Small businesses form the backbone of Nigeria’s economy, yet they consistently grapple with challenges, notably the perennial obstacle of securing vital funding. According to the World Bank, African SMBs face a staggering finance gap of $330 billion. Additionally, only 25% of SMBs in Africa have access to bank loans, a percentage that sharply contrasts the 50% observed in developed economies.

Google’s Hustle Academy, introduced in 2022, provides SMEs with business and management education, mentoring, and networking, with a particular emphasis on preparing them to package their businesses in order to raise the necessary capital to take their businesses to the next level. Since its inception, the program has graduated over 4,000 SMBs in Nigeria, with a notable 74% from the first year reporting marked business growth.

Benefits 

Building on the success and impact of the Hustle Academy initiative, the Hustle Academy Fund earmarks a ₦75 Million pool exclusively for Nigeria to support 15 investor-ready SMBs through non-dilutive funding. This commitment is further enriched with tailored mentorship, ensuring these businesses are primed for success.

The ₦75 Million equity-free fund is dedicated to amplifying the ambitions of Nigerian Small and Medium-sized Businesses (SMBs). 

This initiative, offering ₦5 Million to 15 Nigerian small business owners, cements Google’s unwavering commitment to cultivating entrepreneurial growth in Nigeria.

Mojolaoluwa Aderemi-Makinde, Head of Brand & Reputation, Sub-Saharan Africa at Google, remarked, “The Hustle Academy Fund is a testament to the resilience and innovation of Nigerian small businesses, which are the backbone of our economy. We are hopeful that this fund will further empower them to succeed and drive economic growth, creating jobs and opportunities for all Nigerians.”

Echoing the sentiment, Sinmisola Nojimu-Yusuf, Product Marketing Manager and the Hustle Academy Program Lead at Google, said, “The Hustle Academy Fund provides SMBs with the resources and support they need to succeed. With equity-free funding, mentorship, and opportunities for increased visibility and networking, we are supporting SMBs to grow and thrive. We are committed to supporting the Nigerian entrepreneurial ecosystem, and the Hustle Academy Fund is a key part of that commitment.

Eligibility 

To be eligible for the Hustle Academy SMB Fund, businesses must be Nigerian-founded, operating within Nigeria for 1-5 years, and have a clear and scalable business plan. 

They should have a track record of commitment to growth, operate in sectors aligned with the digital economy or have a digital enablement strategy, and, while not mandatory, previous participation in the Hustle Academy program is an added advantage.

How to apply

Applications for the Hustle Academy Fund are open from Thursday, September 28 to close on Thursday, October 12, 2023. For detailed insights into the fund and application procedures, visit the site.

Google Hustle Academy is a bootcamp-style training  programme designed to help entrepreneurs and small businesses owners position their businesses for investment opportunities and building viable business models for the future.

The Hustle Academy is a practical educational program with interactive activities and instruction by subject matter experts. It also provides access to a global network of mentors and alumni.

“The Google Hustle Academy Program is a laudable initiative that will help improve business prospects and also create the impact we desire at the Lagos State Employment Trust Fund. I recommend this program to business owners and SMEs, to improve results and growth in Lagos business ecosystem,” says Teju Abisoye, executive secretary, Lagos State Employment Trust Fund.

Business owners will undergo five days of hands-on training and receive 3000 hours of training on fundamental aspects of business to help them navigate the challenges faced by SMEs in Africa. The training curriculum includes strategic growth sessions including business growth strategy, building digital marketing roadmaps, discovering and evaluating funding routes and how to pitch for success among other topics.

“SMEs are the engine that drives growth for any economy. In Africa, SMEs account for around 80% of jobs and are a significant source of economic growth. In order to grow the economy and increase employment, it is crucial that small businesses have access to the right tools, training and funding to scale up. The Hustle Academy’s mission is to assist entrepreneurs navigate the business challenges they face by providing them with the appropriate tools and knowledge,” says Mojolaoluwa Aderemi-Makinde, head of brand and reputation, sub-Saharan Africa.

The programme is open to businesses that have been in operation for more than a year, have developed a business strategy and defined their product or service offering, and are aiming to grow. They must also have made a profit in the previous 12 months or be within 1-3 months of breaking even.

Since 2017, Google has been providing digital skills training in Africa, and while there has been measurable success in growing these skills, SMBs need more hands-on support. A core intent of the Hustle Academy is to support SMBs with the right skills, resources and access to thrive and grow.

“Our hope is that through the Hustle Academy training this year, we will be able to assist 5,000 SMEs and entrepreneurs across Africa take their business to the next level and find ways to scale our efforts to help even more businesses going forward,” added Aderemi-Makinde.

Interested and qualified businesses can apply to join the programme at g.co/hustleacademy.