10 business startups to win Shs3.6 billion
Mr Wayne Cook, the head of business banking at Stanbic Bank Uganda.
KAMPALA. Stanbic Bank Uganda, in partnership with Outlook Hub, has given 10 startup businesses an opportunity to win $1m (Shs3.6b) in a competition aimed at nurturing entrepreneurial talent in Uganda.
The bank, through its Seedstars project, is giving companies that will participate in this competition a chance to win prize money and to network with different investors and mentors.
The companies are expected to pitch for the opportunity at the Seedstars Summit that takes place annually in Switzerland. The deadline for application entries is July 27.
The head of business banking at Stanbic Bank Uganda, Mr Wayne Cook, recently said: “We are extremely proud and excited to be sponsors of the Seedstars project. This is a fantastic initiative which gives young and upcoming entrepreneurs across the country the opportunity to showcase creativity and innovation in business.”
According to the regional manager for Africa at Seedstars World, Ms Claudia Makadristo, the companies selected to pitch at the Kampala event need to be less than two years old, have raised less than $500,000 (Shs1.8b) in funding and have built a minimum viable product ideally with existing traction.
Outbox Hub, working with Seedstars World team, aims at providing local entrepreneurs with this opportunity and delivering the best possible event.
“Our collaboration with Seedstars has gone beyond just putting Ugandan startups on the global stage. The relationships built from the network and exposure from Seedstars is one of the best benefits I did not foresee. This has placed us in a unique position within the local market to extend these relations beyond Seedstars participants to the general local ecosystem,” said Mr Richard Zulu, the co-founder at Outbox Hub.
