Google’s Hustle Academy has granted a total of N75 million to 15 small and medium-sized businesses (SMBs) in Nigeria, along with offering ongoing mentorship and support.

The 15 selected SMBs will benefit from the 75 Million Naira Hustle Academy Fund, providing financial aid, mentorship, and access to essential business tools. These recipients, spanning various industries, showcase the ingenuity of Nigerian entrepreneurs.

In addition to the financial support, 5,300 SMBs successfully completed the Hustle Academy program, highlighting their commitment to enhancing business skills. Since its launch in 2022, over 10,300 entrepreneurs have participated, and the recent graduation ceremony emphasizes the program’s enduring impact.

Tailored to address the unique challenges faced by SMBs in Africa, the Hustle Academy program offers strategic alliances and operational support. This year’s graduation, building on the momentum of last year’s 5,000 graduates, signifies a growing community of businesses dedicated to continuous development and learning.

Commenting on the achievement, Google West Africa Country Director, Olumide Balogun, expressed admiration for the passion and resilience demonstrated by these SMBs.

The Hustle Academy stands as a testament to the transformative power of focused training and resources, not only celebrating the graduation but also recognizing the potential of these businesses to reshape and invigorate the Nigerian business landscape.

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Google recently called for applications for the Hustle Academy SME Fund, a N75 million equity-free fund dedicated to Nigerian Small and Medium Enterprises (SMEs).

Head, Brand and Reputation, Sub Saharan Africa, Google, Mojolaoluwa Aderemi-Makinde, said in a statement that the initiative would offer N5,000,000 to 15 Nigerian small business owners.

Aderemi-Makinde said that this initiative cemented Google’s unwavering commitment to cultivating entrepreneurial growth in Nigeria.

She said that SMBs formed the backbone of Nigeria’s economy but consistently grapple with challenges, notably the perennial obstacle of securing vital funding.

Aderemi-Makinde said that according to the World Bank, African SMBs faced a staggering finance gap of $330 billion.

She said that additionally, only 25 per cent of SMBs in Africa had access to bank loans, a percentage that sharply contrasted the 50 per cent observed in developed economies.

‘’Hustle Academy Fund is a testament to the resilience and innovation of Nigerian small businesses, which are the backbone of our economy.

‘’We are hopeful that this fund will further empower them to succeed and drive economic growth, creating jobs and opportunities for all Nigerians,’’ she said.

According to her, Google’s Hustle Academy, introduced in 2022, provides SMEs with business and management education, mentoring, and networking, with a particular emphasis on preparing them to package their businesses.

Aderemi-Makinde said that it was in order to raise the necessary capital to take their businesses to the next level.

She said that since its inception, the programme had graduated over 4,000 SMEs in Nigeria, with a notable 74 per cent from the first year reporting marked business growth.

According to her, the fund earmarks a N75 million pool exclusively for Nigeria to support 15 investor-ready SMBs through non-dilutive funding.

She said that this commitment was further enriched with tailored mentorship, ensuring these businesses were primed for success.

Also speaking, Product Marketing Manager and the Hustle Academy Programme Lead at Google, Sinmisola Nojimu-Yusuf, said that the Hustle Academy Fund provided SMBs with the resources and support they needed to succeed.

Nojimu-Yusuf said: ”Wth equity-free funding, mentorship, and opportunities for increased visibility and networking, we are supporting SMBs to grow and thrive.”

She said that Google was committed to supporting the Nigerian entrepreneurial ecosystem, and the fund was a key part of that commitment.

According to her, to be eligible for the Hustle Academy SMB Fund, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan.

She said that SMBs should have a track record of commitment to growth, operate in sectors aligned with the digital economy or have a digital enablement strategy.

According to her, previous participation in the Hustle Academy programme is an added advantage.

Nojimu-Yusuf said that applications for the fund would open on Tuesday and close on October 12th.

She said that detailed insights into the fund and application procedures are on ‘google/hustleacademyfund’.

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TECHDIGEST – Google today announced that 5000 small and medium enterprises (SMEs) and entrepreneurs in Nigeria, Kenya and South Africa will be receiving free training to help their businesses thrive via the newly launched Hustle Academy.
Google Hustle Academy is a bootcamp-style training programme designed to help entrepreneurs and small businesses owners position their businesses for investment opportunities and building viable business models for the future.

The Hustle Academy is a practical educational program with interactive activities and instruction by subject matter experts. It also provides access to a global network of mentors and alumni.

“The Google Hustle Academy Program is a laudable initiative that will help improve business prospects and also create the impact we desire at the Lagos State Employment Trust Fund. I recommend this program to business owners and SMEs, to improve results and growth in Lagos business ecosystem,” says Teju Abisoye, executive secretary, Lagos State Employment Trust Fund.

Business owners will undergo five days of hands-on training and receive 3000 hours of training on fundamental aspects of business to help them navigate the challenges faced by SMEs in Africa. The training curriculum includes strategic growth sessions including business growth strategy, building digital marketing roadmaps, discovering and evaluating funding routes and how to pitch for success among other topics.

“SMEs are the engine that drives growth for any economy. In Africa, SMEs account for around 80% of jobs and are a significant source of economic growth. In order to grow the economy and increase employment, it is crucial that small businesses have access to the right tools, training and funding to scale up. The Hustle Academy’s mission is to assist entrepreneurs navigate the business challenges they face by providing them with the appropriate tools and knowledge,” says Mojolaoluwa Aderemi-Makinde, head of brand and reputation, sub-Saharan Africa.

The programme is open to businesses that have been in operation for more than a year, have developed a business strategy and defined their product or service offering, and are aiming to grow. They must also have made a profit in the previous 12 months or be within 1-3 months of breaking even.

Since 2017, Google has been providing digital skills training in Africa, and while there has been measurable success in growing these skills, SMBs need more hands-on support. A core intent of the Hustle Academy is to support SMBs with the right skills, resources and access to thrive and grow.

“Our hope is that through the Hustle Academy training this year, we will be able to assist 5,000 SMEs and entrepreneurs across Africa take their business to the next level and find ways to scale our efforts to help even more businesses going forward,” added Aderemi-Makinde.

Interested and qualified businesses can apply to join the programme at g.co/hustleacademy.

Source : Techeconomy.ng

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