By Dipo Olowookere
No fewer than 15 Nigerian Small and Medium-sized Businesses (SMBs) will share the N75 million set aside by a tech giant, Google, in the 2023 edition of Hustle Academy Fund.
The initiative was introduced in 2022 to provide equity-free funds to small business owners to scale up their operations and support entrepreneurial growth in Nigeria.
Entries for the exercise opened on Thursday, September 28 and will close on Thursday, October 12, 2023, and to be eligible, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan.
They should have a track record of commitment to growth, operate in sectors aligned with the digital economy or have a digital enablement strategy, and, while not mandatory, previous participation in the Hustle Academy program is an added advantage.
“The 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,” the Head of Brand and Reputation for Sub-Saharan Africa at Google, Ms Mojolaoluwa Aderemi-Makinde, commented on the scheme.
Also, the Product Marketing Manager and the Hustle Academy Program Lead at Google, Ms Sinmisola Nojimu-Yusuf, stated that, “The Hustle Academy Fund provides SMBs with the resources and support they need to succeed.”
“With equity-free funding, mentorship, and opportunities for increased visibility and networking, we are supporting SMBs to grow and thrive. We are committed to supporting the Nigerian entrepreneurial ecosystem, and the Hustle Academy Fund is a key part of that commitment,” she added.
Small businesses form the backbone of Nigeria’s economy, yet they consistently grapple with challenges, notably the perennial obstacle of securing vital funding.
According to the World Bank, African SMBs face a staggering finance gap of $330 billion. Additionally, only 25 per cent of SMBs in Africa have access to bank loans, a percentage that sharply contrasts with the 50 per cent observed in developed economies.
The Google Hustle Academy provides SMEs with business and management education, mentoring, and networking, with a particular emphasis on preparing them to package their businesses in order to raise the necessary capital to take their businesses to the next level.
Since its inception, the program has graduated over 4,000 SMBs in Nigeria, with a notable 74 per cent from the first year reporting marked business growth.
