‘Boost Technology’ to Receive Share of $1 Million Mastercard Strive Community Grant to Support Small Businesses in Ghana, Nigeria and South Africa | Economic news

Today, Boost Technology, an e-commerce platform for retailers, was announced as one of eight global winners in the first round of its Strive Community Innovation Fund.

Boost Technology, a company working with retail entrepreneurs in Ghana, Nigeria and South Africa, will receive a US$125,000 grant for its work testing a new service (Project IKE) that combines analytics data, behavioral science, and conversational commerce to empower small retailers with customer insights that make them more resilient.

Boost Technology celebrates the opportunity provided by the Innovation Fund grant, allowing it to test the IKE project in Nigeria before replicating it in Ghana and South Africa. Koye Oyeyinka, co-founder and CCO of Boost Technology, said, “Strive Community’s support will allow Boost to design and test a new digital service that empowers micro and small neighborhood retailers with business insights. The award will allow us to expand our R&D capability and accelerate the launch of retailer-facing features to fuel the growth of our small business users.

Small businesses, like those supported by Boost Technology’s innovations, are essential agents of inclusive growth, with estimates indicating that 70% of total employment worldwide is provided by small economic units. This situation is even more prevalent in low-income countries, where around 90% of employment comes from companies with less than 10 employees.[1]. Boost Technology, alongside the seven other winners, is transforming the way small businesses operate – and are supported – in a rapidly digitizing world.

The inaugural round of the Innovation Fund rewarded seven additional innovative, digital and data-driven projects from around the world, totaling $1 million in grants. Other innovative ideas supported by the Innovation Fund include creating virtual reality experiences to improve the skills of small businesses in Brazil’s favelas, creating positive financial habits for individuals and small businesses, and streamlining access to credit for small businesses.

Strive Community is a global program launched by the Mastercard Center for Inclusive Growth, in partnership with Caribou Digital. The program aims to build the resilience of small businesses and support their growth. The Innovation Fund was created to spark truly innovative, digital and data-driven solutions that will boost small businesses’ efforts to go digital.

“Digital technologies are rapidly transforming the way businesses interact with their customers, with their employees, and with a global marketplace,” said Shamina Singh, president of the Mastercard Center for Inclusive Growth.

“These Innovation Fund recipients are all introducing creative solutions that have the potential to not only address the challenges of digitization for small businesses, but also unlock its promise, allowing them to grow and thrive.”

The two winning organizations from across Africa, which were chosen from more than 650 applicants worldwide, are:

● Novek, Kenya

o An IoT-enabled dispenser for powder-based products to reduce stock-outs, increase sales by dispensing quantities customers can afford, and eliminate single-use packaging

● Boost Technology Ltd, South Africa, Nigeria

o Test a new service that combines data analytics, behavioral science and conversational commerce to give small retailers the insights they need to make them more resilient.

The other winners are from Latin America and Southeast Asia and are as follows:

● Flourish FI, Brazil

o Using behavioral insights, open banking data combined with proven gaming mechanics to improve financial management and financial decision-making by small business owners.

● XR Global, Brazil

o Test the potential of Virtual Reality (VR) to improve small business skills, bringing learners into immersive experiences.

● Open Contracting Partnership, USA/Colombia

o Create a marketplace that leverages open data on government contract awards to seamlessly connect small businesses that win contracts with financial institutions that can offer them credit.

● FUNDES & Argidius, Mexico, Guatemala, Peru, Colombia

o Connect traditional merchants to the most suitable digitalization tools by creating a marketplace.

● ChatGenie, Philippines

o Create new features that reduce friction in the sales process for small businesses selling through social commerce. The solution also allows the management of multiple social commerce channels within a single application.

● Boost Capital, Cambodia

o Expand smartphone-enabled lending and financial education, and kick-start the creation of a virtuous circle in which companies that engage in digital financial education are rewarded with better access to financial services.

Small businesses can learn more about the Strive community, funding, and partnership opportunities by visiting www.strivecommunity.org and sign up to receive email updates.

Source: Peacefmonline.com/Ghana

Disclaimer: The opinions expressed here are those of the authors and do not reflect those of Peacefmonline.com. Peacefmonline.com assumes no legal or other responsibility for the accuracy of their content. Please report any inappropriate content to us, and we will evaluate it first.

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