The Uganda Development Bank (UDB) has taken a significant stride towards fostering entrepreneurship and economic growth with the launch of its new Incubator Program. Spearheaded by Joshua Allan Mwesigwa, the Director of Strategy and Corporate Affairs at UDB, this initiative aims to empower local enterprises with essential skills to navigate and succeed in today’s competitive business environment.
The program, designed to support 291 enterprises, focuses on equipping participants with management best practices tailored to their specific needs. Mwesigwa emphasized the importance of enhancing the growth potential of these enterprises, stating, “Through a comprehensive curriculum, we aim to enhance management best practices and unlock their growth potential.”
In a strategic partnership with the Makerere University Business School Entrepreneurship Innovation and Incubation Center, the Incubator Program will adopt a hybrid approach spanning from 3 to 9 months. This collaboration ensures that participants benefit from expert guidance and support from both UDB and academic experts, maximizing the effectiveness of the training.
Moses Muhwezi, Principal of Makerere University Business School, underscored the significance of supporting Small and Medium-sized Enterprises (SMEs) in Uganda’s economy. “SMEs are the backbone of our private sector, generating jobs and driving manufacturing output,” Muhwezi remarked. “Yet, many struggle to survive beyond their initial years of operation. The Incubator Program presents a vital opportunity to address this challenge and foster sustainable growth.”
With SMEs constituting 90% of Uganda’s private sector and contributing 80% of all manufacturing output, initiatives like the Incubator Program are essential for economic development and job creation. By arming entrepreneurs with the skills and resources needed to thrive, UDB aims to catalyze a new wave of innovation and prosperity in the Ugandan business environment.
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