From Idea to Impact: How Swiss Re Start Up Academy Fueled the Growth of Merdeo
Nana Kofi A. Sarpong, Founder and CEO of Merdeo Foods, is an alumnus of the Swiss Re Start-up Academy, a program powered by Aiducation International in partnership with the Swiss Re Foundation. The Academy is designed to nurture young entrepreneurs by providing them with essential skills, mentorship, and seed funding to transform their ideas into impactful ventures. In 2022, Nana Kofi participated in the program, where Merdeo Foods was awarded the prestigious Start-up Fund, marking a significant milestone in its growth journey.
This is the story of how Swiss Re and Aiducation’s entrepreneurship program transformed a concept into a thriving business that is reshaping the food supply chain in Ghana.
"In 2020, my entrepreneurial journey took an unexpected yet transformative turn when I first encountered Aiducation mentorship program for young entrepreneurs called Swiss Re Start Up Academy. This meeting wasn't just a coincidence; it became the cornerstone of what would later evolve into Merdeo, a business venture dedicated to revolutionizing the food supply chain in Ghana.
My initial interaction with Swiss Re and Aiducation was through their Startup Academy, a mini boot camp designed to ignite entrepreneurial creativity and provide foundational business knowledge. It was during the academy that the seed of Merdeo, a B2B marketplace connecting local smallholder farmers to urban vendors, began to take root. The Academy equipped us with vital skills and insights, culminating in a pitch competition in 2022.
To my astonishment and joy, Merdeo was awarded a seed fund of approximately 60,000 cedis, becoming one of the selected few to receive this generous investment in Ghana. This financial boost was a turning point. This is because, at that moment, Merdeo existed only as a concept—no assets, no customers, and no farmers. However, Swiss Re and Aiducation’s belief in the potential of my idea was game-changing. With their funding, we registered the venture, converted my garage into our first warehouse, and acquired a vehicle to support our logistics. These initial steps laid the foundation for what Merdeo has become today.
Merdeo now operates as a thriving business-to-business marketplace, using eco-friendly means to provide fresh, high-quality produce at affordable prices. We've grown to a team of five dedicated members and currently collaborate with over 80 smallholder farmers across Ghana while delivering to thirty (30) restaurants. Moreover, we've secured additional investments totalling over $10,000 and we are excited to announce the development of a mobile application that will streamline procurement processes for restaurants, making our services even more accessible.
Merdeo in the farm
Aiducation has been more than just an investor; they have been a catalyst for our growth and a steadfast supporter of our vision. They provided me with a Mentor who is a top-tier executive at UBS Bank in Switzerland who has become a friend even after the formal mentorship period. Aiducation’s faith in Merdeo's potential gave us the courage and resources to turn an idea into a reality, impacting not just our team but the lives of countless farmers and businesses in Ghana. I was motivated to start this business after my personal experience with procurement frustrations while running my previous business, Obama Beans. I realized that there was a need to simplify the supply chain to make food more affordable and accessible for consumers, and decided to take action. I discovered that the root cause of high food prices was the inefficiencies and challenges in the agricultural value chain, particularly post-harvest losses. It was out of this frustration that I set out to create a platform that would connect smallholder farmers to a wider market, improve their livelihoods and reduce food waste. As we continue to grow and expand, I am profoundly grateful for Swiss Re and Aiducation's support and mentorship. Their contribution has been instrumental in shaping Merdeo's journey, and I am forever indebted to their incredible backing. I have moved on to participate in other prestigious fellowships including the African German Young Leaders in Business and Social Innovators Program.
At the AGYL program
To my fellow entrepreneurs, I offer this piece of advice: Believe in your vision and stay resilient. The journey of entrepreneurship is filled with challenges, but your passion and perseverance will be your greatest assets. Seek out supportive networks, like Swiss Re and Aiducation was for me, and never underestimate the power of mentorship and education. Remember, every setback is an opportunity to learn and grow. Stay committed to your purpose, and success will follow. Keep pushing forward, and your dream will become a reality. Through this experience, I've learned that the right support at the right time can truly make a world of difference. Aiducation’s impact on Merdeo is a testament to the power of believing in potential, fostering innovation, and nurturing the entrepreneurial spirit.”
Nana Kofi A. Sarpong, AiduTalent from Ghana
The entrepreneurship program is a cornerstone of Aiducation’s mission to empower the next generation of business leaders. Through our 1,000 Young Entrepreneurs Initiative, we are committed to nurturing young, ambitious entrepreneurs by providing them with the skills, resources, and mentorship needed to turn their innovative ideas into impactful businesses. We are proud to be part of their journey and to contribute to sustainable economic growth through entrepreneurship.
Published by Boniface Mahulo