Innovations Against Poverty Fund – the winning inclusive businesses
After going through different IAP application stages over the period of almost one year, we are glad to see enthusiastic interest from a wide variety of applicants, ranging from small scale start-up ventures to mature businesses. To our astonishment, we had received 1,051 concept notes.
After quite a long time of intensive effort of both IAP team and applicants, hurdling over different stages as business plan development, due diligence and contract negotiation, we are proud to present the 35 winning companies.
These companies will receive funding from IAP Fund to grow their businesses and at the same time, to provide active support aiming at improving the lives of low income people in Cambodia, Ethiopia, Uganda and Zambia by creating 2,165 new jobs (53% are women) and providing 426,414 low income people (63% are women) with access to basic goods and services.
IAP APPLICATION PROCESS
Supports from IAP consortium
IAP fund is funded by Swedish International Development Agency (SIDA) and managed by SNV Netherlands Development Organization in partnership with Inclusive Business Sweden and BoP Innovation Center. The winning companies will receive 1) non-reimbursable funding through milestone-based disbursements, 2) advisory support on inclusive business, inclusive innovation and technical aspects critical to the successful business implementation 3) matchmaking training and opportunity through pitching events with potential impact investors.
IAP and each investee have agreed on specific milestones (with SMART results per milestone) to be achieved at different points in time. Each investee in the four countries will receive close follow-up support by one inclusive business advisor per country on working toward achieving the agreed targets.
For more detail information regarding each winning company, please visit the portfolio part of IAP fund’s website.
Stay tuned, learn together
After negotiating and signing contracts, each IAP investee are kicking off and progressing at different paces. In Cambodia, Signatures of Asia – an Agri-Food investee is actively collecting palm sugar, training farmers on producing export quality palm sugar, activating revolving fund for farmers and getting ready in terms of export standardization. In Uganda, Ento Africa is in the middle of the construction work of their cricket farming shelter.
Triple Bottom Line in Ethiopia has successfully constructed and tested the distribution of piped water in one community of 400 households which equal to 2,000 low income people. We are excited to see that the progress is being made with the materialization of some targets, even at this early stage. We are looking forward for more exciting results and news that will be shared through our communication channels. Please follow us to see more of their interesting progress, together.