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The FUNGUO Innovation programme is committed to advancing Sustainable Development Goals (SDGs) in Tanzania through an integrated approach aimed at nurturing impact-driven startups and innovative Micro, Small, and Medium Enterprises (MSMEs). By strategically addressing obstacles within the innovation ecosystem, FUNGUO seeks to create an empowering environment for innovators and entrepreneurs. The program’s theory of impact posits that supporting and scaling startups and innovative MSMEs will not only generate jobs, particularly for women and youth, but also enhance income, leading to quality livelihoods and fostering sustainable and inclusive development.
Co-funded by the European Union (through the BEGIN Programme), the British Government (through the Africa Technology and Innovation Partnerships, ATIP) and UNDP, FUNGUO is implemented by UNDP Tanzania in collaboration with the United Nations Capital Development Fund (UNCDF). This collaborative and multi-stakeholder approach ensures a comprehensive and impactful intervention in Tanzania’s innovation ecosystem. Working closely with the Tanzanian Commission of Science and Technology (COSTECH) and other government agencies, FUNGUO aims to make a significant contribution to the country’s sustainable development goals by fostering a supportive environment for startups and innovative MSMEs.
iMBEJU, a key initiative of the CRDB Bank Foundation, is a sustainability funding program aimed at revitalizing entrepreneurship in Tanzania. Through revolving soft loans, IMBEJU supports scalable business ideas with significant societal impact. The initiative also provides youth, women entrepreneurs, and special groups with essential tools, including financial literacy, entrepreneurship skills, and business management training.
The two programmes, FUNGUO and iMBEJU are launching this joint call to leverage on each other and widen the scope for access to patient and flexible financing for Tanzanian startups and innovative MSMEs. The aim is to leverage on the equity-free catalytic grants from the FUNGUO Programme to de-risk eligible startups and increase their chances to access the iMBEJU repayable soft loans and other forms of financing available in the ecosystem.
Applicants then stand a chance to raise funds through FUNGUO’s catalytic grants (TZS 50 million to TZS 100 million) or IMBEJU’s soft loan facility (TZS 30 million and above depending on business capacity and ability to repay the facility).
Up to 20 applications may be awarded the FUNGUO Catalytic grant, depending on the requested amounts and compliance with the eligibility and selection criteria. The same successful applicants have an option to access the soft-loan facility from iMBEJU. There may also be applicants who may fail to meet the FUNGUO innovation criteria but be eligible for the iMBEJU funding. At least 40% of the FUNGUO available funding has been earmarked for women-founded or women-led businesses.
This call for funding application is open to ventures that do no harm to people and environment and meet the following basic criteria:
Only applications that meet the above eligibility requirements will be scored against the evaluation criteria described here below.
NOTE:
S/N | Criteria | Score |
1 | Innovation: The eligible applicants must demonstrate how innovative they are in terms of products or services they offer, processes, additionality, unique selling proposition, or unique experience they create for their clientele, etc. as compared to the competition. Doblin’s Ten Types of Innovation can be a good guiding framework. | 35 |
2 | Business Viability and Potential to Scale: Eligible applicants must demonstrate their potential to generate enough revenue and profits to sustain themselves in the short to medium term. They must also demonstrate their potential to scale through the ability to grow and expand their operations and offerings in the long term. | 30 |
3 | Team and Management: The applicant has the necessary expertise, as well as management capacity and human resources, to substantially scale its business. Additionally, the team must demonstrate a clear understanding of how their target market operates, with team members who have first-hand experience of the problem or possess deep understanding of their target customers’ challenges. | 20 |
4 | Development impact: • The business does not do any harm to people or the environment. • The business model has a significant developmental relevance. • The impact is measurable, i.e., positive effects on the target groups. • The venture is contributing to reaching the SDGs by increasing local income, saving natural resources, improving access to resources and services, and creating decent jobs | 15 |
Total | 100 | |
For info sessions regarding this call, please register via this link: https://shorturl.at/bH1Kw
For support and any queries, send an email to: funding@funguo.org
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