The Mastercard Foundation FAST Program is excited to announce the launch of the Mastercard Foundation Fund for Alumni Start-ups in Transition (FAST) program.
The Mastercard Foundation FAST program will support and empower the next generation of entrepreneurs by providing up to $15,000 in support for each venture.
OPPORTUNITY AT A GLANCE:
| Category | Details |
|---|---|
| Program Name | Mastercard Foundation Fund for Alumni Start-ups in Transition (FAST) Program |
| Partner Organizations | CCHub Nigeria, MDF Global, Concree, Scale up, Savannah Innovations Lab, Center for Enterprising Organizations, Inkomoko, Africa Leadership Academy (ALA) |
| Funding Amount | Up to $15,000 (Idea Phase: Up to $5,000; Build Phase: $10,000 to $15,000) |
| Eligibility | – For-profit business – Majority owned by alumni of Mastercard Foundation Scholars Program, ALA, Anzisha Prize, or YALI – Located in a qualifying country |
| Application Deadline | September 15, 2024 |
| Program Duration | 3 to 6 months, depending on business stage and implementing partner |
| Benefits | – Funding – Business development training – Access to a network of entrepreneurs and mentors |
Fact About Mastercard Foundation FAST Program
- Massive Support for Start-ups: The Mastercard Foundation FAST Program is designed to empower emerging entrepreneurs with a remarkable financial boost of up to $15,000 per venture. This support is aimed at helping innovative ideas transform into successful businesses.
- Collaborative Powerhouses: This initiative is backed by an impressive coalition of partners including CCHub Nigeria, MDF Global, Concree, Scale up, Savannah Innovations Lab, the Center for Enterprising Organizations, Inkomoko, and the Africa Leadership Academy (ALA). This broad network amplifies the program’s impact and reach.
- Global Reach with Local Impact: The Mastercard Foundation is one of the largest foundations in the world, but its focus is deeply rooted in local impact. It collaborates with visionary organizations to drive education and financial inclusion specifically for young people in Africa and Indigenous youth in Canada.
- Exclusive Access: The program is open to alumni from prestigious networks such as the Young African Leaders Initiative (YALI), African Leadership Academy (ALA), Anzisha Prize, and the Mastercard Foundation Scholars Program. This exclusive access ensures that the support reaches some of the most promising and driven young leaders.
- Pathway to Dignified Work: Beyond financial support, the Mastercard Foundation FAST Program is a gateway to dignified and fulfilling work, reflecting the Foundation’s broader mission to advance education and financial inclusion.
- Pioneering Entrepreneurs: By targeting aspiring and early-stage entrepreneurs, the FAST Program nurtures the next generation of business leaders who are poised to create significant economic and social impact in Africa.
Details For 2024 Mastercard Foundation FAST Program For Africans
The Mastercard Foundation, in partnership with CCHub Nigeria, MDF Global, Concree, Scale up, Savannah Innovations Lab, the Center for Enterprising Organizations, Inkomoko, and the Africa Leadership Academy (ALA), is excited to announce the launch of the Mastercard Foundation Fund for Alumni Start-ups in Transition (FAST) program.
The Mastercard Foundation is a registered Canadian charity and one of the largest foundations in the world. It works with visionary organizations to advance education and financial inclusion to enable young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work.
The program, open to aspiring entrepreneurs or those in the early stages of their entrepreneurship journey, offers a unique opportunity for alumni from the Young African Leaders Initiative (YALI), African Leadership Academy (ALA), Anzisha Prize, and the Mastercard Foundation Scholars Program.
Eligibility Requirements For 2024 Mastercard Foundation FAST Program For Africans
To be considered for the Mastercard Fund for Alumni Startups in Transition Program, you must:
- own a business
- the (proposed or established) business must be…
- A for-profit business (Not-for-profit entities do not qualify for FAST)
- Majority owned by alumni of at least one of these four programs: Mastercard Foundation Scholars Program, African Leadership Academy (ALA), Anzisha Prize, Young African Leaders Initiative (YALI).
- Located in one of the qualifying countries (please check the Application Form for the full list of countries).
Rewards For 2024 Mastercard Foundation FAST Program For Africans
The Mastercard Foundation FAST program will provide support in two key stages to assist entrepreneurs at different points in their journey:
- Idea Phase: Up to $5,000 to help develop and refine initial ideas.
- Build Phase: $10,000 to $15,000 to transform the ideas into viable business models.
Participants will gain access to funding, business development training, and a supportive network of like-minded entrepreneurs and mentors.
Selection Procedure For 2024 Mastercard Foundation FAST Program For Africans
- The length of the FAST program varies across implementing partners, but typically lasts between 3 to 6 months.
- The length of the program may also depend on the “stage” of your business as determined by the implementing partner (e.g. “idea,” “build”).
- You are expected to attend the required activities throughout the duration of the program to successfully complete the FAST program.
How To Apply For 2024 Mastercard Foundation FAST Program For Africans
To apply for the 2024 Mastercard Foundation FAST Program, interested and qualified applicants should use the link below to submit their application before September 15, 2024.
Source: https://mastercardfdn.org/