Application Deadline: October 18, 2021
Small and Medium Enterprises (SMEs) play a critical role in Ghana’s socio-economic growth. They represent over 80% of enterprises in the Ghanaian market. However, despite the significant role they play in the development of their communities and the economy, SMEs face a number of key challenges that make it difficult for them to scale up sustainably.
MEST Scale is a venture acceleration program designed by MEST, in partnership with the Mastercard Foundation, to help Small and Growing Businesses strengthen their operations, address key technology gaps and increase their ability and capacity to scale their growth.
Eligibility Criteria
MEST Scale is looking to support small and medium enterprises that are ready to scale
Commercially viable
- A business at its growth stage that has achieved product-market fit
Sales and traction
- Has annual sales ranging from $150,000 – $5 million USD
Personnel and talent
- A full-time management team with more than 5 members
Scalability
- Has a clear ambition for growth and potential to scale
Revenue and profit
- Sales/revenue for at least 3 years, clear financial breakeven path if not already profitable
Market
- Business must be based in Ghana and headquartered in the Greater Accra region
Benefits
Tailored Support
Get seasoned business advice that responds to your specific needs
Leadership Coaching
Receive leadership coaching from leading professionals
Investor Engagement
Get investor readiness support and growth capital linkages
Funding & Partnerships
Access an array of funding and partnership opportunities
Technology Enhancement
Improve use of technology to enhance business development
Specialist ConsultationsArea-specific experts provide consultation sessions and guidance
MEST Scale Curriculum
PHASE 1 – Scale Diagnosis and Strategy
Duration – 4 Months
Company leaders engage with MEST Scale team to create or enhance their strategic plans for scaling. The company will also identify the types of technology enhancement that would be helpful for their scaling objectives.
Objectives – Ensure SMEs have;
- A better understanding of what it takes to scale
- A completed scale-readiness diagnosis identifying their venture’s main gaps
- An articulated Scale Strategy
- An articulated technology plan for scale
PHASE 2 – Bespoke Scale Preparation
Duration – 8 Months
Specialists will hold sessions with leaders at their companies to help address key challenges identified during the diagnosis phase. This phase will include technology consulting as well as bespoke consultative services to resolve business management inefficiencies and technology gaps.
Objectives: Help SMEs to improve on their scale readiness by addressing the key technology gap and significant operational gaps.
PHASE 3 – Implementation
Duration – 6 to 36 Months
The company implements its scaling plan. Continued support from MEST may take the form of financial linkages, advisory support, and other partnering roles.
Objectives: Establishing the scale project operation and financial plan, Implementing a scale pilot, and embarking on their scale project.
Application Process
- Fill out the expression of interest form
- Application form sent to companies who express interest
- Applications are reviewed on a rolling basis
- Interview invitations sent to shortlisted companies
- Final selection made with offers of admission
Application Timeline and Program Dates
September 15, 2021 – Call for Expression of Interest opens
October 18, 2021 – Call for Expression of Interest closes
November 19, 2021 – Selected ventures announced
December 2021 – Program starts
December 2021 – March 2022 – Phase 1: Scale Diagnostic and Strategy (4 Months)
April 2022 – November 2022 – Phase 2: Bespoke Scale Preparation (8 Months)
December 2022 – Phase 3: Implementation (variable 6-36 Months)
For More Information:
Visit the Official Webpage of the MEST Scale venture acceleration program 2021