Zambia News

Small businesses receive a multimillion dollar boost

Small businesses receive a multimillion dollar boost when additional African nations sign up for the MultiChoice Africa Accelerator Program.

The MultiChoice Africa Accelerator Program has been expanded to eight more African nations as a result of its success in securing $16 million (USD) in funding for six startup companies last year.

The 2023 initiative, which gives small businesses in Africa’s technology sector the tools and chances they need to draw in transformative business capital, now has a greater possibility of helping them.

“We’re really pleased to be extending the MultiChoice Africa Accelerator Program to additional African nations. According to Mrs. Leah Kooma, Managing Director of MultiChoice Zambia, “it’s part of our long-term commitment to increasing and multiplying Africa’s technology potential, which is crucial to our future growth.”

The MultiChoice Africa Accelerator Program is geared toward established start-ups and small businesses in the technology sectors of healthtech, agritech, fintech, edutech, the circular economy, and the creative industries. It was launched during Global Entrepreneurship Week.

Africa has excellent entrepreneurial talent, according to Mrs. Kooma. “The MultiChoice Africa Accelerator is a chance for investors and small businesses to work together to scale this talent across Africa and multiply its effect.”

The MultiChoice Africa Accelerator, which debuted in South Africa in 2021, is now present in the Ivory Coast, Senegal, Nigeria, Ghana, Kenya, Zambia, Angola, and Ethiopia. The initiative gives aspiring business owners the tools they need to raise capital, expand their operations, and give presentations to foreign investors.

The private sector is “Africa’s growth accelerator,” according to African Development Bank President Dr. Akinwumi Adesina, and some African countries have promoted small-business development as part of their economic strategies. These development goals are aligned with the MultiChoice Africa Accelerator.

A project of the MultiChoice Innovation Fund in partnership with the Dubai-based business incubator Companies Creating Change (C3), the MultiChoice Africa Accelerator Programme provides entrepreneurs with the resources, know-how, and funding they need to expand their companies. Additionally, MultiChoice has teamed up with EOH, a provider of tech services, who will contribute their knowledge, particularly in the areas of tech consulting, development sprints, and technical support.

Public and commercial sector partners in each nation nominate companies or entrepreneurs for the MultiChoice Africa Accelerator Program during its initial phase. 29 of the start-ups then start a rigorous virtual training program. The project is aimed at already-running, established enterprises that want to grow by luring more investment.

The online training program lasts for several weeks and teaches startup business owners how to use the media effectively, how to sell their companies to investors, how to write compelling business plans, and what potential investors are searching for.

Eleven start-ups will be chosen for the final pitch round when the entrepreneurs reunite later on at a finals event. They will participate in an exclusive C3 boot camp to learn how to craft their narrative for foreign investors and to become “pitch ready” ahead of their major presentations.

“We believe SMEs in the technology, sustainability and creative sectors will be fundamental to the next phase of Africa’s growth,” says Mrs Kooma. “The MultiChoice Africa Accelerator is geared to finding the most promising start-ups and empowering them to play this critical role.”

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