Moroccan startup accelerator HSEVEN, the largest startup accelerator in Africa, has launched three incubation and acceleration programs to help African entrepreneurs build high-impact startups.
Programs “Rise-Up,” “Re-Start,” and “Disrupt” aim to accelerate the transformation of the African economy amid the fourth technological and industrial revolution and the COVID-19 pandemic.
“It is time for entrepreneurs and startups of Morocco and Africa to transform our economies by focusing on new homegrown solutions in key impactful sectors: SharedEconomy, MedTech, EdTech, AgriTech, GreenTech, inclusive FinTech, and GovTech,” said Amine Al-Hazzaz, founder and CEO of HSEVEN.
The three programs target startups with two to five founders that are still in an early stage of conception and aim to impact Africa through innovative services, products, and business models.
“Rise-Up” and “Re-Start” programs will grant the selected entrepreneurs MAD 200,000 (€18,000), as well as a MAD 500,000 forgivable loan (€45,000) and an eventual MAD 1.5 million (€135,000) to MAD 15 million (€1.35 million) non-guaranteed loan.
The Innov-Invest program of Morocco’s Central Guarantee Fund (CCG) will provide the funds with the support of the World Bank and the Central Popular Bank (BCP) of Morocco.
Meanwhile, startups selected in the “Disrupt” program will benefit from a seed investment of MAD 1.65 million (€150,000) at the start of the program for 5% to 7% equity, then an eventual investment of MAD 5.5 million (€500,000) to MAD 16.5 million (€1.5 million) at the end of the program.
Venture capital firms Azur Partners and Upline Alternative Investments will finance the selected projects, in collaboration with the Dutch Good Growth Fund’s (DGGF) Triple Jump program.
“HSEVEN’s ambition is to accelerate entrepreneurs and startups that will reshape Africa’s future,” Al-Hazzaz said in a press release.
The call for applications for the programs will be open until June 30 via HSEVEN’s website. HSEVEN’s team and its network of experts will conduct the selection process.
Besides funding, the selected startups and entrepreneurs will also benefit from strategic advice and expertise.
Selected entrepreneurs for the “Rise-Up” and “Re-Start” incubation programs will benefit from seven design sprints, 12 workshops, 24 mentoring sessions, and 24 weekly sessions with HSEVEN’s team, as well services with a value of $8,680 from Amazon Web Services.
Meanwhile, startups selected for the “Disrupt” program will benefit from 15 workshops, 15 mentoring sessions, 15 working sessions with HSEVEN, and services valued at $50,680 from Amazon Web Services.
Entrepreneurs will also have access to a network of more than 350 mentors, influential leaders, and partners to gain increasing access to national and international markets.
Participants in the three programs will spend the incubation period at the HSEVEN campus, located in the Marina of Casablanca.
This article was originally written by Yahia Hatem from Morocco World News