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’.

The post Google opens application to support Nigerian SMEs with N75m appeared first on Tech Digest News.

TECHDIGEST – The National Information Technology Development Agency (NITDA) in collaboration with Google Nigeria is announcing the launch of a Google Hustle Academy Bootcamp, 2022. The Bootcamp is aimed at providing free online training for Micro, Small and Medium Enterprises (MSMEs) to promote career skills and improving business operations, thereby helping small businesses to be repositioned and increase their revenue generation.

“We are excited about this partnership with Google Nigeria, in line with our initiative of building the capacity of one million software developers by the end of 2023,” said Kashifu Inuwa, CCIE, Director General/CEO of NITDA. “The programme will assist small businesses grow by increasing revenue, positioning for investment, and building sustainable businesses for the future.”

Similarly, the Head of Brand Reputation, Google Nigeria, Mr. Mojolaoluwa Aderemi-Makinde, said, “We are excited to collaborate with NITDA to empower MSMEs to plan their digital marketing strategies, create business growth plans, identify new markets, access funding opportunities and pitch success”.

The Micro, Small and Medium Enterprises sector is a backbone for economic growth and a major provider of employment opportunities in a country. According to the National Bureau for Statistics, SMEs have contributed about 48% to Nigeria’s GDP in the last five years. However, despite this significant contribution to Nigeria’s economy, challenges persist that hinder the growth and development of the sector. These include inadequate understanding on how to leverage digital tools for business growth, poor planning and management skills. To address these challenges, NITDA has embarked on several initiatives to upskill and reskill Nigerians across all walks of life in line with the national agenda for a digital economy – the National Digital Economy Policy and Strategy for a Digital Nigeria (NDEPS).

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In furtherance to provide massive employment opportunities through digital skills, NITDA has kick started an ambitious project to train one million software developers in the country. Therefore, the NITDA-Google Hustle Academy Bootcamp will enable MSMEs to maximize their potentials and key into existing opportunities for socio-economic development.

To ensure smooth and successful programme implementation, the following eligibility criteria for entry into the Bootcamp are set out:

1. Business Maturity: MSMEs with an existing business plan, with defined product/service offering and willing to scale up;

2. Size of Operations: Businesses that have at least two full time employees and have been operating for over twelve months; and

3. Revenue generated: Businesses that have generated profit in the last 12 months or 1-3 months away from break even.

About NITDA

The National Information Technology Development Agency (NITDA) is committed to implementing the National Digital economy policy for digital Nigeria.

Their mandate is to create a framework for the planning, research, development, standardization, application, coordination, monitoring, evaluation and regulation of Information Technology practices in Nigeria.

The priorities of the Agency as outlined in the Agency’s Strategic Roadmap and Action Plan are Developmental Regulation, Digital Literacy and Skills, Digital Transformation, Digital Innovation and Entrepreneurship, Cybersecurity, Emerging Technologies and Promotion of Indigenous Content.

About Google

Google Incorporation is an American multinational technology company specializing in Internet-related services and products. These include online advertising technologies, search cloud computing and software. Google is a giant-Tech Company that hires people with broad set of technical skills to solve technology’s greatest challenges and make an impact on several millions of users.

Google Hustle Academy is an initiative under Grow with Google ideals which provides free training, tools and resources to promote skills, career and business growth. The Hustle Academy currently operate in Nigeria, Kenya and South Africa to train MSMEs through live workshops, peer networking sessions and mentoring sessions.

The post NITDA Partners Google To Train MSMEs On Business Improvement, Revenue Generation Skills Using Digital Technologies appeared first on Tech Digest News.

TECHDIGEST – Sendy, a tech company that builds fulfillment infrastructure for e-commerce and consumer brands has joined with Google in an initiative aimed at empowering Africa’s small and medium businesses.

The bootcamp program, dubbed Google Hustle Academy, seeks to provide MSMEs across Kenya, Nigeria and South Africa with expert training on business strategy & development, digital marketing, and financial planning.

The participants will also have access to key industry leaders and master classes on business to help create opportunities, boost business growth and job creation across the region.

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Through the program, Sendy will provide fulfillment and logistics support for the participating businesses. It will also offer one-on-one mentorship so as to enable the participants learn, and build capacity to operate successful businesses.

“The Google Hustle Academy is a noble idea that clearly speaks to our mission and aligns to our purpose. We recognize the significant role played by small and medium businesses in the economy. We are also aware of the vast challenges they face.

We want to empower them by enabling them to trade efficiently and effectively. Through this partnership with Google, we hope to unlock their potential so that they can learn and seize existing opportunities to build sustainable businesses,” said Mesh Alloys, Founder and CEO, Sendy.

The program also seeks to empower MSMEs to learn how to identify new markets, access funding opportunities and pitch for success.

“We are thrilled to be collaborating with Sendy to give much-needed assistance to MSMEs. Small and medium-sized companies (SMEs) are the backbone of the global economy, accounting for the majority of businesses in almost every region. They employ over 50 million people in Sub-Saharan Africa and contribute to the region’s GDP.

Through the Hustle Academy we will provide them with training to assist them in packaging their businesses and obtaining the necessary funds to take them to the next level” said Mojolaoluwa Aderemi-Makinde, Head of Brand and Reputation, Google SSA.

The free weeklong online bootcamp targets to support 5000 MSMEs by helping them scale and grow through positioning for investment, increasing revenue and building sustainable business for the future.

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