Malawian incubator InCUBE8 has opened applications to its inaugural Youth Entrepreneurship Programme, and has also announced the launch of a co-working space in Lilongwe.
Disrupt Africa reported last year final year students at the University of Malawi developed InCUBE8 in a bid to tackle youth unemployment by boosting entrepreneurship. The team conducted a trial run of the incubation programme, with a view to launching a formalised programme later on in the year.
In the meantime, managing director of InCUBE8, Arthur Muyepa, was selected as one of 1,000 African projects to join the Tony Elumelu Entrepreneurship Programme (TEEP), during which he received assistance in developing a curriculum for the Malawian incubator.
He was awarded US$5,000 by TEEP to launch the programme, and to build a related workspace providing co-working space and business support for entrepreneurs.
Applications have now opened to the first cohort of the Youth Entrepreneurship Programme, which will see participants benefit from access to the workspace, business development services, mentorship, and skills training. The training element of the programme is to be delivered online.
In addition, the incubator will offer selected startups US$1,000 in seed funding, in return for a 10 per cent equity stake.
“We will equip our startups with the skills they will need and the financial support that will help them implement their big ideas into successful companies,” says Muyepa.
The programme is open to Malawian citizens aged between 18 and 35; with startups in operation for less than three years. The programme is open to all sectors, but solutions must be innovative and owned by the applicant.
Applications are open here, until March 24; and the programme begins in mid-April.
The co-working space – named the CUBE – will be based in Lilongwe, and is not limited to programme participants, rather local entrepreneurs can rent workspace at the hub.