A new era in the finding and funding of African tech innovation startups “Leap into the Future”
This week saw the launch of a first-of-its-kind fund, which will fuel sustainable development goal-driven innovation in Africa. Global Innovation Initiative Group (GIIG) has partnered with the Global Startup Awards (GSA) to become the exclusive rights holder for Africa.
Currently VC funding is concentrated in just 5 out of the 55 African nations, however, this new initiative between GIIG and GSA is entirely inclusive.
To date, we are delighted to have received nominations from 54 countries … said Jo Griffiths, Co-Founder of GIIG.
The competition, with categories linked to UN Sustainable Development Goals, seeks tech innovation startups with a maximum of 5 years since inception. Category winners from the 5 continental regions will go through to the African Finale, where all winners will be offered funding and mentoring opportunities.
The Fund is seeking $100m to fund around 40 startups over a 3-year period. Multi-stage capital will be combined with growth support, access to high value networks, and fast-tracked market penetration to optimise outcomes for startups.
The African winners will be invited to participate in investor engagement sessions where a needs-based assessment will take place. GIIG will be working with one of the world’s largest accountancy firms to provide financial advice for the startups and will also be collaborating with business schools to provide overall advice on core topics such as strategy, marketing and supply chain amongst other things. In addition, there will be a team of mentors with wide-ranging knowledge and experience across venture capital, tech innovation and the African startup space to help the winners bridge knowledge gaps and apply new learnings.
Our aim with the Fund is to create the impetus for smart investment in African tech startups; offering real investment options that will potentially lead to positive financial returns and lasting impact. Africa is an untapped market for investment in tech and innovation, with the continent’s propensity for leapfrogging representing a sound and potentially lucrative alternative to markets in South America and Asia … adds fellow GIIG Founding Partner, Philip Baldwin.
The Global Innovation Initiative Group (GIIG), strives to develop the largest relationship infrastructure of mission-aligned African innovation stakeholders to accelerate the co-creation of future markets and world-changing solutions. Through its multi-platform venture-builders, GIIG Africa will accelerate business growth utilising world-class expertise. GIIG is the exclusive partner to The African region of the Global Startup Awards, the largest independent startup ecosystem competition with the mission to find, recognise and connect the future-shapers of the digital age from all around the world.
You do need to be part of the competition to have a chance of being funded, so have you entered?
Visit African Startup Awards Page to enter.