"Training 1,000 Young Entrepreneurs in Uganda Over 3 Years"

Jungjinkong, First Overseas ODA Model Transfer of Youth Startup Academy
Business Agreement with Uganda Export Promotion Council and National Information Technology Authority

On the 21st (local time), at the opening ceremony of the Youth Startup Academy held in Kampala, Uganda, Chairman Kim Hak-do is giving a speech.

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young, hereinafter referred to as the Ministry) and the Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 21st (local time) that they have opened a Youth Startup Academy in Kampala, Uganda.

The Youth Startup Academy is Korea's representative youth startup support project that selects young entrepreneurs and provides comprehensive support from establishing startup plans to commercialization. This is the first time the Youth Startup Academy model has been transferred overseas through Official Development Assistance (ODA).

The Ministry and SBC will transfer startup support know-how to Uganda and support the creation of local youth jobs. They plan to provide domestic SMEs and startups with opportunities to enter the African market by utilizing local bases. The goal is to nurture about 1,000 young entrepreneurs in Uganda over three years from this year to 2024.

To ensure stable operation of the ODA project, SBC has established cooperative relationships with various domestic and international related organizations such as Handong Global University, the International Trade Centre (ITC), and Uganda Hive Colab. Based on the memorandum of understanding signed with Handong Global University in March this year, they promised to collaborate on startup training program curricula. With ITC, they jointly develop and promote programs to foster industries in developing countries. Hive Colab provides operational space for the Youth Startup Academy at the local incubation hub.

Additionally, Chairman Kim signed a memorandum of understanding with Uganda’s National Information Technology Authority (NITA) to actively cooperate in sharing information in the field of science and technology and strengthening the capabilities of young entrepreneurs. NITA is a public institution under Uganda’s Ministry of Information and Communications Technology responsible for spreading information and communication technology and entrepreneurship.

Chairman Kim said, "Since its establishment in 2011, the Youth Startup Academy has nurtured 5,842 young entrepreneurs and produced two unicorn companies. With the opening of the Youth Startup Academy in Uganda, we will strive to cultivate excellent local young entrepreneurs and maximize synergy through cooperation with related organizations."