Application for the popular Innovate Ventures Startup Accelerator program is now open. The program will be open from May 1st, 2020 to the deadline, June 30th, 2020.
Who Can Apply?
Do you consider yourself to be an inventor or have an early-stage startup business? Are you based in the Somali region?
Are you currently working on a significant tech innovation, product, or service that will help address a giant need in the local community? Are you passionate about what you do?
If your answer to the above questions is yes, then this Early Stage Startup Accelerator Program is for you.
What is Innovate Ventures?
Innovate Ventures ranks as one of the leading startup accelerator and tech fund in Somali. It involves a partnership between businesses looking to offer a helping hand to promising startups in the Somali region. The partners involved include Oxfam, VC4A, and Telesom. They are all part of the project termed “work in progress.”
The Innovate Ventures startup accelerator program has trained and graduated approximately 50 participants since inception. Roughly $100,000 has also been issued to participants thus far. During the program, participants are giving proper training and mentorship by high ranking experts in their respective fields. Also, as part of the package of the accelerator program, participants will enjoy some visibility, investment opportunities and build strong networks for their businesses.
What Benefits Does Innovate Ventures Program Offer?
The benefits include the following;
- 12 weeks intensive training and mentorship to help participants build solid operational and business skills.
- Access to top telecommunication businesses and financial institutions in Somali and Somaliland.
- Opportunity to pitch your business idea to international and local investors.
- Opportunity for participants to feature in local and international media.
- At least 3 startups participating in the program will receive equity funding to the tune of $30,000.
Requirements To Participate in the Innovate Ventures Startup Accelerator Program
- You must have a tech-focused business.
- You must have your business based in Somali or Somaliland.
- Founders should be between the ages of 18 – 35 years.
- Once selected, you agree that you can attend the program at Hargeisa.
How To apply?
- Deadline is June 30th 2020, after which, you can no longer apply. To apply, all you need to do is fill up and submit the application form. Once that is done, the Innovate Ventures team will give you a reply within 4 weeks from the day of submission. You will be notified whether your startup was picked or not.
- Once selected, all participants will be requested to join a pre-accelerator bootcamp that will last for a week. After that, 12 startups will be selected to start the main program, held at Hargeisa.
What Happens At The End Of The Program
All 12 participants will participant in a Demo Day, which is the final day of the program. They will be asked to pitch their ideas to international investors, including top media. The top 3 startups will be picked and awarded an equity investment from the Innovate Venture Fund worth $30,000.