UDB Launches Incubator Program to Boost Enterprise Development
The Uganda Development Bank (UDB) has introduced an innovative Incubator Program under its enterprise development product.
This program, spearheaded by Joshua Allan Mwesigwa, Director of Strategy and Corporate Affairs at UDB, aims to equip 291 enterprises with the necessary skills to attract investment and thrive in the competitive business landscape.
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"The Incubator Program is a strategic initiative to empower Ugandan businesses and make them investor-ready," stated Joshua Allan Mwesigwa.
"Through a comprehensive curriculum tailored to the needs of local enterprises, we aim to enhance management best practices and unlock their growth potential," he added
Partnering with the Makerere University Business School Entrepreneurship Innovation and Incubation Center, the Incubator Program will adopt a hybrid approach throughout 3 to 9 months.
This collaboration ensures that participants receive expert guidance and support from both UDB and academic experts, enhancing the effectiveness of the training.
Moses Muhwezi, Principal of Makerere University Business School, emphasized the significance of supporting SMEs, citing their substantial contribution to Uganda's economy.
"SMEs are the backbone of our private sector, generating jobs and driving manufacturing output," remarked Muhwezi.
"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," he added
With SMEs constituting 90% of Uganda's private sector and contributing 80% of all manufacturing output, the success of initiatives like the Incubator Program is crucial for economic development and job creation.
By equipping entrepreneurs with the skills and resources needed to thrive, UDB aims to catalyze a new wave of innovation and prosperity in the Ugandan business landscape.
