Technology sectors such as fintech, insurtech, agritech, e-commerce, healthtech, and cleantech are not only solving some of Africa’s most pressing problems but also contributing significantly to the continent’s economy. In fact, the so-called Internet economy is set to reach 5.2% of gross domestic product (GDP) by 2025, contributing about $180billion to the African economy. To develop the potential of startups driving the Internet economy, Telecel Group has opened applications for the ASIP Accelerator Program, powered by Startupbootcamp AfriTech.
The Program helps startups achieve 18-24 months of growth in just three months. Now, the next generation of early-stage African tech startups disrupting a wide range of industry sectors are being sought.
Ten startups will be selected to participate in the Program that will give them access to expert-led masterclasses covering scaling fundamentals – from the business model canvas, and lean methodology, to fundraising. They will also receive tailored mentorship from carefully selected mentors, will be connected with venture capitalists and angel investors from around the world, get to meet the leading corporates in their industries for pilot projects and partnership opportunities.
The successful startups will receive €15,000 in cash and have access to over €500,000 in exclusive partner deals from leading technology providers such as Amazon Web Services, Google Cloud, HubSpot, and SendGrid, amongst others.
The three-month program will conclude with a digital Demo Day during which startups will present their newly scaled-up solutions to hundreds of investors, corporates, mentors and press attendees. Notably, the participants will continue to receive support long after the Program ends via the Alumni Growth Program which offers access to alumni-only events, deals and tailored introductions.
Twenty-nine startups completed the first Startupbootcamp AfriTech Program and 90% of participating startups are still operating and scaling at impressive rates. What’s more, 40% have raised follow-on rounds of funding, with the average increase in valuation being 10x since their Demo Day.
In addition to a corporate partner, Telecel Group, Program sponsors include Google Cloud Platform, Amazon Web Services, Hubspot, VC4A and Cloudworx. There are a limited number of slots for additional corporate Founding Partners to join the consortium. These partners will have the rare opportunity to help determine the key challenge areas that will be the focus of the Program’s startup scouting and sit on the exclusive selection committee that will choose the top 10 startups to participate. Additionally, they will have the chance to engage in curated pilot and proof of concept projects with select startups to accelerate innovation within their organisations.