A 12-month business acceleration program for young, high-impact post-revenue enterprises seeking to expand and scale is called the Growth Accelerator Malawi Program.
The program offers technical assistance, mentoring, and co-financing of up to $40,000 per entrepreneur. Since 2019, the accelerator has helped more than 50 entrepreneurs expand their companies. These business owners have since supported value chains with 6,000 workers and around 350 permanent jobs.
- Growth Accelerator supports entrepreneurs with up to $40,000 of business financing i.e. entrepreneurs may request any amount between $10,000 – $40,000. The funds requested are unlocked by entrepreneurs matching the requested amount from the accelerator with 30% of their own funds or from an investment partner.
- The accelerator has a network of local and international business people, industry experts and professionals that work with entrepreneurs for 6 months. The mentors act as a sounding board for growth plans and help entrepreneurs navigate various business challenges.
- The accelerator programme runs a series of audit and analysis workshops that help entrepreneurs understand their business structure, their operating environment and how to manage their growth. The workshops also feature talks from industry experts and business professionals.
- Must be registered as a for-profit enterprise in Malawi with a business license readily available for verification.
- Should have a verified product or service on the market for not less than a year
- Should be operational for not less than two years.
- Demonstrate sound financial practices such as basic bookkeeping.
- Demonstrate that the business has been generating monthly revenues for at least the past 1 year.
- Has the founders or at least one of the founders’ full time involvement in the business.
- Be a youthful entrepreneur aged up to maximum of 45 years old.
- Should NOT have gone through a previous round of the Growth Accelerator.