Winners of the Africa Adaptation Acceleration Program's 2021 YouthADAPT Challenge have received training to equip them to produce and scale climate-related innovation and create green jobs.
The challenge competition awards business grants of up to $100,000 to young entrepreneurs and micro, small, and medium-sized enterprises in Africa to develop innovative solutions on climate adaptation and resilience.
During the three-day workshop, the 2021 winners - 10 representatives of enterprises from Ghana, Nigeria, Cameroon, Kenya and Zambia - received training in financial management and fundraising. Winning enterprises also received training on budgeting and cash flow projection, record keeping, and executing solid business plans.
The 10 entities are developing solutions in critical social and economic sectors affected by climate change, including agriculture; waste management; water resources and sanitation; renewable energy and energy efficiency; waste management and ecosystem restoration. Half of the enterprises are women-led businesses.
The training also instructed participants in how to position their enterprises in the market in order to offer an attractive funding proposition.
Ifeoluwa Olatayo of Soupah Farms-en-market in Nigeria, said she learned a lot during the training, including "how best to review the company's finances and budget against unexpected shortfalls."
Another participant, Juveline Ngum Ngwa of Mumita Holdings Limited in Cameroon, acknowledged the importance of budgeting in her enterprise's overall success and security. "It allows us to better understand whether our business has enough revenue to pay its expenses," Ngum Ngwa said.
Carolyne Mukuhi of Kimplanter Seedlings in Kenya said: "We look forward to this great journey towards a successful, impactful climate-adaptable business. A great world together."
In addition to the training, the winning enterprises will be provided with mentorship and support to expand partnerships, knowledge sharing and learning through a network of young entrepreneurs in climate adaptation. The challenge also offers its winners an opportunity to participate in a 12-month business accelerator program to help them scale up their businesses, deepen their impact and create decent jobs.
An annual competition, the challenge falls under one of the pillars of the Africa Adaptation Acceleration Program, namely empowering youth for entrepreneurship and job creation in climate adaptation and resilience. The strategic goal is to strengthen inclusive growth and broaden investment and economic opportunities for youth in Africa by providing training, mentorship, and financing to youth-led businesses.
The Africa Adaptation Acceleration Program is a partnership between the African Development Bank and the Global Center on Adaptation.
