George Baaka launched the business incubator Angels Finance Cooperation (AFC) in order to provide a supportive environment in which young people could start entrepreneurial ventures that would bring them out of poverty. While George’s home country of Uganda has one of the highest indices of Total Entrepreneurial Activity, more than 80% of these ventures collapse within the first few years of operation. George believes that this disparity is linked to the nation’s failure to provide an environment that cultivates enterprising people and prepares them to build sustainable commercial ventures.
George’s solution was to stimulate and support local ventures by providing training, mentorship, and access to capital to young people with bright ideas. AFC began with a micro-credit program which provided start-up capital of $50 each to young people with good business plans. The incubated ventures included businesses in fashion and jewellery design, brick-laying, and baking. Each business has repaid its initial loan and continues to grow.
George and his innovative team of ‘angels’ not only nurture innovative new ideas; they empower young Ugandans to make the leap from poverty to prosperity.
George rebranded his company from Angels Finance Cooperation to Angels Initiatives (AI), which partnered with Mara Foundation to launch Mara Launchpad, an incubation space for early stage businesses. To date, Angel Initiatives has invested US $ 90,000 in 8 such companies, which have created 57 jobs, generated over US $ 300,000 in revenues and raised over US $450,000 in follow up funding.
Some of George Bakka’s recent achievements include his selection as a:
(2013) Acumen East Africa Fellow, (2015) YALI East Africa Fellow and (2016) Mandela Washington Fellow.
Quote: ” Entrepreneurship is hard, most often you will fail at your first trial, but keep trying until you get it right. And if you so decide to venture, focus on growing something your are excited and passionate about. It will keep you going.”
George Bakka may be contacted directly at: firstname.lastname@example.org