Uganda’s NINJA Acceleration Program Paves the Way for Growth-Stage Startups
The Uganda Ministry of Trade, Industry, and Cooperatives has partnered with Hindsight Ventures, supported by JICA, to launch the NINJA Acceleration Program. This initiative targets growth-stage Ugandan startups with high potential and proven traction, aiming to foster their scalability and regional impact. After an intensive three-stage selection process, 10 startups were selected from over 130 applicants to form a diverse cohort spanning sectors such as FinTech, AgriTech, HealthTech, Manufacturing, Sustainability, and DeepTech. The startups in the cohort do revenues in the range of USD 10 K – USD 120 K in monthly recurring revenues.
Program Benefits
The NINJA Accelerator offers selected startups access to:
- Technical support tailored to their business needs.
- Market linkages and customer introductions.
- Investor connections to secure funding for scaling.
- Opportunities for mentorship from industry experts and partnerships with organizations contributing to their growth.
The program’s highlight has been a week-long immersion tour in Nairobi, East Africa’s leading innovation hub. This experience exposed startups to corporations like Absa Bank Kenya, Safaricom, Microsoft Africa Transformation Office, Kenya Airways, and others, alongside invaluable interactions with investors and seasoned founders.
Uganda’s Growing Startup Ecosystem
Uganda’s startup ecosystem has witnessed steady growth, buoyed by a youthful and innovative population where 78% of individuals are under 30. Kampala, the nation’s capital, is a key market for African unicorns like Jumia and InterSwitch as well as homegrown success stories such as SafeBoda. The government envisions expanding Uganda’s economy from USD 50 B to USD 500 B by 2040, fueled by advancements in mobile money, AI-driven platforms, and clean tech solutions with a projected 60% market growth.
Support from Key Stakeholders
Dr. Joshua Mutambi, Commissioner at the Ministry of Trade, emphasized the potential of Uganda’s startups to attract venture capital and expand regionally. In collaboration with JICA and Hindsight Ventures, the Ministry is committed to supporting startups through the Accelerator while spearheading the development of a Startup Policy and Act to ensure sustainable ecosystem growth.
Mbabazi Ruth, program officer with JICA, noted that “JICA is working towards a wholistic growth of the Ugandan startup ecosystem by supporting both acceleration through programs like NINJA as well as policy. Uganda has high innovation potential given the youthful and learned population.”
Ajay Ramasubramaniam, CEO of Hindsight Ventures, highlighted their role in leveraging a global network to provide Ugandan startups with the tools and connections needed to thrive internationally.
Shigeru Handa, Director at Asia-Africa Investment (a member of the JICA Taskforce), noted the program’s goal to unlock Uganda’s startup potential by exposing founders to regional and international ecosystems.
The program will culminate with a Demo Day in February 2025, providing startups a platform to showcase their progress to investors and partners. With structured mentorship, strategic support, and ecosystem collaboration, the NINJA Accelerator aims to solidify Uganda’s position as a growing hub for innovation and entrepreneurship.
