Germany is committed to assisting Malawi achieve its 2063 development agenda and reduce poverty through job creation, German Ambassador to Malawi, Ute König, has said.
Speaking on Friday at NxtGen Labs in Lilongwe during the launch of Cohort 9 of the Growth Accelerator Malawi, König emphasized that digital transformation and technology are key enablers in any sector in the economy, which can help businesses and Malawi’s economy to be more dynamic.
“We saw the example given by Rachel Kaunda from DroneLink of how the money she got from the Growth Accelerator helped her to triple her business. And from a business where she was working alone, she’s now employing six other Malawians and she’s employing mainly women,” said König.
The Growth Accelerator (GA) with support from the German Development Cooperation through KfW German Development Bank.
This cohort’s challenge is open to businesses from all sectors, with a specific focus on the theme, ‘Accelerating Cross-Sector Innovations Through Technology and Digital Solutions’.
She expressed optimism about receiving many strong applications for the grant programme.
“We are hoping to invest in young entrepreneurs who already have starting ideas and have already set up a sort of business. These are ideas that can grow into bigger trees and that will have a lasting effect on employment in the country and on the economic development of Malawi,” she said.
Through KfW, the German Development Cooperation, has financed four rounds of the Growth Accelerator, supporting 55 companies with matching grants and creating employment opportunities for more than 170 individuals. Cohort 9 will be the fifth round to be supported by KfW.
This year’s cohort theme reflects the rapid transformation of both the global and Malawian economies, where technology and digital solutions are driving innovation across various industries. From agriculture and energy to tourism and healthcare, technology is unlocking new ways to tackle complex challenges, improve efficiency, and promote sustainable growth.
Fenella Frost, UNDP Resident Representative, emphasised that the future of sustainable development depends on the creative potential of young innovators, whose passion and ingenuity are vital in addressing global challenges.
“We are living in an era of unparalleled change, where the rapid advancement of technology is transforming industries at a pace we’ve never seen before. In this environment, the youth are not just participants—tthey are the driving force of this transformation. Young entrepreneurs, like many of you in this room and watching us online, are the architects of new business models, creators of cutting-edge technologies and champions of sustainable, inclusive growth. But what makes this journey truly exciting is that technology is no longer bound to a single sector. The barriers between industries are breaking down and cross-sector innovations are shaping new opportunities for growth,” Frost said.
The call for applications, which opened on Friday, 4 October 2024, will close on Friday, 11 November 2024.
The Growth Accelerator is a 12-month business accelerator targeting youth-led, impactful, and innovative ventures across Malawi and in all industries. The program focusses on post-revenue businesses, offering them the opportunity to scale and grow through a combination of blended financing, including a matching grant of up to US$40,000, along with mentorship and business development support.
As of September 2024, the Growth Accelerator had supported 93 entrepreneurs across the country through six rounds.
Tambulani Chunga, Project Manager for the Growth Accelerator, emphasised that this cohort will focus on how entrepreneurs can harness the power of technology to improve their businesses.
“We are looking for entrepreneurs with innovative ideas that can benefit both them and the economy,” he said.
The main launch ceremony took place at NexGen Labs in Lilongwe, but the event was replicated in Blantyre and Mzuzu where the event in the capital city was livestreamed.
