IT giant, Google has recently open the application process for the Hustle Academy Small and Medium Businesses (SMB) Fund, an exclusive fund amounting to a substantial N75 Million equity-free fund. By taking this step, Google is demonstrating its unwavering dedication to SMBs in Nigeria and encouraging an entrepreneurial spirit. Nigerian economy relies heavily on its small and medium-sized businesses, which often confront obstacles, the most pressing of which is the lack of access to adequate capital. The World Bank estimates that African SMEs are facing a $330 billion funding shortage.
There is also limited access to bank loans, excepting only 25 percent of SMBs in Africa compared to more advanced economies where about 50 percent have the access. The Hustle Academy initiative launched by Google in 2022, offers SMEs a comprehensive business and management education, mentoring, and networking. Notably, the initiative places a significant emphasis on equipping these enterprises with the skills necessary to effectively present and position their ventures, thereby enabling them to secure funds required for propelling their businesses for further growth
Nigeria SMB community would benefit greatly from this fund.
More than four thousand small and medium-sized businesses in Nigeria have graduated from the programme since it commenced, with 74 percent of those businesses reporting significant growth in their first year. The Hustle Academy Fund capitalizes on the positive outcomes of the Hustle Academy programme by allocating 75 million naira to provide non-dilutive capital to 15 Nigerian small and medium-sized enterprises (SME). This dedication is bolstered by specific mentoring to help set up these companies for maximum success.
Mojolaoluwa Aderemi-Makinde, Google’s Head of Brand & Reputation for Sub-Saharan Africa, stated that the Hustle Academy Fund shows the tenacity and creativity of Nigerian small enterprises, which are the engine of the country’s economy. She voiced hope that the Nigerian small business community would benefit greatly from this fund, boost the economy and provide more possibilities for all Nigerians to find gainful employment. Google’s Product Marketing Manager and Hustle Academy Programme Lead Sinmisola Nojimu-Yusuf noted that the Hustle Academy Fund offers the SMBs with required resource
Firms must be Nigerian-founded to qualify for the fund.
According to Sinmisola, the organization is helping SMBs thrive by providing them with equity-free funding, mentorship, and chances to gain exposure and network. She added that the Hustle Academy Fund is an integral aspect of the company’s dedication to bolstering Nigerian burgeoning startup scene. However, in order to qualify for the Hustle Academy SMB Fund, firms must be Nigerian-founded, have been in operation in Nigeria for one to five years, and have a solid, prospective business strategy. Also, they need to have a history of growth commitment, work in industries that relate with the digital economy, or have a strategy to facilitate digital transformation.
Previous enrollment in the programme is an advantage but not required. The Hustle Academy Fund application period opened on September 28 and will close on October 12. SMBs in Nigeria have a great chance to expand their operations owing to this programme, which will aid them secure the resources needed to flourish. It serves as a way for Google to invest in the development of major businesses and sectors. The IT giant has recently launched an AI-first accelerator for African startups, with the goal of assisting those businesses in making effective use of AI to address pressing issues on the continent.
All early-stage African entrepreneurs up to Series A stage are eligible.
The equity-free, 10-week programme is available to all early-stage African entrepreneurs up to the Series A stage that are developing solutions with an African focus and are employing cutting-edge AI and ML technologies. In July, the company announced the third batch of the Black Founders Fund, which will invest in 25 African startups. By giving equity-free grants and mentoring to early-stage Black-led high-growth enterprises across Europe and Africa, the Black Founders Fund programme aims to reduce the racial disparity in access to venture capital funding.
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Google to support Nigeria SMBs with N75M. – Emphasis is on equipping enterprises with the necessary skills to secure funds. – Express your point of view.
A positive aspect is Google’s commitment to assisting SMBs in Nigeria by way of the Hustle Academy SMB Fund. Nigerian small businesses are essential to our economy, and with the help of this equity-free financing, mentoring, and training, they may expand and prosper
That’s fantastic news! Google’s support for Nigerian small and medium-sized businesses (SMBs) with N75M is a significant step towards empowering entrepreneurs and fostering economic growth.
Equipping enterprises with the necessary skills to secure funds is a crucial aspect of supporting SMBs. Access to capital is often a major challenge for small businesses, and providing them with the knowledge and tools to navigate the funding landscape can make a substantial difference.
By focusing on skills development, Google is not only helping SMBs in Nigeria to secure funds but also empowering them to become more resilient and competitive in the long run. These skills can include financial management, business planning, marketing strategies, and digital literacy, all of which are essential for the success of small businesses in today’s digital age.
Moreover, this initiative demonstrates Google’s commitment to supporting local entrepreneurship and economic development. SMBs are the backbone of any economy, and by investing in their growth and success, Google is contributing to job creation, innovation, and overall economic prosperity in Nigeria.
It’s also worth highlighting the multiplier effect of supporting SMBs. When small businesses thrive, they often become engines of economic activity within their communities. They create employment opportunities, contribute to local supply chains, and stimulate consumer spending, thereby fostering sustainable economic development at both the micro and macro levels.
Overall, Google’s support for Nigerian SMBs with N75M and its emphasis on equipping enterprises with the necessary skills to secure funds is a commendable initiative. It has the potential to make a significant impact on the growth and success of small businesses in Nigeria, fostering economic development, and creating a more inclusive and prosperous society.
That’s fantastic news! Google’s support to Nigerian SMBs with N75M can be a game-changer for small businesses. Equipping enterprises with the necessary skills to secure funds is crucial for their growth and success. This initiative can empower SMBs to access financial resources and expand their operations, ultimately contributing to economic development and job creation. It’s great to see big companies like Google investing in the growth of small businesses, as they are the backbone of the economy. Kudos to Google for their commitment to supporting Nigerian SMBs!
This is fantastic for Google since it means our small and medium-sized businesses can receive financial support. As a result, the funding that has been given to us through grants will help a lot of businesses get off the ground.