The GSMA third round competition will attract 15 startups from Africa and the Asia Pacific. The initiative intends to provide funds to startups focusing on mobile wallet, IoT, and Big Data disciplines in its third round.
The second round event launched in 2017 June indicated that Myanmar region had 13% of the entire applications from the Asia Pacific. In addition, Myanmar contributed approximately 5% of the total application from Africa and the Asia Pacific.
GSMA innovative free grant aims at supporting and funding startups from Africa and the Asia Pacific. The third round application scheduled to open 12 March 2018.
According to Kaung Sitt, GSMA market manager, the institution outreach event focuses on the provision of free equity grant to investors. Moreover, the initiative is funded by GSMA members, the Australian government, and UK donors. Furthermore, the third round event will attract more startups from Myanmar in Asia.
The 2016 GSMA first round event involved only nine startups. Indonesia’s Ruangguru and Nepal’s eSewa originated from Asia. The former startup innovated freemium learning platform to assist students preparation for exams as well as content mastery by teachers. Nepal’s eSewa on the other hands launched online business opportunities platform by use of handset mobile phone.
However, it requires approximately six months from the time of application to disbursement of GESMA funds. Besides GSMA grants, startups ought to source alternative funds from other donors and foreign investors.
The resent report indicates that successful startups receive funding worth about £100,000 to £250,000 alongside linkage with market agencies.