Ashesi Venture Incubator welcomes third cohort
Nineteen young entrepreneurs and graduates of Ashesi University have been selected as Fellows for the university’s entrepreneurship support programme, the Ashesi Venture Incubator (AVI).
As part of the third cohort of the programme, the fellows are to participate in a one-year incubation project, receiving training in refining their business models, coaching from business leaders, business development support services, and subsistence stipends.
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Management of the programme announced the names of the nineteen selected AVI 2021 cohort on Monday, June 7, in Accra.
They are Manuella Efua Sekyi, Barnabas Kwame Sabbogu, David Dieudonne Adu-Amoani, Mathew Ndekudugu, Maame Afia Darkwaah Obeng-Darko, Joseph Wukpan, Warihana Gumah, Ishmael Ofori Aboagye, Samuelle Abena Sarpong Asante, and Khanitat Sheriff Abdallah.
The rest are Gifty Sefakor Affum, Hannah Dorkenu, Tumuhairwe Ronald, Nana Yaw Sasu Appiah-Miracle, Ruth Ayamga Danso, Justice Valentine Essuman, Oliver Mensah, Elona Boateng, and Mercy Chigabatia Wugaa,
The release
A press release issued by the Ashesi Venture Incubator stated that “last year we celebrated the passing of the Olympic Torch from our first cohort (2019) to our second (2020) and now, we are proud to hail our third cohort (2021) for receiving the torch and lighting the olympic cauldron.
“We use the metaphor of lighting the cauldron because this is the last year of the USAID-funded NEXTi2i Project and therefore lighting the Ashesi cauldron signifies the transition of AVI from NEXTi2i as a pilot program to be run as a substantive incubator program by the university.”
Thus, unlike their predecessors, this year’s cohort is going to be largely funded by Ashesi University through a Mastercard Foundation support programme.
As part of the transition, five out of the nineteen AVI candidates for this year are fellows of the Mastercard Foundation’s Scholars Entrepreneurship Fund (SEF) which supports Mastercard Scholars with funding for their business endeavours.
The AVI gives them a more structured process for their venture development activities.
“Over the course of three years, we have positively supported twenty-six businesses, twelve in the first year and fourteen in the second year. We are excited to continue this work, amplifying our reach in the years to come,” the release added.
The incubator programme
The Ashesi Venture Incubator, a programme of the NEXTi2i project (a collaboration between Ashesi University and MIT D-Lab) is a one-year incubation experience for recent graduates and alumni of Ashesi University.
Over the course of their time in the AVI, fellows (incubatees) are provided with financial support, business development programmes and mentorship from local and global industry professionals.
The AVI was designed with the intention of developing hybrid businesses that are aligned with the sustainable development goals because it is not enough to simply equip the new age of entrepreneurs with the skills needed to become profitable.
To meet the urgent demand for sustainable development in emerging economies, businesses must also be in the position to deliver some level of social impact, be it through their supply chain processes, sourcing, or inclusive employment practices.