Ugandan startup lands milestone Korean investment as 26 graduate from Youth Startup Academy Uganda (YSAU) incubator programme

A new group of 26 young entrepreneurs today graduated from an intense, six-month incubator at the Youth Startup Academy Uganda (YSAU). At the ceremony, one of the companies signed a milestone investment deal, and a new maker space highlighted YSAU’s commitment to supporting entrepreneurs.

YSAU is an entrepreneurship project inspired and funded by the Korea SMEs and Startups Agency (KOSME).

Since 2011, when the programme was first implemented by KOSME in the Republic of Korea, the initiative has supported the creation of 4,798 startups, including two unicorns with a current market valuation that exceeds $1 billion.

Working with KOSME, the International Trade Centre (ITC), the National Information Technology Authority of Uganda (NITA-U), and co-working hub Hive Colab, the programme wants to generate the first unicorn startup in Uganda.

This transformative programme aims to incubate and nurture the talents of a total of 1,000 young entrepreneurs. The ultimate goal is to foster a thriving startup ecosystem in Uganda, bolstering youth employment and the business establishment.

The Ugandan Ministry for Science Technology and Innovation represented by Mr. David Gonahasa, Superintendent Industry 4.0, attended the ceremony along with representatives from KOSME, UN Habitat, NITA-U and many others. The event testified to the dedication and hard work of the entrepreneurs.

The ceremony showcased the state-of-the-art maker space that YSAU created at Hive Colab. The maker space, equipped with machinery and tools, provides young Ugandan entrepreneurs with a facility to design and innovate their products before bringing them to markets.

At the ceremony, YSAU startup Yunga Technologies sealed an investment deal with Korean venture capital company Ventureport. Yunga is a security startup that provides an IoT/Device that forms a local rescue digital network for household communities’ safety.

The deal represents the first Korean venture capital investment into a Ugandan company. This pivotal moment underscored YSAU’s commitment to not only providing quality training but also empowering its graduates to contribute to the economic growth and development of Uganda and beyond.

Other graduating startups included an array of businesses, from agritech to health care, and manufacturing to IT. The diversity of their work exemplifies YSAU’s dedication to fostering entrepreneurship and innovation. The comprehensive entrepreneurial programmes encourage creative ideas that make a positive impact on the business landscape.

As YSAU embarks on the next chapter of its journey with a new cohort of entrepreneurs, the programme remains resolute in its mission to inspire, educate, and equip the next generation of entrepreneurial leaders. The partnership between ITC, KOSME, and Uganda’s visionary stakeholders continues to illuminate the path towards a brighter and more prosperous future, where the fruits of innovation and hard work yield abundant rewards for Uganda’s youth and its economy.

Distributed by APO Group on behalf of International Trade Centre.