WorldFish is an international non-profit organization working in Africa, Asia, and the Pacific, and it develops and implements innovative ways of addressing poverty and hunger in a sustainable manner, with a focus on aquatic food systems. In seeking to contribute to building a food-secure future globally, WorldFish is the lead institution for the CGIAR Research Program on Fish Agri-Food Systems (FISHCRP). This end-of-project report is an evaluation of a project known as inclusive business and entrepreneurial models (IBEMs) in which WorldFish piloted inclusive business and entrepreneurial models for smallholder fish farmers and poor value chain actors from May 2019 to December 2022 across six (6) districts of southern Malawi, namely: Blantyre, Mulanje, Mwanza, Phalombe, Thyolo, and Zomba. Part of sustaining small-scale fisheries includes enhancing inclusivity, resilience, and innovation within the food systems. This evaluation focused on the project’s four (4) outputs viz.: i) Inclusive business and entrepreneurial models (IBEMs) established and functional to service local smallholder farmers, ii) Innovation platforms with private and public actors established and functional, iii) Innovative training materials, developed and used, regarding best management practices, business skills development, and entrepreneurship, and iv) Assessments performed evaluating the efficacy of the IBEMs, innovation platforms, and training materials and approaches. The evaluation employed a mixed-method design comprising qualitative and quantitative approaches using secondary data (project reports and publications), survey questionnaires, key informant interviews as well as focus group discussions for fish farmers, feed, and hatchery operators, and observations in the field. The Organization for Economic Cooperation and Development – Development Assistance Committee (OECD-DAC) evaluation tool was used to measure the impact of the project following six criteria. Findings reflect that the project objectives were met reasonably well by fulfilling the targets of number of farmers involved in the project, establishing IBEMs and associated innovation platforms as well as capacity building through training on best management practices, business skills development, and entrepreneurship. An evaluation of these targets, processes and platforms indicate that the project was inclusive with a fair representation of women but marginal involvement of youths. Despite this, the youth are beginning to show interest in fish farming which presents an opportunity for further engagement in the future especially as there were no statistically significant differences in responses across gender, education, and income levels. Also, several impacts of the project were noted in the categories of access, training, production and productivity, income and profitability, inclusivity, and nutritional diversity. The project improved access to fish feed and seed to farmers to a great extent (though women farmers seem to have less access as compared to men), and significant portions of project farmers (