level” opportunity that helps to unearth and nurture creative early-stage and start-up ideas that can eventually feed into the Y4BF pipeline and could become the next generation of transformative innovative and inclusive MSMEs.
The Ideathon seeks to attract socially committed Ugandan youth, with entrepreneurial aspirations as innovators and problem solvers in a hybrid interaction and collaborative process to develop and refine their ideas for products, services and solutions that ease the way of doing things during and post-COVID 19 Pandemic. This is open to ALL disciplines. It is a space for all passionate youth including creative designers, software developers, engineers, experts in agriculture, health among other fields to exchange ideas and work collaboratively to develop solutions. With mentorship, incubation support and hundreds of millions of seed investment to be won, the event is organized to Inspire, Skill, Build and Accelerate ideas from youth in Uganda.
The Facility is designed to spur impact-driven entrepreneurship and engage enterprises in tackling unemployment amongst youth (defined in this call as all persons aged 18 to 35 years inclusive) resident in Uganda by leveraging innovations in selected economy sectors to create jobs and livelihood opportunities; improve quality of people’s lives and provide access to affordable finance, products and services. The selected economy sectors for this call include:
- Renewable energy
- Urban Development/Smart Cities
- Information Technology (IT); and
- Creative Arts Industry
- Health Care
SO, WHAT’S YOUR IDEA!