The University of Malawi is currently conducting a trial run of its new incubator programme, InCUBE8, with a physical hub and nine-month programme to officially launch later this year.
The initiative to launch a new incubation space and programme in Malawi is being spearheaded by final year polytechnic students at the University of Malawi, and aims to support youth-led startups through the early stages of business development.
The InCUBE8 programme will accept one cohort of eight startups each year, with the programme running for nine months between March and November.
The accelerator will focus on providing assistance with business basics; networking activities; help and advice with financial planning and financial management; easier access to bank loans and investment funds; comprehensive business training programmes; intellectual property management; and help with regulation and legal compliance.
Each startup will also be provided with US$375 seed capital, in exchange for equity.
“Malawi is currently facing a problem of employment creation especially for the youth. Malawi recognizes youth unemployment as the most serious unemployment challenge in the country […] Therefore, InCUBE8 Malawi was created to empower the youth by imparting with them the skills that they need to become successful entrepreneurs and overall leaders,” says Arthur Muyepa, managing director of InCUBE8.
“InCUBE8 Malawi aims to select the most innovating youth led startups and develop them to become market leaders – this we hope will create jobs and add to our struggling economies GDP.”
Three startups are currently participating in a trial run of the programme, being held in Blantyre.
However, a physical InCUBE8 hub will open in Lilongwe in time for next year’s programme.
Applications will open in December, in time for the programme to kick off in March.