Business

Ugandan Start-ups to Compete for Shs36bn in Stanbic’s Seedstars Project

Ivan Mworozi of Akiba (Centre) last years winner, congratulated by Seedstars representatives
Ivan Mworozi of Akiba (Centre) last years winner, congratulated by Seedstars representatives

Startups in Uganda will stand a chance to compete for a USD1 million (over Shs36bn) in the just announced 2017 Seedstars project by Stanbic bank Uganda.

The hackathon is intended to identify and nurture young and upcoming Ugandan entrepreneurial talent.

Participating companies in the competition stand a chance of winning up to USD1 million as well as taking part in strategic networking opportunities with investors and mentors from around the world.

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Up to 10 of the best seed stage startups in Uganda will be invited to pitch for the opportunity to compete at the Seedstars Summit, that annually takes place in Switzerland.

Speaking about the project Wayne Cook, Stanbic Bank Uganda’s Head of Business Banking said, “We are extremely proud and excited to be sponsors of the Seedstars project. This is a fantastic initiative which gives young and upcoming entrepreneurs across the country the opportunity to show case creativity and innovation in business.”

“As Stanbic Bank, we strongly believe in nurturing young business talent and supporting the growth of start-up companies because we recognize their potential and what their new concepts can do to transform society,” he added.

With over 40,000 Small and Medium Enterprises (SME) clients, Stanbic bank is the market leader in a key segment which is very important to the country’s growth.

Claudia Makadristo, Regional Manager for Africa at Seedstars World said that those selected to pitch at the Kampala event need to be less than 2 years old, have raised less than USD500,000 in funding and have built a minimum viable product, ideally with existing traction.

The Seedstars World team is searching for one additional criterion – the startup’s regional and global scalability.

In order to provide local entrepreneurs with this opportunity and aiming to deliver the best possible event, Seedstars World is closely working with Outbox Hub, who is representing the initiative throughout the year.

“Our collaboration with Seedstars has gone beyond just putting Ugandan startups on the global stage. The relationships built from the network and exposure from Seedstars is one of the best benefits I did not foresee,” said Richard Zulu, co-founder at Outbox Hub.

“This has placed us in a unique position within the local market to extend these relations beyond Seedstars participants to the general local ecosystem,” Zulu added.

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