Grace Ashiru
The Uganda Ministry of Trade, Industry, and Cooperatives, in collaboration with Hindsight Ventures and supported by JICA, has unveiled the NINJA Acceleration Program.
This initiative is aimed at empowering growth-stage Ugandan startups with significant potential and demonstrated traction, focusing on scaling their operations and enhancing their regional influence.
Through a comprehensive three-stage selection process, 10 startups were chosen from a competitive pool of over 130 applicants. The selected cohort represents a wide range of industries, including FinTech, AgriTech, HealthTech, Manufacturing, Sustainability, and DeepTech. Collectively, these startups generate monthly recurring revenues ranging from USD 10 K to USD 120 K.
Program Benefits
The NINJA Accelerator provides participating startups with an array of benefits, including:
1.Customized technical support tailored to address their unique business challenges.
2.Market linkages and introductions to potential customers.
3.Connections with investors to facilitate funding opportunities for scaling.
4.Access to mentorship from industry experts and partnerships with organizations that support their growth.
A standout feature of the program has been a week-long immersion tour in Nairobi, recognized as East Africa’s leading innovation hub. During this experience, the startups engaged with leading corporations such as Absa Bank Kenya, Safaricom, Microsoft Africa Transformation Office, Kenya Airways, and others. They also gained valuable insights from seasoned investors and experienced founders, enriching their entrepreneurial journey.
Uganda’s Growing Startup Ecosystem
Uganda’s startup ecosystem continues to experience remarkable growth, driven by a youthful and dynamic population, with 78% of citizens under the age of 30. Kampala, the nation’s capital, has become a pivotal market for African unicorns like Jumia and InterSwitch, alongside the emergence of local success stories like SafeBoda. The government is committed to expanding Uganda’s economy from its current value of USD 50 billion to USD 500 billion by 2040. This ambitious vision is powered by innovations in mobile money, AI-driven platforms, and clean tech solutions, which are projected to drive a 60% market growth.
Support from Key Stakeholders
Dr. Joshua Mutambi, Commissioner at the Ministry of Trade, expressed confidence in the ability of Ugandan startups to attract venture capital and expand their influence regionally. He reaffirmed the Ministry’s dedication to supporting startups through the NINJA Accelerator while leading efforts to develop a Startup Policy and Act to ensure sustainable ecosystem development.
Mbabazi Ruth, Program Officer at JICA, highlighted JICA’s role in fostering holistic growth within Uganda’s startup ecosystem. She remarked, “JICA is working towards a wholistic growth of the Ugandan startup ecosystem by supporting both acceleration through programs like NINJA as well as policy. Uganda has high innovation potential given the youthful and learned population.”
Ajay Ramasubramaniam, CEO of Hindsight Ventures, emphasized their commitment to utilizing a global network to equip Ugandan startups with essential tools and connections for international success.
Shigeru Handa, Director at Asia-Africa Investment and a member of the JICA Taskforce, stressed the program’s mission to unlock Uganda’s startup potential by exposing founders to both regional and international ecosystems.
The NINJA Accelerator will culminate in a Demo Day scheduled for February 2025, where startups will have the opportunity to showcase their progress and innovations to investors and partners. With structured mentorship, strategic support, and a collaborative ecosystem approach, the program aims to establish Uganda as a thriving hub for innovation and entrepreneurship.
