Mest, Samsung Collaborate to Enhance Investment Opportunities in West Africa
The Meltwater Entrepreneurial School of Technology (MEST) and Samsung Electronics have collaborated in an initiative that will provide more opportunities, resources and tools to West African entrepreneurs. It is expected that the collaboration will play out in several ways of positive impact. MEST trains, invests and incubates aspiring African software entrepreneurs, putting them on the path to become globally successful technology entrepreneurs, and Samsung's roles will be pivotal through each phase of the MEST programme. 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 gave 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 subsidised 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 when available during MEST internship breaks in Lagos, Nigeria campus. Speaking on the benefits of the Entrepreneurs-in-Training, Managing Director, MEST, Neal Hansch, said upon graduating from the MEST training programme, they stand to receive an initial round of seed funding from MEST, which ranges from $50-$250,000, to pursue their business. Investment hinges on EITs' "final exam", which is a business pitch to the board and is based on specific key performance indicators (KPIs) as well as the commercial viability of the business idea. Director, Enterprise Business for Samsung Electronics West Africa, Charles Ojei, said Samsung Enterprise Business Partners in Nigeria would have the opportunity to invest as well as have a minority stake in a new or existing company coming out of MEST.
In the area of incubation, teams that receive investment are given subsidised 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.