Private Sector Development Projects
Private Sector Development is an essential component of the support system for micro, small and medium-sized enterprises (MSMEs), which are known to create employment, generate income and contribute to economic development and growth.
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FEATURED STORY:
HarHub
HarHub - From Idea to Action. Together
Harhub was founded in 2018 by Shaqodoon Organisation to address the 67% unemployment rate of youth in Somaliland. Harhub identified ways in which they could offer dedicated specialised opportunities and support to young entrepreneurs. Harhub provided a space to allow young innovators and entrepreneurs to create, build, scale, and sustain social ventures that tackle the communities' most pressing issues, such as unemployment.
The team at HarHub is committed to creating opportunities and space for the private sector in Somaliland to thrive. Through an innovative, multi-pronged approach to business development, the private sector is growing.
HarHub
Harhub is a support system for innovators and entrepreneurs helping them ideate, create and build sustainable ventures and projects. Harhub offers services to help entrepreneurs, start-ups, innovators in leaping ahead by customising solutions for private sector development. Services are anchored on three pillars of entrepreneurship, innovation, and collaboration.
In 2019, Harhub established the Tarmiye crowdfunding platform with the help of Shaqodoon Organization and Premier Bank and the support of Oxfam and Spark. Tarmiye continues to provide one million dollars funding opportunities for Somali entrepreneurs focusing on businesses development and the creation of at least 1,000 new jobs.
Startup Acceleration & Incubation
Harhub runs accelerator and incubation programs for start-ups to help them improve their products, enter a new market, validate their ideas, and build sustainable ventures. Its innovation is at the centre of solving any problem; using tools like Design Thinking and Lean Development, Harhub helps young innovators plan, create, launch, prototype, and test solutions to solve some of the most pressing issues facing their society. Harhub has incubated 50 businesses and invested in 124 start-ups, with 75 owned by men and 49 by women business owners.
Co-working Space - Fostering Meaningful Networking
The co-working space is designed to empower entrepreneurs, freelancers, and digital nomads with a safe, secure, cool, and work-oriented space to foster meaningful networking. The space has various options to serve anyone who needs to save time, work more efficiently, do good work, and find a community of neighbours to work and relax with like-minded individuals.
Crowdfunding
The crowdfunding platform supports start-ups and social entrepreneurs to raise funds from their communities as an alternative way to finance their projects. Harhub developed innovative financing mechanisms, including unique equity financing models where start-ups receive loans, equity finance, and matching grants. Harhub has managed to disburse a total of $433,738 funds providing both equity funding, partial loan, and grant.
Achievements (2019-2021)
“What we want to do in the next few years is change the economic outcome and development of the country by supporting young business that most people don’t want to take a risk on.”
— Khadra Ali, Former HarHub Manager
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Skills Training Projects
Champion for the empowerment and education of youth and women by expanding and building new partnerships that serve job seekers.
Entrepreneurship Projects
Empowering youth through Entrepreneurship Skills by creating focus and actions in urban locations, including work with internally displaced people within urban centers, to form entrepreneurial opportunities that ignite innovation, create jobs, and grow economies.
Technology & Innovation Projects.
Leverage technology to create flexible investment mechanisms that build local and regional collaboration, innovation hubs, innovation incubators, Technology for Development (T4D), and crowdfunding platforms.