Story by Francis Bahene Tumwekwasize
In an ambitious step toward fostering entrepreneurship and innovation, Uganda’s Ministry of Trade, Industry, and Cooperatives has partnered with Hindsight Ventures and the Japan International Cooperation Agency (JICA) to launch the NINJA Acceleration Program. This initiative is designed to empower growth-stage Ugandan startups with proven potential, helping them scale operations and expand their regional impact.
Driving Startup Excellence: The Selection Process
From over 130 applicants, 10 startups were meticulously selected through a three-stage process. These startups span key industries such as FinTech, AgriTech, HealthTech, Manufacturing, Sustainability, and DeepTech. Collectively, the cohort boasts monthly recurring revenues between USD 10K and USD 120K, underscoring their market readiness.
Program Benefits
The NINJA Accelerator offers participants a wide range of benefits, including:
- Tailored Technical Support: Solutions designed to address unique business challenges.
- Market Access: Connections to potential customers and new opportunities.
- Investor Linkages: Platforms to secure funding for scaling operations.
- Mentorship: Guidance from seasoned industry experts and partnerships with leading organizations.
A Highlight: Nairobi Immersion Tour
The program featured a week-long immersion tour in Nairobi, East Africa’s innovation epicenter. Startups interacted with corporate giants like Absa Bank Kenya, Safaricom, Microsoft Africa Transformation Office, and Kenya Airways, gaining actionable insights from investors and veteran entrepreneurs. This exposure enriched their understanding of scaling in regional and global markets.
The Rise of Uganda’s Startup Ecosystem
Uganda’s startup ecosystem has grown exponentially, fueled by its youthful demographic, with 78% of the population under 30. Kampala has emerged as a hub for African unicorns like Jumia and InterSwitch, while homegrown success stories such as SafeBoda continue to thrive. The government’s vision to expand Uganda’s economy from USD 50 billion to USD 500 billion by 2040 is underpinned by innovations in mobile money, AI platforms, and clean tech solutions, projected to drive a 60% market growth.
Voices of Support
- Dr. Joshua Mutambi, Commissioner at the Ministry of Trade, lauded the startups’ ability to attract venture capital, promising continued support through the NINJA Accelerator and policies aimed at ecosystem sustainability.
- Mbabazi Ruth, Program Officer at JICA, emphasized JICA’s holistic approach to nurturing Uganda’s innovation potential, driven by its educated and youthful population.
- Ajay Ramasubramaniam, CEO of Hindsight Ventures, highlighted their global network’s role in equipping startups for international success.
- Shigeru Handa, Director at Asia-Africa Investment, stressed the importance of exposing Ugandan startups to diverse ecosystems, unlocking their potential for broader impact.
What Lies Ahead
The program will culminate in a Demo Day in February 2025, where startups will showcase their innovations to a global audience of investors and partners. With structured mentorship, strategic partnerships, and a focus on sustainable growth, the NINJA Accelerator is poised to establish Uganda as a leading hub for innovation and entrepreneurship in Africa.
This groundbreaking initiative not only propels individual startups but also strengthens Uganda’s position as a vibrant and dynamic player in the global innovation landscape.
