Endeavor Kenya, a non-profit organization that supports high-impact entrepreneurs, has launched its inaugural cohort-based initiative for high-growth founders, the ScaleUp Program.
The program will identify ten high-growth ventures based in East Africa and support them with the network and resources to gain clarity on their journey to scale.
Over 28 months, the selected entrepreneurs will have access to the Endeavor ScaleUp methodology, which leverages expert mentors, immersive business development training, fundraising support, and a strong peer network of high-impact entrepreneurs who have built and run successful businesses.
Endeavor Kenya Managing Director Ms. Maryanne Ochola said that scaling high-growth companies is important for our ecosystem. The Endeavor ScaleUp program is an excellent opportunity for ambitious local founders to tap into our global expertise and curated services to turbo-charge their path to scale.
“Through the Endeavor Kenya network, we will expand the mechanisms for experienced founders to pay it forward to the next generation of entrepreneurs. We will offer personalized support to the qualifying businesses seeking to create the multiplier effect, where a successful founder’s impact goes beyond their success to their impact on the start-up ecosystem. ,” said Ms. Ochola.
To qualify for this first Cohort, early-stage businesses must meet the below criteria:
Must be based in East Africa
Must have a tech or tech-enabled business model
Must have a viable product
Have a minimum of $500,000 in annual recurring revenue
Demonstrate year-on-year growth of at least 50%
Working in creating jobs or providing responsible financial services at scale
In addition, the businesses are expected to experience significant growth during the program’s term, ranging from seed to pre-series A or series A to series B. “It is our vision that the ten start-ups selected in the ScaleUp program can accelerate their business growth to become the next Endeavor Entrepreneurs,” said Ms. Ochola.
A small number of high-growth firms drive productivity in entrepreneurship communities. According to a report by Endeavor Insight, the top 10% of entrepreneurial software firms in Nairobi created over 70% of the jobs in the local software sector.