Entrepreneurs in Tooro, Rwenzori to compete for sh40m innovation fund

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More than 100 entrepreneurs from the Tooro and Rwenzori sub-regions are preparing to compete for an innovation fund worth more than sh40m to help businesses develop new products, adopt technology and expand their operations.

The funding opportunity, organised by the Fort Portal City Chamber of Business and Commerce in partnership with the International Development Law Organisation (IDLO) and other development partners, will benefit 10 entrepreneurs selected through a business pitching competition during the Tooro Entrepreneurship Symposium (TESY) 2026.

The three-day symposium will run from November 16 to 18 in Fort Portal, with the pitching session scheduled for November 17.

Muguda Murungi Apuuli, the chamber’s secretary and chief executive officer, said the fund would help entrepreneurs turn innovative ideas into viable businesses and accelerate growth through technology.

Muguda Murungi Apuuli, the chamber’s secretary and chief executive officer, said the fund would help entrepreneurs turn innovative ideas into viable businesses and accelerate growth through technology. (Photo by Nelson Mandela Muhoozi)

“The fund is secured in partnership with IDLO, and it will be shared amongst 10 entrepreneurs who will have successfully gone through the pitching deck on the second day of the symposium,” Murungi said.

“Its purpose is to enable businesses to capitalise on their innovations and accelerate growth in line with use of technology,” he added.

The competition will give entrepreneurs an opportunity to seek funding to develop their products, improve business processes or introduce technologies that could make their enterprises more competitive.

Ahead of the competition, prospective beneficiaries are undergoing a two-day business training programme facilitated by IDLO to prepare them to present their ideas to potential investors.

The training is intended to strengthen their business proposals and help them demonstrate the commercial potential of their innovations.

Alfred Hill, IDLO’s programme lead in Uganda, said the organisation was supporting the initiative with funding from the Kingdom of the Netherlands to help entrepreneurs prepare for investment, access finance and connect with wider markets.

“By helping entrepreneurs become investment-ready, access finance and connect with regional and global markets, the initiative advances inclusive economic growth,” Hill said.

He said the programme also supported Uganda’s National Development Plan, the Government’s Tenfold Growth Strategy and the Netherlands’ partnership with Uganda.

“We are pleased to support the next generation of Ugandan businesses as they turn local innovation into global opportunity,” Hill said.

More businesses to benefit

Beyond the innovation fund, the symposium will support efforts to formalise small businesses, particularly those operating without official registration.

Bridget Kaligirwa Kigambo, the lead convenor of TESY 2026, said 20 businesses would be selected to pitch their ideas, with 10 receiving funding to implement their innovations.

“100 businesses are being trained, 20 will be selected for pitching, and 10 businesses will be funded to implement their business innovation, while the rest benefit from the 100-business funded registration by URSB funded by IDLO,” Kigambo said.

The registration support will be facilitated through the Uganda Registration Services Bureau (URSB), with IDLO funding the initiative.

According to the organisers, formal registration can help businesses establish a recognised legal identity, improve record-keeping and access opportunities that require proof of registration. “It can also provide a foundation for entering into formal contracts and pursuing partnerships with other businesses and institutions,” they said.

What entrepreneurs stand to gain

The Tooro Entrepreneurship Symposium is designed to bring together entrepreneurs, small and medium-sized enterprises, innovators, investors and development partners to promote business growth, technology adoption and access to markets.

In addition to the pitching competition and registration support, the programme will provide opportunities for business skills development, mentorship and networking.

For those seeking investment, the competition will also provide an opportunity to present their ideas to potential supporters and demonstrate how their businesses can grow, create value and respond to market needs.

Entrepreneurs interested in the wider programme can find more information through the Fort Portal City Chamber of Business and Commerce website, www.fpccbc.org.