Home Tech Startupbootcamp AfriTech on Scouting Tour for Cohort 3 of the Africa Startups Initiative Accelerator Program (ASIP)

Startupbootcamp AfriTech on Scouting Tour for Cohort 3 of the Africa Startups Initiative Accelerator Program (ASIP)

by Business News Report

Startupbootcamp AfriTech, Africa’s leading tech accelerator is seeking the most disruptive African tech startups from critical vertical industries for Telecel Group, Africa Startup Initiative Accelerator Program. Africa’s destiny lies in innovations designed to alleviate the continent’s toughest challenges while creating products that are attractive enough for a global market. To do that, Accelerator programs facilitate and enable the evolution of local solutions into powerhouses that leave an indelible mark on the world. This is one of the many reasons forward-thinking businesses and governments are collaborating more with these essential support engines.

Founded by the telecom giant, Telecel Group, powered by SBC-AfriTech and backed by partners such as DER/FJ, the Dutch Business Development Bank FMO, ENRICH-in Africa a project funded by the European Union, AWS and Google, ASIP Accelerator aims to support the next generation of early-stage African tech startups disrupting key industry verticals including FinTech, InsureTech, AgriTech, climate technology, e-commerce, digital health and clean technology, mobility, micro-leasing, and digitisation of the informal economy. In the last 5 years, 50 African startups have completed the SBC AfriTech Accelerator. “Ninety percent of our alumni are still operating and scaling,” says program director Henry Ojour. Collectively, SBC’s portfolio companies have raised over $120 million in follow-on financing and the last 2 cohorts of Telecel Group’s ASIP program are performing exceptionally well.

We are excited about what Cohort 3 will accomplish and believe it will set new records.” Telecel Group has also reinforced its commitment to providing participating startups with access to markets, with the help of other relevant corporations that will enable founders to run proof-of-concepts and pilots at the same time as build sustainable businesses. Eleanor Azar, Director of ASIP, said: “We are pleased to announce that applications are now open and we encourage all new businesses to apply. The last two cohorts have been very successful and we expect cohort three to be phenomenal, especially as our consortium of partners is growing. and adding powerhouses like FMO and Enrich In Africa in addition to DER, AWS, Google, Microsoft and many more.” The Government of Senegal through DER/FJ continues to be the bridge providing essential public sector partnerships and government support. Cohort 3 is also fully supported by the Dutch Entrepreneurship Development Bank, FMO investing in inclusive business models and providing the expertise startups need to improve their business operations while provides broader support to facilitate a dynamic start-up environment in the regions where the program invests.

Speaking on this, Ventures Program Manager Marieke Roestenberg said: “As part of our entrepreneurial ecosystem building efforts, FMO was keen to support the ASIP program and SBC AfriTech in expanding their operations into more mid-tier markets. This partnership provides an opportunity to bring more world-class acceleration to entrepreneurs who strive to build businesses that create jobs and better livelihoods for their families and communities.” Once selected, participants will spend three months receiving intensive training through expert-led masterclasses covering the fundamentals of scaling, from the business model canvas and lean methodology to fundraising. The program will take place in Senegal and will culminate in a hybrid Demo Day where startup founders will present their disruptive solutions to a wide audience of media, investors, corporate partners and industry stakeholders Telecel Group ASIP Startups will also have access to the personalised training from Startupbootcamp, the Accelerator Squared platform, which has a full library of content, group workshops, 1:1 mentoring, collaborative sessions with entrepreneurs in residence, and invitation-only discussion forums with founders from around the world.

This is coupled with personalised support from experienced mentors and dedicated Entrepreneurs-in-Residence. The 10 startups in the ASIP program will also receive benefits valued at more than $750,000, including credits from AWS, Google Cloud Services and many more, and a direct cash investment of $18,000. Telecel Group ASIP powered by SBC AfriTech has so far hosted exploration events in Ivory Coast, Nigeria, Kenya, Ethiopia, South Africa and Uganda. In the coming weeks, the team will be in Accra, Casablanca and Dakar. “For each FastTrack, we invite the top 10 startups to apply to receive instant feedback from a panel of industry experts, connect with our investment team, and learn more about the program,” explains Henry Ojour. Teams that attend a FastTrack are 20% more likely to be invited to our Final Selection Days. Five of the 10 startups chosen for the program will be fully funded and supported by ENRICH in Africa, a project funded by the European Union and designed to support and strengthen the Ecosystem of European and African innovation.

These startups will receive additional benefits, including access to the Euroquity community, networking events, and follow-up support. Reflecting on the trip, Philip Kiracofe, co-founder of SBC AfriTech, said: “When we launched Startupbootcamp AfriTech in 2017, we had a bold vision to explore, train and scale African solutions for African challenges. Six years later, we have become one of the most respected programs on the continent, and our portfolio of startups has a total valuation of nearly $700 million. We are privileged to have new partners, including FMO and EnrichInAfrica, funded by the European Commission, behind us and we look forward to launching more accelerators in the near future.” NAN

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