The YSAU, an entrepreneurship initiative supported by the Korea SMEs and Startups Agency (KOSME), has been working diligently with key partners, including the International Trade Centre (ITC), the National Information Technology Authority of Uganda (NITA-U), and co-working hub Hive Colab, to nurture and empower the next generation of business leaders.
The YSAU program is rooted in a proven model initiated by KOSME in the Republic of Korea in 2011, which has since facilitated the creation of 4,798 startups, including two unicorns valued at over $1 billion each.
With the vision of generating Uganda's first unicorn startup, the YSAU program aims to incubate and support the development of 1,000 young entrepreneurs. The ultimate goal is to not only boost youth employment but also establish a thriving business environment in Uganda.
The ceremony was graced by esteemed guests, including representatives from KOSME, the Ugandan Ministry for Science Technology and Innovation, UN Habitat, NITA-U, and more. The presence of these stakeholders underscored the collective commitment to fostering an ecosystem that promotes innovation and entrepreneurship.
One of the most remarkable moments of the ceremony was the announcement of an investment deal between YSAU startup Yunga Technologies and Korean venture capital firm Ventureport. This deal, a groundbreaking milestone, marked the first Korean venture capital investment into a Ugandan company.
Yunga Technologies, a security startup, has developed an IoT/Device that forms a local rescue digital network for household communities' safety.
The ceremony also unveiled YSAU's state-of-the-art maker space located at Hive Colab. This facility, equipped with advanced machinery and tools, offers young Ugandan entrepreneurs a platform to design, innovate, and prototype their products before bringing them to market.
The graduating class of YSAU startups showcased a diverse range of business ventures, spanning sectors such as agritech, healthcare, manufacturing, and IT. This diversity highlights YSAU's commitment to fostering entrepreneurship and innovation, nurturing creative ideas that contribute positively to the business landscape.
As YSAU moves forward with a new cohort of entrepreneurs, the program remains steadfast in its mission to inspire, educate, and equip the next generation of entrepreneurial leaders. The collaboration between ITC, KOSME, and Uganda's visionary stakeholders continues to pave the way for a prosperous future, where innovation and hard work yield substantial rewards for Uganda's youth and economy.