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Is your startup dealing with a digital product or service available on the market right now? Is it for profit and registered?
XL Africa, a five-month business acceleration program launched by the World Bank Group, is seeking to support 20 most promising digital start-ups from Sub-Saharan Africa. The 20 high-growth digital startups will be supported with access to funding, and mentoring from global and local experts. They will be guided to increase their regional visibility, network with a community of like-minded entrepreneurs, learn through a tailor-made curriculum, as well as get access to potential corporate partners and investors.
The program comes at a time when there’s an increased interest in the African digital sector.
In a statement made by Makhtar Diop, Vice President for the Africa Region at the World Bank during the launch of XL Africa “digital startups are important drivers of innovation in Africa.” He added that “to scale and spread new technologies and services beyond borders, they need an integrated ecosystem that provides access to regional markets and global finance; pan-African initiatives like XL Africa play a critical role by linking local start-ups with corporations and investors across the continent.”
What you stand to gain
With about two weeks to the deadline (Monday, June 12, 2017), you should consider applying for the innovative acceleration program.
The program is set to support digital startups seeking investment capital in the range of $250K and $1.5M in funding. The initiative guarantees introduction to vetted, proven investors and support in raising capital up to the maximum amount ($1.5M)
The selected team will receive mentoring from experienced international and in-country entrepreneurs, investors and experts. Access to information is critical to accelerating ventures. As such, XL Africa will provide access to a global repository of information, African and international case studies, tools and people to fuel your growth.
If selected, you will be a recipient of a two week all –expenses-paid Cape Town based residency, giving you an opportunity to interact and immerse yourself in the African ecosystem (mentors, peers, local partners) and investor communities. Additionally, the platform will give you an opportunity to recreate your brand to increase visibility with the organizers, their networks, and media partners.
For a startup to be eligible, it has to have a team of at least 3 people, be based in one of the countries of Sub-Saharan Africa, have a very strong management team, and potential to achieve scale.
The program’s flagship activity which includes the two-week residency will conclude with the Venture Showcase, a regional event in which the entrepreneurs will present their business models to a select audience of corporations and investors.
The program will be rolled out virtually through webinars and physically during the residential program in South Africa.
For more information on the eligibility and the selection criteria, visit the program’s site.
