It is now common knowledge that Uganda is one of the most entrepreneurial countries in the world with up to 28% of the population having started at least one business by the ages of 18 and a large contribution of over 75% to the country’s Gross Domestic Product. Despite all this, nearly 50%of these businesses are likely to collapse within their very first year of existence and up to 96% within the first 25 years.
“Small businesses must thrive. Small businesses must survive” this is a vision that Barefoot Law has for SME’s around the country because of their very detrimental contribution to the development and growth of the country as a whole.
This vision has caused Barefoot Law to push for the longevity of SME’s in the country through our mSME garage initiative whose aim is to take advantage of the intelligence and insights gathered from our constant interaction with SMEs and business owners.
During our three years of existence, we’ve come to realize that many of the challenges faced by SME’s can, to a large extent be overcome by the provision of legal information, guidance and support necessary for the smooth running of the SME, even basic knowledge on business formation, contract drafting, employment issues, shareholding to mention but a few can have the effect of reversing the current trend and this is where the mSME garage fills the gap.