By Emma Okonji
To develop the potential of startups driving the internet economy, Telecel Group has opened applications for the ASIP Accelerator Programme powered by Startupbootcamp AfriTech.
The programme 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.
Technology sectors such as FinTech, InsureTech, AgriTech, eCommerce, HealthTech, and CleanTech are not only solving some of Africa’s most pressing problems, they are also contributing significantly to the continent’s economy. The programme initiative is expected to further boost the Internet economy that is set to reach 5.2 per cent of gross domestic product (GDP) by 2025, contributing about $180 billion to the African economy.
According to Telecel Group, 10 startups would be selected to participate in the program that would 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 who will provide hands-on support and valuable introductions. Plus, they will be connected with venture capitalists and angel investors from around the world and get to meet the leading corporates in their industries for pilot projects and partnership opportunities.
“Over and above all these, 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 programme 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,” Telecel Group said in a statement.
Twenty-nine startups completed the first Startupbootcamp AfriTech Programme and 90 per cent of participating startups are still operating and scaling at impressive rates. It is expected that 40 per cent must have raised follow-on rounds of funding, with the average increase in valuation being 10 times since their demo day.
In addition to corporate partner, Telecel Group, Programme 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 programme’s startup scouting and sit on the exclusive selection committee that will choose the top 10 startups to participate in the programme.