USADF and MIT Sloan's Legatum Center Celebrate Launch of Groundbreaking Accelerator Program for African Entrepreneurs

July 02, 2024

USADF and MIT Sloan's Legatum Center Celebrate Launch of Groundbreaking Accelerator Program for African Entrepreneurs

Washington, D.C. - May 2024- The United States African Development Foundation (USADF) and the Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology (MIT Sloan) announced the successful completion of the USADF Accelerator Program powered by the Legatum Center at the MIT Sloan School of Management.

The program aimed to accelerate the growth and impact of African ventures by equipping 25 early- to mid-stage entrepreneurs, all prior recipients of USADF grants. Participants underwent a comprehensive learning and mentorship experience, attending virtual sessions led by MIT faculty and experienced Africa-based operators, and receiving one-on-one coaching from successfulentrepreneurs and investors.The goal was to support these entrepreneurs in contributing to job creation and economic growth in their respective countries, and to strengthen their capacity for sustained success following USADF's initial investment.

In addition to providing access to educational resources, the program fostered a supportive learning community. The Legatum Center leveraged its extensive network of experts, fellows, and mentors to create a space where participants could connect, share experiences, and support each other's endeavors. This collaborative environment, coupled with access to the exceptional faculty at MIT Sloan, proved to be a key factor in the program's success. Participants gained invaluable insights from seasoned African entrepreneurs who understand the unique challenges of doing business on the continent. This peer-to-peer support, combined with MIT's expertise, equipped the entrepreneurs with knowledge, tools, and relationships to propel their ventures forward.

"The USADF Accelerator Program is a testament to our ongoing commitment to supporting African entrepreneurs," stated Travis Adkins, USADF President and CEO. "By partnering with MIT to provide USADF grantees this opportunity, we are both expanding our capacity to offer technical assistance and investing in economic development continent-wide."

A post-program survey revealed that 91% of entrepreneurs reported experiencing positive changes in their businesses as a result of the program. "The program addressed the specific challenges I faced as an African entrepreneur," reported one entrepreneur. The program exceeded expectations for 96% of participants, with 91% recommending it to others. This positive response highlights the program's effectiveness in helping to address many of the challenges faced by African entrepreneurs.

"The Legatum Center has a long history of supporting entrepreneurs in Africa," said Dina Sherif, Executive Director at the Legatum Center. "This pilot program builds on that legacy and demonstrates the power and potential of collaboration between USADF and MIT."

The program's success underscores the impact of the collaboration between USADF and the Legatum Center at MIT Sloan. Leveraging their combined expertise and innovation, they are uniquely positioned to support the market growth of African entrepreneurs.

About USADF

USADF is an independent U.S. government agency established by Congress to invest directly in African grassroots enterprises and social entrepreneurs. USADF's investments increase incomes, revenues, and jobs through grant investments and market-based solutions to poverty. USADF creates pathways to prosperity for marginalized populations and underserved communities continent-wide. To learn more, visit www.usadf.gov.

About the Legatum Center for Development and Entrepreneurship at MIT

The Legatum Center at MIT was founded in 2007 on the strong belief that entrepreneurs and their innovation-driven solutions are critical to advancing economic prosperity that is both sustainable and inclusive across global growth markets. We mentor and build the capacity of emerging and established entrepreneurs by equipping them with the practical skills, systems thinking and leadership values they need to build scalable businesses, transform systems and drive lasting change in their communities. In addition to supporting entrepreneurs, the Center gathers lessons and produces actionable insights to inform and advance innovation-driven entrepreneurial ecosystems globally.

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