The Next 100 African Startups Initiative is a program, launched in partnership between the Egyptian Ministry of Investment and International Cooperation (MIIC) and the International Finance Corporation (IFC), which will select up to 100 promising African start-ups to participate in the Africa 2018 Forum in Sharm El-Sheikh on December 8-10. Selected startups will be given the opportunity to connect with international investors and financial institutions, government officials, and policymakers from the African continent.
The initiative’s aim is to unlock the region’s entrepreneurial potential by showcasing Africa’s best and brightest entrepreneurs and startups and creating markets for early-stage businesses. The program targets Africa-based startups that have already demonstrated some level of success, either by generating revenue or by developing a working prototype. The selected startups and entrepreneurs will have the opportunity to network with and be connected to, top business and political leaders.
Africa’s entrepreneurship ecosystem has grown rapidly over the past decade, thanks to growing momentum among its entrepreneurs and increased collaboration between a number of key regional entities. This has resulted in a significantly enhanced ecosystem and more funding opportunities. The Africa 2018 Forum, which takes place in Sharm El-Sheikh from December 8-9, under the patronage of H.E. President Abdel Fattah El Sisi, offers an opportunity to take this burgeoning ecosystem a step further.
Screening and Selection Process
Companies will be selected based on the following criteria:
STAGE OF OPERATION: The company must either be generating revenue with demonstrated early success or have a working prototype or a product on the market.
PREVIOUS FUNDING: Typically, the company would have already received one or two rounds of funding and is now seeking Series A or Series B funding in the coming year
POSITIVE IMPACT: The company must have the potential to make a substantial long-term impact on African business and society as well as a commitment to improving the region.
VIABILITY: The company should have well-formulated goals and plans for development.
LEADERSHIP: The company must have visionary leadership with the capacity to drive it towards success.
INDEPENDENT COMPANY: The company must not be a subsidiary or a joint venture. An independent committee will be given the task of selecting the participants for the Next 100 African Startups Initiative.
- The application is open to African startups
- Travel and accommodation expenses will be taken care of by IFC should the need arise.
How to Apply
If you meet the selection criteria for the Next 100 African Startups initiative, you may visit the website to commence application. Deadline is Sunday, October 21, 2018.