Uganda - Business creation project

Describe your project or startup in a few words

Myvazi is an online marketplace that intends to leverage the power of ecommerce to enable small and micro business owners mainly in the informal sector access quality health care through medical insurance.

01.01 Describe your project in more detail

Small businesses employ up to 90% of Uganda’s workforce and yet small business owners are still without any form protection and are expected to rely on their business earnings directly to foot things like medical bills leaving them very vulnerable. Leveraging over 10 years’ experience in ecommerce, finance and insurance expertise we intend to build an online marketplace that provides medical insurance cover to vendors/small businesses owners on the platform. With e-commerce we shall provide the small business owner a low cost means to grow their business and from this revenue we shall charge a 12% service commission part of which will be used to pay the vendors’ premiums. The platform will also allow the vendor to get medical cover for family immediate members at a subsidized rates depending their business performance. This way we shall be able to protect small businesses from big cash ejections every time the business owner or their immediate family members are sick

01.02 What is the main problem you are trying to solve?

The main problem Myvazi aims to solve is the lack of affordable and accessible healthcare for small and micro business owners in Uganda's informal sector. These business owners, who employ up to 90% of the workforce, often face financial vulnerability due to high out-of-pocket medical expenses. Without any form of health protection, they must rely on their business earnings to cover medical bills, which threatens their financial stability and business continuity. By leveraging e-commerce, Myvazi provides a low-cost means for business growth while using part of the service commission to pay for vendors' medical insurance premiums. This innovative solution not only ensures the health and financial security of business owners but also supports the economic growth of the informal sector.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

Myvazi offers several key benefits for small and micro business owners in Uganda's informal sector. 1. Access to quality and affordable healthcare for small and micro business owners through medical insurance; reducing the financial burden of medical expenses on the business and ensuring business continuity. 2. A low-cost means for business growth; By leveraging e-commerce, Myvazi enables business growth at a low cost, expanding market reach and increasing revenue. 3. Subsidized access to medical insurance for business owners' immediate family members; vendors can obtain subsidized medical coverage for their immediate family members based on business performance, promoting overall well-being. This comprehensive approach not only protects businesses from financial shocks due to health issues but also fosters economic growth, stability, and improved quality of life for the community.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

Myvazi is specifically aimed at serving small and micro business owners operating within Uganda's informal sector. Starting with those in the fashion and apparel sector. These targeted beneficiaries include entrepreneurs and vendors who often lack access to affordable healthcare and face financial instability due to high medical expenses. By focusing on this underserved segment, Myvazi seeks to provide them with a platform to grow their businesses through ecommerce, while simultaneously offering medical insurance to protect their health and financial well-being. Additionally, the project extends benefits to the immediate family members of these business owners by providing subsidized medical coverage based on business performance. Overall, Myvazi's primary beneficiaries are the small and micro business owners and their families who are integral to Uganda's economy but are often vulnerable to health-related financial shocks.

01.05 When did you start working on your project?

2024-03-06

01.06 How many other partners are associated with your business venture?

2

01.07 Among the other partners, how many are female?

1

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Sanyu Anna Maria, a 32 year old financial advisor, with more than 10 years experience in banking and social security fund management. A certified project management and life insurance professional.

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

https://myvazi.com/

01.10 Which industry best describes your project?

f) Healthcare (healthcare equipment and services)

02.01.01 My project contributes to the No poverty goal

6

02.01.02 No poverty - Justification

Myvazi contributes significantly to the goal of ending poverty by empowering small and micro business owners in Uganda's informal sector. These businesses, which employ up to 90% of the workforce, often operate with limited financial resources and lack access to affordable healthcare. By providing an online marketplace that facilitates business growth at a low cost and integrates medical insurance coverage, Myvazi helps to stabilize and increase the income of these business owners. This approach not only supports economic growth and job creation but also mitigates the financial risks associated with healthcare expenses, thereby reducing the vulnerability to poverty. The platform's ability to provide medical insurance and subsidized healthcare for vendors and their families further enhances their economic security and quality of life, contributing to the overarching goal of ending poverty.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

While Myvazi's primary focus is not directly on food security or agriculture, it indirectly contributes to the Zero Hunger goal by improving the economic stability of small and micro business owners in Uganda's informal sector. By providing a platform that enables business growth and offers medical insurance, Myvazi helps increase the disposable income of these business owners. With better financial stability and reduced healthcare costs, these business owners are more likely to afford nutritious food for themselves and their families. Additionally, the economic growth stimulated by Myvazi can have a ripple effect on local markets, potentially enhancing food security within the community. Therefore, while Myvazi's direct impact on ending hunger may be limited, its contributions to economic stability and improved livelihoods support the broader goal of achieving food security and improved nutrition.

02.03.01 My project contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification

Myvazi directly contributes to the Good Health and Well-Being goal by providing affordable and accessible medical insurance to small and micro business owners in Uganda's informal sector. By integrating health coverage into the platform's business model, Myvazi ensures that business owners and their immediate family members have access to quality healthcare. This reduces the financial burden of medical expenses, allowing them to seek timely medical attention and preventive care. Furthermore, the provision of subsidized medical coverage based on business performance incentivizes continued engagement with the platform, fostering a culture of health and well-being. By protecting small business owners from the financial shocks associated with healthcare costs, Myvazi not only improves their health outcomes but also promotes overall well-being and economic stability within the community.

02.04.01 My project contributes to the Quality education goal

5

02.04.02 Quality education - Justification

While Myvazi is not primarily focused on education, it indirectly supports the Quality Education goal by enhancing the economic stability of small and micro business owners. With improved financial security due to reduced healthcare costs and increased business revenue, families are more likely to invest in their children's education. This can lead to higher school enrollment rates and better educational outcomes. Additionally, by promoting lifelong learning opportunities for business owners through the platform, such as training on e-commerce and business management, Myvazi fosters a culture of continuous education and skill development. These indirect contributions support the broader goal of ensuring inclusive and equitable quality education for all.

02.05.01 My project contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification

Myvazi empowers women entrepreneurs on the platform by providing a low-cost e-commerce platform, facilitating business growth and financial independence. Access to medical insurance ensures women and their families receive quality healthcare, reducing financial vulnerability due to health-related crises. The ability to extend medical coverage to immediate family members at subsidized rates supports women in their caregiving roles. By addressing these critical needs, Myvazi encourages more women to participate in the business sector, contributing significantly to gender equality through economic empowerment and improved health security. While not exclusively focused on gender equality, the project's impact on women's financial and health security merits a strong score.

02.06.01 My project contributes to the Clean water and sanitation goal

2

02.06.02 Clean water and sanitation - Justification

none

02.07.01 My project contributes to the Affordable and clean energy goal

2

02.07.02 Affordable and clean energy - Justification

none

02.08.01 My project contributes to the Decent work and economic growth

6

02.08.02 Decent work and economic growth - Justification

Myvazi contributes significantly to the Decent Work and Economic Growth goal by creating opportunities for small and micro business owners in Uganda's informal sector. The platform promotes sustained and inclusive economic growth by providing a low-cost means for business expansion through ecommerce. This leads to increased employment opportunities as businesses grow and require additional workforce. Moreover, Myvazi's model of charging a service commission and using part of it to pay for vendors' medical insurance premiums ensures decent work by supporting the financial stability and well-being of these business owners and their employees. By fostering a conducive environment for business growth and employment, Myvazi contributes to the overall goal of promoting sustained, inclusive, and sustainable economic growth.

02.09.01 My project contributes to the Industry innovation and infrastructure

6

02.09.02 Industry innovation and infrastructure - Justification

Myvazi significantly contributes to the Industry Innovation and Infrastructure goal by building a resilient digital marketplace infrastructure that supports small and micro-businesses. By leveraging e-commerce, Myvazi promotes inclusive and sustainable industrialization, providing a platform for business growth and innovation. It enables small business owners to reach wider markets and improve their operational efficiency. Additionally, the integration of medical insurance as part of the platform is an innovative approach that enhances the sustainability and resilience of small businesses. While Myvazi focuses on digital infrastructure rather than physical, its impact on promoting industrialization and fostering innovation is substantial.

02.10.01 My project contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification

Myvazi contributes significantly to reducing inequalities by providing small and micro-business owners, particularly those in the informal sector, with access to e-commerce and affordable medical insurance. By enabling these entrepreneurs to grow their businesses and secure health coverage, Myvazi helps level the playing field, offering opportunities that might otherwise be inaccessible. The platform's focus on financial inclusion and health security directly addresses economic disparities and promotes social equity. While Myvazi primarily operates within Uganda, its model can potentially be replicated in other countries, further contributing to global efforts to reduce inequalities.

02.11.01 My project contributes to the Sustainable cities and communities goal

5

02.11.02 Sustainable cities and communities - Justification

Myvazi contributes to the Sustainable Cities and Communities goal by promoting economic resilience among small and micro-business owners in urban areas. By providing a platform for business growth and integrating medical insurance, Myvazi helps build financial stability and health security, which are essential for resilient communities. However, the project's primary focus is on economic and health empowerment rather than directly addressing urban planning, housing, or environmental sustainability. Thus, while it supports some aspects of sustainable communities, its contribution is moderate.

02.12.01 My project contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

4

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

2

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

2

02.15.02 Life on land - Justification

none

02.16.01 My project contributes to the Peace justice and strong institutions goal

2

02.16.02 Peace justice and strong institutions - Justification

none

02.17.01 My project contributes to the Partnerships for the goal

5

02.17.02 Partnerships for the goal - Justification

none

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

1 - Strongly Disagree

05.02 The product/service we envision creating represents an entirely new type of product/service.

6

05.03 The product/service we envision creating could be described as a new technology.

5

05.04 The product/service we envision creating is an improvement on an existing product or service.

5

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

5

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

2

05.08 Justification

05.09 Who are your main potential competitors and what makes you stand out from them?

Telcos and Insurance companies are some of our potential competitors but our investment and interest in the business' growth by leveraging e-commerce makes us unique and more beneficial to our target market

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

yes, we encourage women to embrace e-commerce through our trainings