Today, Boost
Technology, a retailer-first e-commerce platform, was announced as one of eight
global winners of Strive Community’s inaugural round of its Innovation Fund.
Boost Technology, a company working with retail entrepreneurs across Ghana,
Nigeria and South Africa, will receive a grant of US$125,000 towards their work
trialling a new service (Project IKE) that combines data analysis, behavioural
science and conversational commerce to provide small retailers with customer
insights making them more resilient.
Boost Technology celebrates the opportunity presented by the Innovation Fund
grant, enabling it to trial Project IKE 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 convenience retailers with
business insights. The prize will allow us to extend our R&D capacity and
accelerate the launch of retailer-facing features to power the growth of our
small business users.”
Small businesses, like the ones being supported by Boost Technology’s
innovations, are essential agents of inclusive growth, with estimates
indicating that 70% of total employment worldwide are provided by small
economic units. This is even more prevalent in low-income countries, with
around 90% of employment stemming from businesses with under 10 employees[1].
Boost Technology, alongside the seven other awardees, is transforming how small
businesses operate – and are supported – in a world that is rapidly digitizing.
The inaugural round of the Innovation Fund awarded seven other innovative,
digital, data-first projects from around the globe, totalling $1 million in
grants. The other innovative ideas being supported by the Innovation Fund
include creating virtual reality experiences to upskill small businesses in
Brazil’s favelas, building positive money 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 is focused
on strengthening the resilience of small businesses and supporting their
growth. The Innovation Fund was established to spark truly innovative, digital,
and data-first 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 grantees are all
introducing creative solutions that have potential to not only ease the
challenges of digitization for small businesses, but unlock its promise,
enabling them to grow and thrive.”
The two winning organisations from across Africa, which were chosen from more
than 650 applicants globally, are as follows:
● Novek, Kenya
o An Internet-of-Things enabled dispensing machine for powder-based
goods, to reduce stock outs, increase sales by dispensing in quantities
customers can afford, and eliminate single-use packaging
● Boost Technology Ltd, South Africa,
Nigeria
o Trialling a new service that combines data analysis, behavioural
science and conversational commerce to empower small retailers with insights to
make them more resilient.
The other winners hail from Latin America and South East Asia, and are as
follows:
● Flourish FI, Brazil
o Using behavioral insights, open banking data combined with tried
& tested game-mechanics to drive improved financial management and
financial decision-making by small business owners.
● XR Global, Brazil
o Testing the potential of virtual reality (VR) to upskill small
businesses, by bringing learners into immersive experiences.
● Open Contracting Partnership,
USA/Colombia
o Creating a marketplace that leverages open data about government
contract awards to seamlessly connect small businesses winning contracts with
financial institutions who can offer them credit.
● FUNDES & Argidius, Mexico,
Guatemala, Peru, Colombia
o Connecting traditional merchants to the most appropriate
digitization tools by creating a marketplace.
● ChatGenie, Philippines
o Building new features that reduce friction in the sales process
for small businesses selling via social commerce. The solution also enables
management of multiple social commerce channels within a single app.
● Boost Capital, Cambodia
o Scaling up smartphone enabled loans and financial education, and
jumpstarting the creation of a virtuous cycle in which businesses which 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 signing up to receive email
updates.
Source: Peacefmonline.com