Uganda: Startups to Get Up to Shs370 Million Funding As Nile Breweries Launches Sustainability Program
Beer company, Nile Breweries Limited (NBL), has launched a social entrepreneurship programme dubbed “100+ Accelerator,” Cohort 2023 aligned towards the promotion of business start-ups committed to sustainability.
The programme, an initiative of the parent company of NBL, AB InBev will offer a funding opportunity of up to US$100,000 (shs 370 million) to successful applicants whose business ideas provide innovative solutions to eight challenge areas, including climate action, inclusive growth, smart agriculture, biodiversity, the circular economy, water stewardship, health, and wellness.
“First launched in 2018, the 100+ Accelerator seeks to assist social entrepreneurs with cutting-edge solutions to problems affecting the globe and supply chains. We support the startups by providing mentoring, funding and opportunities to pilot and scale their ideas within our business and value chain anywhere around the world,” said Adu Rando, Managing Director NBL.
“As a company we have great potential to execute transformational social impact. To us, a future with more cheers is a shared prosperity for our communities for the planet and our company. It is growth that is inclusive and value that is shared and wins for the world that are truly worth celebrating,” he added.
Now in its fifth cohort, the 100+ Accelerator was created as an innovation-driven platform to exponentially fuel the growth of sustainability startups and to help the company reach its sustainability goals for 2025.
Starting last year, 35 Ugandan entrepreneurs had a chance to apply in the hope of joining the already over 80 companies implementing their solutions in 20 countries around the world.
Former winners currently operating in Uganda under Sustainable Agriculture solutions include Oko Finance , BanQu and Agri Friend.
“We enjoyed the process, from online- application, to pilot project designs, interviews and much as we didn’t receive investment, the feedback received has helped us grow our social venture! I will be applying again with our software- Wastepays- enabling African businesses and households to monetize their waste (plastics, glass, etc) using a mobile platform,” said Franc Kamugyisha, CEO and Founder Eco Plastile, a runner up in Cohort 4.
Through the 100+ Accelerator, AB InBev is committed to partner with others, as well as to contribute to the UN Sustainable Development Goals.
With current partners such as the Coca-Cola Beverages, Colgate-Palmolive, and Unilever, who face the same core sustainability challenges, AB InBev purposes to share knowledge and resources to accelerate cost effective solutions.
Start-ups with products that are either already on the market or are well suited for the market and that can show transactional information in terms of IP, clients, revenue, pilots, or contract are encouraged to apply, according to Flora Aduk, Communication Manager at NBL.