46 Businesses Awarded 75M/= Each in the NSSF Hi-Innovator Business Accelerator Program

### **The National Social Security Fund and Mastercard Foundation Collaborate to Support 46 Innovative Startups**

Welcome to our YouTube channel! In this video, we are excited to announce that the National Social Security Fund (NSSF) has partnered with the Mastercard Foundation to award 46 exceptional startup businesses through their Hi-Innovator program [^1^].

These businesses were carefully assessed based on key criteria such as scalability, sustainability, good governance, and their potential impact on the community [^1^].

The Hi-Innovator program aims to provide seed funding and foster entrepreneurial capacity among small and growing startups [^2^]. Our primary focus for the fourth cohort is to create a thriving ecosystem where these businesses can flourish [^2^]. Our shared purpose is to make lives better by promoting savings as a way of life [^2^].

The NSSF understands the importance of proactive planning to prevent social unrest resulting from unforeseen financial challenges [^2^]. We start with initial funding of 20,000 Shillings, ensuring that even businesses with smaller capital requirements receive support [^2^]. As these businesses grow, we prepare them for the next stage of funding [^2^]. For example, from our first cohort in January 2022, 27 businesses progress to 10 that are now ready for scaling up [^2^]. To facilitate this growth, we collaborate with funding partners to provide access to financing, offering amounts like a hundred thousand dollars and even half a million dollars [^2^].

Apart from seed funding, the entrepreneurs also undergo comprehensive training in areas such as business management skills, financial literacy, and compliance [^2^]. Through our online platform, the entrepreneurs can engage in self-directed learning to build a strong business model and address crucial aspects like customer relations, sales strategies, and team development [^2^]. Upon completion of the NSF Innovator Business Academy, entrepreneurs receive a certificate of eligibility to enter the accelerator phase [^2^].

In the accelerator phase, participants benefit from heavy-touch support, which includes both financing opportunities and technical assistance [^2^]. This support is invaluable in bridging any gaps that may hinder the growth of their businesses [^2^]. The funding awarded in this program is expected to be utilized by the entrepreneurs to expand their product reach and obtain certification for their services [^3^].

One of the winning entrepreneurs, for example, plans to use the funds to build a greenhouse and grow clean seedlings for a safer environment [^3^]. Others aim to scale up their projects and develop eco-friendly products that promote human health and productivity [^3^]. The awarded businesses represent a diverse range of sectors, including agriculture, energy, health, real estate, education, and fashion [^3^].

Thank you for watching this video! Don’t forget to like, share, and subscribe for more updates on our initiatives. For more information, visit our website at[^4^].

#### **Sources:**
[^1^]: [The National Social Security Fund](
[^2^]: [UBCTV Uganda – Hi-Innovator Program](
[^3^]: [UBCTV Uganda – Hi-Innovator Program Transcript](
[^4^]: [UBC Uganda Official Website](

The National Social Security Fund in partnership with Mastercard Foundation have awarded 46 startup businesses through their Hi-Innovator program.
The businesses were assessed through a criterion that included potential for scalability, sustainability, good governance and impact ¬on the community.

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