Amazing bakes is one among eleven businesses that are benefiting from the fifth cohort of the Growth Accelerator Entrepreneurship Challenge. Mwabi Msiska is a cofounder of Amazing Bakes a confectionery and beverages company situated in Zomba district.
Amazing Bakes is receiving a grant of $40,000.00 that is being used to purchase industrial equipment to improve their production processes. “Before the grant, what used to happen is that everything was done manually. So when the fruits arrived at the factory, women would get table knives and peel the fruits and then using the same knives, chop the fruits before we start the boiling.”
Other than the financial support that they are receiving from the programme, Amazing bakes is also receiving technical support that helps them identify gaps in their businesses and possible ways of closing those gaps in order to scale up the business. “Before the trainings our business was almost not structured at all. We were just running things in an ad hoc fashion. But with the trainings we’ve received so far, we have are now able to structure our team in order to improve accountability as well as to foster the anticipated growth.”
The Growth Accelerator Entrepreneurship challenge supports high-growth post-revenue entrepreneurs with co-financing of up to $40,000.00, mentorship, and technical assistance to help them grow and scale. The program is run by MHub in partnership with GrowthAfrica – Growth Frontiers, with support from UNDP Malawi, #KFW, and the #RoyalNorwegianEmbassy
Over 60 local entrepreneurs have benefited from Growth Accelerator Malawi program with technical skills, mentorship and risk capital grant of up to $40,000 each since its inception in 2018. mHub in partnership with Growth Africa are implementing the initiative with support from Royal Norwegian Embassy and KfW through The United Nations Development Program (UNDP) .
mHub Communications Manager, Karen Manda Nyasulu said in an interview that the program targets youthful high impact revenue businesses looking to grow and scale. “When selected, we first equip them with various skills that are crucial in running, maintaining and sustaining their businesses,” she said. Nyasulu added that most of the businesses have accelerated and have created jobs among youths.
One of the beneficiaries of the program, Ewan Phiri, Managing Director at SouthEast Group, manufacturers of Mkango Corn Puffs in Mangochi boasted of his company’s growth from the accelerator program. “We needed finances as well as trainings to accelerate our business and that was the aim of joining the program,” he said. Phiri said the organizations provided the much needed support of $40,000 grant which has been used to procure larger output corn processor, automatic packing machine, delivery van as well as construction of sanitation building. Previously, he said, the company was failing to reach the demand because the supply was very little.
Another beneficiary of the program, Hazzat Pillani of Balaka Limeworks Supply Company, said his company was slowly growing due to lack of funds and technical expertise in financial management. “We have increased production of lime from the 10 metric tonnes to 40 metric tonnes per day,” he said. Pillani said the joining of the program has scaled up the business as the company has now purchased a bigger Boremill to process lime. He said: “This was a great relief to us because it has increased the capacity of production.” Pillani said they have increased their customer base with companies like Optichem, Alliance One, Press Agriculture and Poultry companies requesting for orders in large quantities. The company employs over 50 people and supports 40 small miners as well 300 women from the communities who sell lime stones to the factory.
Berias Unyolo is a co-founder of Mundawathu Gardens, one of the eleven Entrepreneurs under the fifth cohort of the Growth Accelerator Entrepreneurship Challenge. Mundawathu Gardens is a seed multiplication and distribution company whose main focus is on multiplying the improved seedlings and distributing them to farmers with an aim of promoting a healthy livelihood.
Unyolo has expressed his gratitude for the Growth Accelerator Programme claiming it is the core factor that has promoted their brand and growth. Mundawathu Gardens is receiving financial support of $40,000.00 under the programme that is being used to construct a Modern greenhouse for seedlings propagation, purchase of a plot for fruits plantation, drilling of a borehole & installation of a solar water system, and the purchase of bamboo seeds and other improved grafting materials.
“With the financial support that we are receiving from the growth accelerator, we are able to increase our production from 100,000 to 450,000 seedlings which will also play a huge part in increasing the revenue in our business.”
The Growth Accelerator Cohort five Entrepreneurship Challenge supports high-growth post-revenue entrepreneurs with co-financing of up to $40,000.00, mentorship, and technical assistance that helps them to grow and scale.
The program is run by MHub in partnership with GrowthAfrica – Growth Frontiers, with support from UNDP Malawi, #KFW, and the #RoyalNorwegianEmbassy
David Nkhwazi is one of the eleven ventures under the implementation of the fifth cohort of the Growth Accelerator Programme. David is the Managing Director of Stewart M. Grant Ltd a business based is Salima that focuses on collecting ornamental fish in lake Malawi that is exported around the world.
Lake Malawi is known to the world for its enormous variety of fishes. 500-1000 different species of fish are found, and most of these fish are found only in Lake Malawi.
“The Growth Accelerator programme is a very good program which I believe must be replicated in various sectors. The programme finances us with a grant of up to $40,000.00 that is beneficial in improving our business and our processes in terms of how we do things, acquiring equipment that will improve our processes and our production” Shared David.
The Growth Accelerator Entrepreneurship Challenge supports high-growth post-revenue entrepreneurs with co-financing of up to $40,000.00, mentorship, and technical assistance to help them grow and scale.
David appreciates the technical support that he is receiving under the programme. “The trainings themselves are very good in the sense that we are receiving guidance on the things that we must do to excel in our organization”. So far the programme has equipped the ventures with high-level techniques of Business management including Leadership and Visioning, Customer & Market, Industry & Competition, Value Architecture, Financial Architecture, and People, Processes & Performance.
The Growth Accelerator Entrepreneurship Challenge is run by #mHub in partnership with #Growth Africa, with financial support from #UNDP Malawi #KFW and the #royalnorwegianembassy.
Lizzie Msowoya Kuntambira is a representative of the Viphya Highlands Coffee under Cohort five Growth Accelerator Challenge. Viphya Highlands Coffee located in Nkhatabay district, is a specialty coffee that will hit the market sometime in September this year. The business was founded in 2008 and they specialize in growing and processing coffee and are now moving into adding value to their coffee and selling the finished product.
Viphya Highlands Coffee’s participation in the Growth Accelerator Challenge has been quite rewarding because, since its establishment in 2008, they have been selling coffee as green bean which is a raw material that is further processed into the coffee that is easily consumed. The coming in of Covid-19 has been challenging for Viphya Coffee, the market for green beans plummeted and their business was on the verge of collapse says Lizzie “coffee shops were closing up and people preferred taking coffee in the comfort of their homes yet we only sold green bean that could only be processed in Coffee shops”.
Coming across the Growth Accelerator Challenge call of application was an opportunity that they would not allow to slip their fingers. “I was so excited because this was the answer that we had been waiting for” Said Msowoya. Being chosen as one of the ventures under the fifth cohort of the Entrepreneurship Challenge has helped Viphya Highlands move into a higher value market that is processing the coffee from green bean to a ground product that can be sold directly to the consumers at a better price.
Viphya Highlands Coffee is receiving funding of $40,000.00 that is going towards the establishment of a processing plant including buying specialized machinery to roast, grind and package the coffee. “The Growth Accelerator Entrepreneurship Challenge has really propelled our growth and moved us towards that high-value market” said Lizzie.
Growth Accelerator Entrepreneurship Challenge supports high-impact post-revenue businesses with co-financing of up to $40,000.00, mentorship, and technical assistance to help them grow and scale. The program is run by MHub in partnership with Growth Africa, with support from UNDP Malawi, KFW, and the Royal Norwegian Embassy.
It has been established that health institution Uchembere Wabwino Maternity Clinic, through its under-five services, has registered the highest number of people impacted since its establishment in 2019. Uchembere wabwino partnered with Mzuzu Health Center under the Ministry of Health to offer free under-five services to women within her reach, a baseline survey report has shown that so far 500-plus women have been impacted through the program.
Uchembere Wabwino Maternity Clinic is part of the ventures under the Growth Accelerator Cohort five Entrepreneurship Challenge being supported with co-financing of up to $40,000.00, mentorship, and technical assistance to help them grow and scale.
The program is run by MHub in partnership with GrowthAfrica – Growth Frontiers, with support from UNDP Malawi, #KFW, and the #RoyalNorwegianEmbassy.
Three of the eleven business ventures penciled in the Growth Accelerator Cohort five Entrepreneurship Challenge recorded the highest revenue amounts between March 2021 and February 2022. This has been outlined in the baseline survey report which has just been published. The three are Trendsetters Shoes Manufacturing Company, Stuart M. Grant and Dairy Joy Limited.
“The baseline revealed that 27% of the (eleven) entrepreneurs have the highest record of revenue in the past 12 months as compared to other ventures,” the report reads. According to a revenue chart attached to the report, Trendsetters raked in US$129, 529 baseline profit, Stuart posted US$ 87,360 and Dairy Joy Limited pocketed US$72,550.
Overall, the report has said that all the eleven ventures recorded a higher average annual revenue as compared to the average cost in the past 12 months under scrutiny. “From the baseline data collected so far, 64% of the ventures have recorded profit margins that range between 55% and 85%. The other four ventures have recorded profit margins that range between 35% and 50%. “This speaks to the financial capacity of the round five participants and showcases the investment readiness of the entrepreneurs,” further reads the report.
The 11 ventures are 7th Logistics, Amazing Bakes, C&CM Enterprises, Dairy Joy Limited, EcoGen Limited, Mundawathu Garden Limited, Oak n Pine, SouthEast Group, Stuart M. Grant Limited, Trendsetters Shoe Manufacturing Company and Uchembere Wabwino Maternity Clinic. The enterprises form the round five cohort of the GA Entrepreneurship Challenge, a 12-month business acceleration initiative that provides mentorship, technical assistance and co-financing.
As a matter of recommendations, the report has called for establishment of partnerships with other entities. “(This) can help ventures grow and accelerate through attracting new customers and investments, scale innovation, addressing complex changes and enabling employee development through skills transfer. “Partnerships include investors, suppliers, and other companies. It is one of the indicators to measure the business and financial performance of the ventures. As of 28 February 2022, all ventures collectively have a total of 22 partnerships established in one form or another,” the report continues.
Meanwhile, the ventures have said they collectively plan to increase to over 100 partnerships by the end of the year. “(This) significantly exceeds the originally set target of just 11 partnerships,” the report further says.
The survey has also revealed that there is limited financial management capacity of most of the ventures. “The programme will therefore fast-track capacity development on the financial management of the entrepreneurs to run their businesses more effectively and for provision of accurate data for reporting,” it concludes. Meanwhile, economic analyst Richard Mngomezulu has said that the eleven selected firms have shown great potential through their profit gains. “Every business, small or big, is making steady progress every time it posts profit. It doesn’t matter how big it is, a profit is a profit and it is a good sign in business operation,” he said in an interview.