NxtGen launches Malawi start-up incubation initiative
NxtGen Labs, a tech hub based in Malawi, has launched a business incubation programme to help the country create jobs and aid economic progress.
The hub established the Zantchito Entrepreneurship and Access to Finance Programme in collaboration with the European Union (EU) and the United Nations Development Programme (UNDP) to assist individuals and start-ups.
NxtGen is concentrating its efforts on emerging technologies such as the Internet of Things, Machine Learning, Artificial Intelligence, Blockchain, Virtual Reality, and Robotics.
According to the Hub, the incubation initiative can assist the country solve economic challenges by stimulating entrepreneurs, as well as address poverty and unemployment, which are currently high.
According to Kelvin Mateyu, business development officer at NxtGen Labs, they are reviewing each individual applicant for the incubation, and a team of experts is in charge of the process to ensure they select the proper people and firms.
"Some of the requirements for the beneficiaries are visionary entrepreneurs with businesses that have a presence of a tech focus in them, can generate revenue and create employment as well as potentially generate forex," he said.
During the launch, Ivo Hoefkens, EU Head of Cooperation in Malawi, stated that Zantchito Entrepreneurship and Access to Finance would provide an ideal platform for early-stage entrepreneurs and graduates with ideas to test their business skills, develop prototypes, and go to market with their products and services.