Applications for Startupbootcamp AfriTech’s third cohort are now open, and fast-track scouting events will be held in more than 10 African countries. The Dutch Entrepreneurial Development Bank (FMO) said it would help the leading pan-African tech accelerator.
Startupbootcamp AfriTech was created to scout talent and help early-stage technology startups across the continent scale their operations. Startups in industries that have a significant impact on development are the primary focus of this initiative. These industries include energy, agribusiness, food, and water.
Marieke Roestenberg, the program manager for Ventures, believes that for Africa’s thriving startup ecosystem to grow exponentially and sustainably, it needs help from various fronts. She thinks that the continent is distinguished by its phenomenal growth rates.
By the end of July 2022, it is predicted that Africa will have registered 370 deals with a total value of more than $3 billion. The involvement of ecosystem enablers like Startupbootcamp AfriTech is one of the essential variables that enable startups to scale and innovate, and it is one of the most critical ones. Roestenberg argues that facilitating support for enablers is a crucial component of the overall development process.
“As part of our efforts to develop an entrepreneurial ecosystem, FMO was keen to support Startupbootcamp AfriTech in expanding their activities into new middle-tier markets,” she explains. This relationship presents a potential for additional world-class acceleration to be made available to business owners working to establish companies that will generate employment opportunities and improved living standards for their families and communities.
Roestenberg claims that the collaboration with Startupbootcamp is beneficial. AfriTech exemplifies the commitment that FMO has made to bolstering Africa’s technology sector.
More things to think about
The ASIP accelerator aims to support the next generation of early-stage African tech startups disrupting key industry verticals. FMO is one of the partners that is supporting the ASIP accelerator. Other partners include DER/FJ, AWS, and Google. This encompasses industries such as financial technology, insurance technology, agricultural technology, climate technology, digital health technology, and e-commerce.
This cooperation is highly significant for several reasons, the most important of which is the fact that our priorities coincide with those of FMO, particularly regarding the region in which we operate. “With their support, we can continue our mission to equip founders with game-changing solutions,” says Philip Kiracofe, one of the co-founders of Startupbootcamp Afrotech
Once chosen, participants will spend three months getting intensive coaching in masterclasses led by experts. They will learn about scaling basics like the business model canvas, lean methodology, and fundraising.
The program will be held in Senegal. Its culmination will be a hybrid demo day at which the founders of startup companies will present their innovative ideas to a diverse audience of media representatives, investors, corporate partners, and industry stakeholders.
Coaching tool made for Startupbootcamp.
Startups will also be able to use Startupbootcamp’s tool for personalized coaching. This platform is called Accelerator Squared. It includes a comprehensive library of information, invite-only discussion boards with founders from around the world, group seminars, one-on-one mentoring, and collaborative sessions with entrepreneurs in residence.
The chosen ten startup companies will also receive perks with a total value of over $750 000. These benefits include credits from Amazon Web Services and Google Cloud Services and a cash investment of $18,000.
A total of fifty African startup companies have graduated from the Startupbootcamp Afritech Accelerator during the past five years. Over ninety percent of the program’s alums are still actively running their businesses and expanding. The cumulative amount of follow-on capital that Startupbootcamp portfolio companies have raised is over one hundred ten million dollars.
Because of its track record, it is considered one of the continent’s most successful early-stage programs. In addition, the fund has performed among the top 5% of Silicon Valley VC funds, making it appealing to investors.
Events for fast-track scouting will occur in various nations, including but not limited to Nigeria, Ivory Coast, Tanzania, Ghana, Kenya, Morocco, and Ethiopia.