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Venture Meda, a collaborative effort between the Mastercard Foundation, Ministry of Innovation and Technology, and iceaddis, has launched its first cohort of eleven promising startups with the potential to build the e-commerce of tomorrow. The program aims to create sustainable jobs in Ethiopia by revamping support to MSMEs and focusing on high-yield sectors. The startups include
Taywan https://taywan.store
Mogzit http://mogzit.com
Kamrach (http://kamrach.com
Medaf Design http://medaftech.com
Room.et https://room.et
PickDelivery http://keteme.com
Tenawo http://tenawo.com
Utentic (http://utentic.mystrikingly.com)
Yetem Delivery (http://yetemdelivery.com)
Legeberew
WEZ http://wez.et
The program, entitled ‘Job Creation through Incubation and Acceleration Support in Ethiopia,’ aims to support the creation and growth of new e-commerce ventures while enabling the growth of existing e-commerce platforms and building the capacity of local actors to participate in e-commerce. The program is expected to enable 56,160 young women and men experiencing poverty with access to direct jobs, including creating 100 e-commerce startups (70% of whom are women-led) and 3,240 small businesses as third-party marketplace sellers.
The program combines comprehensive diagnostics, tailored, practical, intensive, and short training, tech audits, industry expert mentorship, and one-to-one coaching, and virtual incubation tools together with an online monitoring platform to support startups in their journey to success. The acceleration program aims to bring 50 startups through the five-year program to scale through a rapid process of exposure to national and international capital and industry connections.
The partnership between the Mastercard Foundation, Ministry of Innovation and Technology, and iceaddis aims to catalyze growth and strategic partnerships, supporting early-stage and growth-stage businesses to scale through seed funding. The startups will be supported with branding promotion campaigns, including monthly networking and demo days. Iceaddis will also create a pipeline of investible businesses and attract more investment into the startup ecosystem from angel funders and venture capitalists both from local and international markets.
Iceaddis, Ethiopia’s first innovation hub and tech startup incubator established in 2011, is a co-creation space that accelerates high-potential startups, facilitates technological innovations, and works with a multi-partnership approach to activate youth to gain economic empowerment. The Mastercard Foundation works with visionary organizations to enable young people in Africa and Indigenous communities in Canada to access dignified and fulfilling work.
The Venture Meda program is a significant step toward achieving full and productive employment, decent work, and economic growth in Ethiopia, as outlined in the SDGs and the government’s strategic plan. The program aims to create sustainable jobs, enable the growth of the local private sector, and support MSMEs in high-yield sectors, ultimately building the e-commerce platform of tomorrow.
