Deadline: March 31, 2023
Are you an entrepreneur in Tanzania, Rwanda, or Uganda? Do you have an innovative, local, green product or service? Are you creating sustainable jobs? In bottom of pyramid communities? In need of funding to scale your social business? Looking for a true partner at eye level? Apply now for the Impacc Venture Program 2023.
Selected entrepreneurs will not only receive funding within 6-12 months but also customized technical support to complement their efforts in building scalable businesses that create local, green jobs.
Benefits
Financial Support
- Smart equity investment between $30,000 and $150,000
- Non-profit, minority shareholding
- Based on agreed business valuation and investment consideration
- Potential to receive additional loan facility beyond initial equity funding to scale the business further
- Further fundraising support and tools
Business Growth Support
- As an investor in the business, they become a partner that provides guidance on strategy and planning.
- Impacc occupies 1 to 2 board seats.
- The business receives mentorship from key industry expertise and coaches to provide tailored support.
- Social media strategy support.
- Specialized, one on one coaching with founders.
- Access to the Impacc global network and partners to help grow and scale the business.
- Branding strategy support.
Eligibility
- Social businesses targeting base of pyramid communities in Africa (impacting population living on less than $2 a day)
- Impacc is committed to supporting the acceleration and transition to scale of social businesses that have a clear impact generation plan. The impact should be trackable and measurable.
- Measuring success and sharing lessons learned. Impacc supports social businesses that are committed to evaluating their own success, with plans to collect data and feedback to inform decisions. This includes operational monitoring and ecaluation, as well as impact evaluation. Innovators from learning organizations that make data driven decisions are a good fit for our investment.
- Social businesses with a clear, ideally regional, scale and growth plans to reach millions of people living on less than $2 a day in Africa are highly preferred.
- The business should have a clear profitability roadmap.
- The social business should have the potential to create local green jobs, improving living standards of base of pyramid communities in Africa.
- Impacc works with social business founders showing the relevant expertise and capabilities to achieve success. They also want to see that your team has clear roles, responsibilities, and the time commitment needed to be successful.
- Teams should be able to demonstrate a strong knowledge of the problems they are addressing and what approaches are likely to work in the local environment surrounding their enterprise ( e.g operational, geographical, political or social context)
- Impacc targets already existing social businesses, which have been in operations for more than two years and have raised more than $20,000 in either grant, convertible grants, venture capital or private equity at the time of submission.
- Venture must be generating revenues of USD 20,000- USD 150k annually and must be willing to grow this $200,000 USD in two years.
- The social business should be open to discuss franchise approach as part of scaling model.
- The founding individuals must be above 18 years of age at the time of the application and nationals or residents of Africa.
- The founding team should be Africa Nationals, living in Uganda, Rwanda and Tanzania, which are the countries of focus.
- All members must be fully proficient in written and spoken English.
- The initiative requires founder participation. All founding team members must commit to participate in the program. Lack of commitment or active engagement will render the team or innovation ineligible for the program.
Application
For more information, see FAQ and visit Impacc Venture Program.
