The Dutch Entrepreneurial Development Bank (FMO) has partnered with the leading pan-African tech company Startupbootcamp(SBC) Afritech for the third iteration of the African Startup Accelerator Program, this program is intended to scout talent and scale early-stage technology start-ups in Africa.
What will Africa benefit from this partnership?
Africa’s dynamic start-up ecosystem needs help from many different places to multiply in a way that will last. The continent has very high growth rates, and by the end of July 2022, it is expected to have had 370 deals worth more than three billion dollars. One of the most critical aspects that enable companies to scale and innovate is the contribution made by ecosystem enablers such as Startupbootcamp Afritech. The development process also requires the provision of support for various enablers.
The Financial Markets Organization (FMO) is in charge of running the Financial Inclusion Fund (MASSIF) and the Ventures Program on behalf of the Dutch government. FMO invests in business models that are open to everyone and works with intermediaries to provide the knowledge that improves business operations and makes the world a better place for new businesses to start up. The fact that FMO and SBC Afritech work together shows how much the organisation wants to improve Africa’s technology ecosystem.
The manager of the Ventures Program, Marieke Roestenberg, said this about this topic: “As part of our efforts to build an entrepreneurial ecosystem, FMO was eager to help Startupbootcamp AfriTech expand into more middle-tier markets.” This cooperation is a chance to deliver more excellent acceleration at a world-class level to entrepreneurs working to build businesses that create jobs and improve the standard of living for their families and communities.
The ASIP Accelerator is a program that aims to help the next generation of African tech start-ups that are in their early stages and are changing important industries like eCommerce, Digital Health, Climate-tech, FinTech, and AgriTech. FMO has joined partners such as DER/FJ, AWS, and Google to support this programme. In the same way that FMO did, SBC AfriTech’s main focus areas are digitising the informal sector, mobility, and micro-leasing.
“The alignment that we share with FMO is a fundamental reason why this cooperation is so crucial, particularly regarding our focus on our regional area.” Philip Kiracofe, one of the co-founders of SBC Afritech, told them that the company would continue to help entrepreneurs find new ways to do business with their help.
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Where and how will the program be held?
Once they have been chosen, the participants will spend the next three months going to seminars led by experts that will teach them the basics of scaling, such as the business model canvas, the lean methodology, and how to get money. The program will be held in Senegal and culminate with a hybrid demo day. On this day, the founders of new companies will share their innovative ideas with investors, corporate partners, and other important people in the industry.
Start-ups will also be able to use the Accelerator Squared platform, which is SBC’s tool for coaching. This platform has a huge library of content, as well as group workshops, one-on-one mentoring, collaborative sessions with Entrepreneurs in Residence, and discussion forums with founders from all over the world that are only open to those who have been invited. In addition, seasoned mentors and devoted entrepreneurs-in-residence will provide individualized help (EIRs). The ten participating firms will each get an investment of $18,000 in cash in addition to receiving advantages with a total value of more than $750,000. These perks include credits from AWS and Google Cloud Services.
The tech startups have completed training
A total of fifty African start-up companies have graduated from the SBC Afritech Accelerator during the past five years. Ninety per cent of the graduates are still in business and expanding, and the SBC portfolio firms have raised more than a hundred million dollars in follow-on capital. This makes SBC one of the most successful early-stage programs on the continent, and for investors, the fund has done as well as the top 5% of Silicon Valley VC funds. SBC also has the distinction of being one of the most innovative early-stage programmes.
At the end of August, the application period for Cohort 3 will begin to be available on sbcafritech.com. SBC AfriTech’s FastTrack scouting activities will occur in more than ten African countries. These countries include Ivory Coast, Nigeria, Ghana, Kenya, Morocco, Tanzania, and Ethiopia.
What is FMO?
FMO is the Dutch bank for the development of entrepreneurship. It aims to enable entrepreneurs to contribute to creating a better world. The organization has made investments to assist in creating jobs and income, intending to better people’s lives in those regions where it can have the most significant impact.