Recognized as one of Fast Company’s Top 10 “Most Innovative Companies in Africa”, The Meltwater Entrepreneurial School of Technology (MEST) has announced a new partnership with Samsung Electronics.
The Meltwater Entrepreneurial School of Technology (MEST) and Samsung Electronics have partnered in an initiative that will provide more opportunities, resources and tools to West African entrepreneurs. MEST trains, invests and incubates aspiring African software entrepreneurs, putting them on the path to become globally successful technology entrepreneurs; Samsung’s role will be pivotal through each phase of the MEST program.
Just yesterday Appsafrica.com reported how Suba a free mobile app that allows people to share photos at events, is also a MEST start-up who won the App Developer Competition in Lagos at Mobile West Africa 2015 (MWA2015).
Katie Sarro (featured above) , Director of Business Development at MEST, shared with Appsafrica.com at MWA2015 how the two organisations plan to roll-out a series of co-sponsored events in Ghana and Nigeria, where new ideas and technology will have the opportunity to prosper. MEST is also hosting an informational recruitment session and meet-up for Nigerian candidates who wish to be considered for MEST’s next batch of EITs.
Training
MEST recruits top talent from Ghanaian and Nigerian university graduates. Once enrolled, Entrepreneurs-in-Training (EITs) receive a full scholarship to an intensive program that blends hands-on training in software development with business and communications education. During this period, EITs are also tasked with forming new business ideas based on the tech skills they’ve built, with the guidance of teaching fellows and staff.
Samsung will be involved from the early stages, starting with company ideation and pitching processes during the MEST training portion and will support MEST by providing in-kind as well as subsidized devices and tablets that can be used to test out and further develop their solutions. EITs will also have the opportunity to apply for internship positions at Samsung during MEST internship breaks in Lagos, Nigeria campus.
Investment
Upon graduating from the MEST training program, EITs stand to receive an initial round of seed funding from MEST (ranging from $50-$250,000) to pursue their business. Investment hinges on EITs’ “final exam” (a business pitch to the board) and is based on specific KPIs as well as the commercial viability of the business idea.
Samsung Enterprise Business Partners in Nigeria will have the opportunity to invest as well as have a minority stake in a new or existing companies coming out of MEST.
Incubation
Teams that receive investment are given subsidized office space, 24/7 electricity and internet, and access to MEST’s global network of advisors comprised of renowned venture capitalists and entrepreneurs from around the globe, all of whom support the distribution, marketing and sales of these newly incubated companies.
Adding to this support, the MEST-Samsung partnership will help open doors for MEST incubator companies – both consumer and B2B focused – to partner on distribution of mobile applications and cross-marketing services.
Samsung will work with MEST-incubated companies and facilitate introductions of market-fit and market-ready MEST startups to Samsung Enterprise Business Partners and Samsung Information and Mobility Business teams to further explore specific commercial and technical partnerships to pilot and scale these products/services through strategic projects addressing market needs in verticals such as Education, Financial Services, Healthcare, Retail, Transportation and Hospitality.
“Entrepreneurs and start-ups at MEST are developing innovative applications that can add value to end-users in West Africa and promote the adoptions of Samsung products, solutions and services,” says Charles Ojei, Director, Enterprise Business for Samsung Electronics West Africa.
“MEST is among the first in the African continent to both train software entrepreneurs for two years as well as guide them through investment programs that yield actual results. Samsung is very excited to be involved in this full-circle program and look forward to supporting at each phase in a mutually beneficial relationship that is win-win for both parties. The MEST model builds local talent and capacity, enhances the tech ecosystem and also creates sustainable jobs and wealth within the community, and we are proud to be a part of that.”
“A major objective for MEST in 2015 is bringing on board strategic partners who can support our mission to empower hundreds of tech entrepreneurs in Africa,” says Neal Hansch, Managing Director, MEST Incubator. “We can’t think of a better or well-equipped partner in the space and are very honored to have Samsung formally join us in our efforts and further catalyze growth in the African tech market.”
