Application Deadline: October 24, 2022
The Growth Accelerator Malawi Programme is a 12-months business acceleration programme for youthful high-impact post-revenue businesses looking to grow and scale. The programme supports entrepreneurs with Up to USD40,000 in co-financing each; Mentorship and Technical Assistance.
The accelerator has supported over 50 entrepreneurs to grow their businesses since 2019. These entrepreneurs have gone on to create about 350 permanent jobs and support value chains of 6,000 people.
1. Must be registered as a for-profit enterprise in Malawi with a business license readily available for verification.
2. Should have a verified product or service on the market for not less than a year
3. Should be operational for not less than two years
4. Demonstrate sound financial practices such as basic bookkeeping
5. Demonstrate that the business has been generating monthly revenues for at least the past 1 year
6. Has the founders or at least one of the founders’ full time involvement in the business
7. Be a youthful entrepreneur aged up to maximum of 45 years old
8. Should NOT have gone through a previous round of the Growth Accelerator
Up to USD40,000 in co-financing
Growth Accelerator supports entrepreneurs with up to USD40,000 of business financing i.e. entrepreneurs may request any amount between $10,000 – $40,000. The funds requested are unlocked by entrepreneurs matching the requested amount from the accelerator with 30% of their own funds or from an investment partner.
The total budget for implementing business growth plans in 12 months is comprised of a 70% contribution by the accelerator and a 30% contribution by the entrepreneur or their chosen investment partner.
6 months of Mentorship
The accelerator has a network of local and international business people, industry experts and professionals that work with entrepreneurs for 6 months. The mentors act as a sounding board for growth plans and help entrepreneurs navigate various business challenges.
6 months of Technical assistance
The accelerator programme runs a series of audit and analysis workshops that help entrepreneurs understand their business structure, their operating environment and how to manage their growth. The workshops also feature talks from industry experts and business professionals.
Growth Accelerator Malawi is implemented by mHub, Malawi’s first technology and innovation hub; and GrowthAfrica, a Pan-African accelerator. The programme is supported by UNDP Malawi. In the first few years, cohort 1 to cohort 4 were supported by The Royal Norwegian Embassy. The programme’s fifth cohort is being supported by kfw German Development Bank.
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