The Stanbic Business Incubator, a subsidiary of Stanbic Uganda Holdings Limited (SUHL), has graduated 48 entrepreneurs after several months of rigorous training, mentorship, and coaching.
The incubator was launched in April last year, offering two programs: the Stanbic Accelerator Programme (SAP) and the Supplier Development Programme (SDP).
He graduation ceremony, which was attended by business leaders from various sectors of the economy, was held at the Uganda Registration Services Bureau (URSB) headquarters in Kampala, where Hon. Lillian Aber, the Minister of State for Relief, Disaster Preparedness, and Refugees in the Office of the Prime Minister, was the guest honour, representing Rt. Hon. Robinah Nabbanja, the Prime Minister.
Catherine A. Poran, the Chief Executive of the Stanbic Business Incubator said, “The National Development Plan (NDP) IV highlights that Uganda is one of the most entrepreneurial countries globally; however, the survival rates and ability of Micro, Small, and Medium Enterprises (MSMEs) to transition to the next level is quite low.”
“In alignment with NDP IV’s goal of fostering a competitive private sector that drives inclusive growth and job creation, the Stanbic Business Incubator has developed programs that streamline access to finance and markets. Access to affordable, reliable, and long-term financing is crucial for the private sector to stimulate the necessary investment, technology, and expertise for value addition in key growth areas,” she added.
Driving Economic Growth
Speaking at the ceremony, Stanbic Uganda Holdings Limited’s Chief Executive, Francis Karuhanga, emphasised the importance of empowering Small and Medium-sized Enterprises (SMEs) in fostering economic resilience and sustainable growth.
“Uganda has consistently ranked high on the Global Entrepreneurship Index, but our problem has been one of sustainability and the short lifespan of these small businesses,” Karuhanga said.
“At Stanbic, we are driven by our mandate, ‘Uganda is our home; we drive her growth’. Sustaining Uganda’s economic growth depends on a vibrant private sector from which dynamic entrepreneurs can emerge to innovate and create new jobs. But entrepreneurs, especially young ones, also need training, coaching and mentoring to exploit available opportunities. That is why we saw it befitting to start up the Stanbic Incubator,” Karuhanga added.
Program Highlights
The SAP is an investment readiness program designed to support business owners in acquiring the necessary skills to drive their company’s growth and prepare their enterprises to become bankable.
According to Karuhanga, the SDP, on the other hand, aims to demystify opportunities in Uganda’s energy sector and provide SME owners with the necessary tools to participate as service providers.
Impact on MSMEs
Micro, Small, and Medium Enterprises (MSMEs) dominate Uganda’s private sector, representing around 90% of it. They contribute over 80% of the manufactured output and approximately 75% of the Gross Domestic Product (GDP), employing more than 2.5 million people.
The Stanbic Business Incubator’s programs are therefore designed to streamline access to finance and markets, crucial for the private sector to stimulate necessary investment, technology, and expertise for value addition in key growth areas for the MSMEs.
Key Takeaways
Poran explained that the main objectives of the Stanbic Business Incubator include;
Enabling entrepreneurs to have access to affordable, reliable, and long-term financing, which is crucial for the private sector, encouraging them to embrace innovation and creativity to scale quickly, plus offering them mentorship and support from experienced business leaders to help them navigate challenges.
Success Story
Bruce Mpamizo, Executive Director of Movit Products Limited, emphasised the importance of clearly defined goals, mentorship, and market research in driving entrepreneurial success.
“During hard times, it’s crucial to fall back on your clearly defined goals or objectives,” Mpamizo said.
The Stanbic Business Incubator’s graduation of 48 entrepreneurs is a testament to its commitment to empowering SMEs and driving economic growth in Uganda.
By providing relevant training, mentorship, and coaching, the incubator is equipping entrepreneurs with the necessary skills to succeed in today’s competitive business environment.