Ghanaian startups in the technology sector are set to receive a major boost through a collaborative project between the Korea International Cooperation Agency (KOICA), UNICEF Startup Lab, and MEST Africa. The joint initiative, known as "Empowering Ghanaian Entrepreneurs and Innovators," aims to accelerate the growth of startups and foster innovation in the country.
The UNICEF Startup Lab, located in Accra, Ghana, is a renowned accelerator program that supports early-stage startups focusing on advancing the United Nations Sustainable Development Goals (SDGs) for children and young people. Since its inception in 2019, the lab has assisted over 50 startups from various regions of Ghana, investing a total of $100,000 into these promising ventures.
KOICA, established by the Republic of Korea in 1991, is a government organization responsible for implementing grant aid and technical programs. Through its Ghana office, KOICA has played a vital role in supporting developmental programs in critical sectors such as public health, agriculture, rural development, education, and governance.
Meanwhile, MEST, a homegrown pan-African program, has been actively nurturing software and entrepreneurship skills across the continent. With its focus on technology startups, MEST has become a trusted platform for launching and supporting innovative businesses.
The culmination of this collaborative effort was recently marked by a Demo Day held on June 22, 2023, where a group of 20 Ghanaian startups successfully graduated from the UNICEF Startup Lab's intensive six-month accelerator program. This milestone achievement not only signifies the startups' growth but also highlights the significant support they received from experts affiliated with UNICEF, KOICA, and MEST. The startups gained invaluable guidance, networking opportunities, and potential investment prospects during their participation in the program. Additionally, qualifying companies were provided dedicated assistance in their journey to be recognized as UN-recognized Digital Public Goods. As part of the program, each selected startup received up to GHS 25,000 ($2,200) in funding for prototyping, along with immersive and practical business acceleration support.
The UNICEF Deputy Representative in Ghana, Fiachra McAsey, expressed admiration for the talented startups, commending their utilization of digital technology and entrepreneurial skills to address pressing challenges faced by the Ghanaian youth population.
Mr. Seungmin Oh, the Acting Country Director of KOICA Ghana, emphasized the agency's belief in the transformative power of entrepreneurship and innovation. He stressed the importance of establishing an enabling environment that fosters creativity, provides necessary resources, and encourages collaboration. KOICA remains committed to investing in programs that empower young entrepreneurs, equipping them with the essential skills, resources, and networks needed to thrive in today's competitive landscape.
In addition, the Korean Ambassador to Ghana, His Excellency Ambassador Lim Jung-Taek, expressed his country's pride in participating in this groundbreaking initiative. He acknowledged South Korea's strong commitment to technological advancement, evident in its substantial investment of more than 4% of its GDP in research and development. South Korea's dedication has led to remarkable discoveries and the emergence of global companies that have made a lasting impact across various industries.
Gerhard Malah, the Program Manager of MEST's UNICEF Startup Lab, expressed his delight in witnessing yet another successful cohort graduate from the program. He expressed confidence in the entrepreneurs' ability to make significant strides in developing and refining their businesses, ultimately benefiting their communities in more impactful ways.
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