Opening a restaurant is a dream that many people share, but only a few are able to turn it into a successful reality. The restaurant industry is known for being...
Not every entrepreneur faces the same barriers. While some struggle to access financing, others—like Ian Clarke—have found ways to navigate the system and unlock new opportunities. After stepping away from...
For three decades, the mobile phone has been an evolving cornerstone of Uganda’s landscape, consistently defying obsolescence. Far from being a mere communication device, it has seamlessly integrated into the…
Diana Nabukenya Adeyemi, Co-founder and CEO of Richland Foods Ltd, is the trailblazing entrepreneur behind the Yo ‘Nyama brand — a fast-growing network of halal butchery kitchens in Uganda. Her...
The entrepreneurial landscape in Uganda has witnessed a remarkable upsurge, with a proliferation of startups offering innovative solutions to local and global challenges. This burgeoning ecosystem has been fueled by a combination of factors such as technological advancements, a youthful demographic, and an increasingly supportive regulatory environment. However, the journey from a fledgling startup to a successful enterprise is fraught with numerous challenges. One of the most significant hurdles is securing adequate funding to propel growth and expansion. In the words of renowned entrepreneur and venture capitalist, Paul Graham, a startup is a “company designed to grow fast.” This rapid…
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At just 26 years, Matthew Mukalere, a Ugandan by descent, is working at BlackRock, one of the world’s largest asset managers with USD 8.6 trillion in assets under management. But Matthew’s life wasn’t always this spectacular. For most of his education life, he was an average. “I was born and raised in the UK to Ugandan parents”, Matthew tells The ORION Beacon. “I had a good experience in school, but I wasn’t truly a top student. I didn’t fail exams, but I wasn’t spectacular enough to get into the likes of Oxford or Cambridge.” Everything came full circle for Matthew…
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On a regular basis, tech publications are awash with stories of startups raising funding from investors, who more often than not, are venture capitalists. This type of funding is called venture capital, and it usually fills a void that most types of financing dont. But like every investor, VC firms have to make returns off their investment. So how do they do it? In this latest article of CEO East Africa explains, we will break down how a typical VC firm makes these returns. But first, lets understand what venture capital is. What is venture capital? Venture capital is a…
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In a significant move, Uganda has joined the ranks of African nations imposing a digital tax on foreign tech companies providing digital services within their borders. The Ugandan government recently enacted a law that imposes a 5% income tax on non-resident companies offering digital services. This move is set to impact major tech corporations such as Meta and Netflix, echoing similar tax implementations in Kenya and Nigeria. The new tax law was presented toward the end of March 2023 by Uganda’s Minister for Finance, Planning, and Economic Development. The Income Tax (Amendment) Bill 2023 and the Convention on Mutual Administrative…
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India is arguably the world’s third biggest startup ecosystem behind the USA and China. But much of India’s boom has happened within the last two decades. Between 2013-2020 Jagruti Bista and Ajay Ramasubramaniam were in the thick of it. In 2020, they decided to share their lessons learnt. They founded Hindsight Ventures. “We run accelerator programs and we work closely with early-stage tech startups on the African continent”, Bista, the co-founder and Managing Partner tells me as she kicks off our interview. You see, Africa has been known as the last frontier of tech for a long time. But being…
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In 2022, Ugandan startups raised $70 million according to Africa: The Big Deal data. One of the standout deals that year was raised by Rocket Health, a telemedicine startup that secured $5 million for its Series A funding round to accelerate its expansion across East Africa. This funding round was led by Creadev who were joined by existing investors LoftyInc Capital Management and Grenfell Holdings. The round was greeted with optimism in the Ugandan startup ecosystem, partly because the entire Rocket Health founding team are Ugandans. And internally, it was the culmination of almost a decade of building and a…
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2022 was a good year for startups in Uganda. Startups here raised $70m across that year according to Africa: The Big Deal data. Some of the standout deals that year included Rocket Health’s $5 million Series A and Numida’s Series A. If you have followed startup funding, you will notice the use of these terminologies (Series A, Seed round or Pre-Seed). In today’s explainer, CEO East Africa will do a deep dive into the startup funding round stages. But to understand the dynamics of startup funding rounds, one needs to delve into the essence of what a startup truly means…
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On 6th July 2023, Ugandan security-tech startup, Yunga, was announced the winner of the prestigious Africa Prize for Engineering Innovation organised by the UK’s Royal Academy of Engineering walking away with £25,000 (about shs 118 million). Yunga is a local digital security network that connects neighbours to each other and police within a 20km radius via a physical device, smartphone app or SMS service, providing security at a low cost. Yunga became the second Ugandan startup to scoop the award after Matibabu’s triumph in 2018. “The journey to winning this prize started in 2022 around September. This was the first…
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Flutterwave, the Pan-African payments startup, has launched a new product called Tuition by Flutterwave which will enable Africans to pay tuition for universities in the West in their local currencies. The new product was announced in a blog post on 11th July 2023. African students are increasingly attending universities in the West with the UK, USA, Canada and France being popular destinations. Despite this, paying tuition is still difficult with long wait times and expensive charges as the most convenient means is doing bank transfers. The new product is currently available for Nigerian students but will be launched in other…
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On 16th November 2022, the Jinja South East Division MP, Nathan Nabeta Igeme tabled a motion to seek leave of Parliament to table the Capital Markets Bill. Parliament unanimously granted the motion after he attached the draft bill in accordance with procedures. The Final Bill was put together in May 2023, and the clerk to Parliament formally wrote to the Minister of Finance to grant MP Nabeta a certificate of financial implication. “The certificate of financial implications assesses the cost versus revenue of the bill and it is a requirement of every bill as per Section 76 of the Public…
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