On January 19th, 2023, Outbox Hub joined forces with Startup Uganda, NSSF Hi Innovator, and Mastercard Foundation Young Africa Works to host a hybrid workshop on “Bootstrapping, Revenue Models, and Managerial Accounting” under the AfriConEU Networking Academy. The goal of the workshop was to teach the fundamentals of financial control and revenue models, as well as an overview of the bootstrapping method of funding a project or business.

The event began with Apiyo Perez Masinde discussing AfriConEU, the first Trans-continental Networking Academy for African and European Digital Innovation Hubs. Led by Shona Group, the workshop was split into two sessions.

During the first session, participants were divided into 5 teams and used a gamified approach to learn how to finance their own startup business. With this entrepreneurship game, trainers and trainees dove into the business world, honing their skills and unlocking the secrets of financial management. The team with the highest profits over the length of the workshop was declared the winner.

The second part of the workshop focused on unit economics. Ivan Mandela, Director of Investment at Shona Group, helped teams understand how to calculate and why it is important for Digital Innovation Hubs in relation to the businesses they support.

In summary, through this hands-on workshop, participants played, had fun, and most importantly, explored the difficulties of being an entrepreneur. You can find more information about the event on AfriConEU’s Twitter.