Following the first call for IT, ITES SMEs and tech start-ups in Uganda in the first quarter of 2018, The Netherlands Trust Funds (NTF IV) is calling out to new applicants in a bid to improve the export development of IT and IT – enabled services in the country.
The call for applicants which will officially close on 31st May 2019 will on board tech startups that will be segmented based on their level of maturity.
“Since the launch of NTF IV in February 2018 when we on boarded 63 tech start-ups, the companies we have worked with have received training in topics such as value proposition, business model canvases, start-up valuation, due diligence among others. Links between investors and some of our most advanced start-ups have also been created. Participation in major tech events such as Slush in Helsinki, Finland, CEBIT in Hannover, Germany and Mobile World Congress in Barcelona, Spain is ongoing with our start-ups as well,” said John Ndabarasa Startup Relations and Engagement Associate at NTF IV. .
Through the NTF IV activities, two Ugandan fintech start-ups were able to secure investments. The project which is in partnership with the Dutch Centre for Promotion of Imports from developing countries (CBI), the Alliance for Trande in Information Technology and Services (ATIS), the ICT Association of Uganda (ICTAU) and the National Information Technology Authority of Uganda (NITA-U) is funded by the Ministry of Foreign Affairs in Netherlands. “We are looking for tech start-ups that use technology as a core including e-commerce, companies that have been launched in the last three years,” added Ndabarasa.
“With growth of an average of 19.7 percent per annum over the last 5 years in Uganda, resulting in an average contribution of 2.5 percent to the Ugandan GDP, the ICT Sector is ripe for programmes such as NTF IV. The ICT sector employs upwards of 1.3 million people directly and indirectly and produces an average of 2400 IT grandaunts a year. These were some of the factors that inclined us to select Uganda as one of our focus countries for NTF IV,”said Martin Labbe NTF IV Uganda Project Manager.
Ndabarasa stated that there is need for Ugandan tech start-ups to be made aware of foreign clients expectations, trained vigorously in all areas that can equip them, adapt quickly to business realities versus what is taught in IT curriculums in Uganda and urged traditional financing institutions in Uganda to back up tech start-ups in the country. He also pointed out that there is need for females in Uganda within the IT realm to come forward with their start-ups.
“Because I witness so many start-ups come in and out of Innovation Village, I know that an opportunity like the one being presented here by NTF IV is a life changing one for many startup companies. I know many enthusiastic people with brilliant business ideas and I hope they will jump at this opportunity,” said C.K Japhet, the proprietor at Innovation Village Uganda.
Once shortlisted, the start-ups will be invited to participate in training sessions and a one-on-one meeting in Kampala with an NTF IV expert in June. At the end of the workshop, based on the training results and additional information collected amongst the applicants, a final selection will be made.
This is a press release
