Malawi’s first innovative hub and incubator for emerging entrepreneurs mHub is running a challenge called ”what will you do with K20 million” that will see six finalists having access to K20 million.
According to the challenge’s spokesperson Tikhala Itaye, the challenge seeks to foster the development of sustainable solution that will identify socioeconomic obstacles that can be alleviated through entrepreneurship.
Small and medium enterprises contribute to 60-90 percent of all enterprises, which create over half of the jobs in the private sector as they are the pillar of national economies in the world.
“The objectives of the challenge is to identify innovative and creative business ideas in Malawi within a six month period, provide business development support and mentorship and to enhance an entrepreneurship culture and build an ecosystem,” she said.
Business proposal, said Itai, will be assessed according to some laid down criterion including business concept, strategy, value proposition, quality of the product if any, financial and social returns.
She said the challange is being run in partnership with Her Liberty.
Her Liberty is an organisation that works to empower and mentor socially disadvantaged girls and women with the aim to equip and train them to be self-reliant and economically independent.
It works with a bigger regional network on youth related issues pertaining to youth development and entrepreneurship under a network called African Youth and Adolescent Network (AfriYAN).