Along with the MTN Open API, MTN will also be launching a Startup Program to support Early stage startups into growth as they journey to become successful startups. The MTN Startup Program is in most of cases a Zero Equity Program, meaning that beneficiaries will not be expected to give MTN equity in return.
The MTN Startup Program will provide support to a total value of UGX 1bn to Local startups (over 3 years):
- Entry to compete to benefit from the Startup Program will be automatic by participating in a MTN Innovation initiative (e.g., MTN Challenge 2018 kicking off on Dec 3rd 2018)
- MTN intends to have one or more Innovation challenges annually.
- Beneficiaries will be selected based on criteria defined by MTN for each of the innovation challenges with the best performing being rewarded.
STARTUP PROGRAM REWARDS WILL BE PACKAGED AS FOLLOWS:
At the end of an innovation challenge, beneficiary Apps will be those that demonstrate the best potential as per the specific initiative’s judging criteria. Beneficiaries will be selected by a panel of judges.
Performance based funding:
After Go live via MTN Mobile Money integration, beneficiary Apps for performance- based funding will be selected by MTN based on:
Selected set of KPI, including: a weighted performance of Number of users, Number of transactions and Total value of transactions
A presentation relevant to the business development process, e.g., Value proposition, commercial plan, B-case over 5 years.
Beneficiaries will receive funding as one of the following: Seed Funding, Commercial Plan funding, Co-branded collaboration
How to Apply and More Information:
Application Deadline: February 3rd 2019
Thank you for reading this post, don't forget to subscribe!