Microsoft has said about 10, 000 African startups will benefit from its $500 million Founders Hub initiatives.
It has launched the new support programme to provide increased funding to African startups.
The hubs will also help them scale up and grow the African economy.
ALSO READ: MTN Offers Free Calls, Text Messages To And From Ukraine
The new initiatives will accelerate the growth of the African startups and fast-track investment in Africa’s startup ecosystem.
Microsoft said the support initiative will span till 2026.
More benefits to African startups:
The tech giant said its African initiative will offer African startups many opportunities to thrive.
“…the African startup market represents less than 1% of total investments worldwide. This needs to change.”
Microsoft is establishing industry alliances and partnerships with venture capital investors that will facilitate access to $500-million in potential funding for African startups.
“This funding will come from a network of venture capital investors, who will dedicate a portion of their financial support to startups in the Microsoft network.”
“Microsoft has already established partnerships with several key venture capital investors, including Banque Misr, Global Venture Capital and Get Funded Africa, and the intention is to grow this network of venture capital investors in the next five years to increase funding and enable them to scale up and drive economic growth.”
Founders Hub:
Microsoft has also launched a Founders’ Hub for African startups.
Startups will access Microsoft’s global self-service Founders Hub to scale.
They will get this benefit through the Africa Transformation Office (ATO) which the company launched recently.
The hub will also provide startups with a wide range of resources, including access to mentors and skilling content.
Also, they will get access to Microsoft’s tools such as Microsoft Azure and GitHub and go-to-market and business support.
Microsoft Africa Transformation Office startups lead, Gerald Maithya, said “The Founders Hub allows Microsoft to engage with accelerators, incubators and technology hubs across the continent.
“Our partnerships with key African accelerators provide crucial support to accelerate growth-stage startups with their business development and market expansion plans.”
“We understand that each startup is unique and exists beyond the limitations of a one-size-fits-all partnership model.
“This is why Microsoft will tailor each partnership to the needs of individual startups, providing support and access – whether to technology, markets and co-sell opportunities, funding or digital skills – to enable them to grow and contribute to the wider economic growth of Africa.”
Also speaking, MD for Microsoft Africa Transformation Office, Wael Elkabbany, said thus:
“Investments into Africa’s startup ecosystem are growing at an exciting pace.
“According to the Organisation for Economic Cooperation and Development, there are more than 640 active technology hubs across Africa, accelerating innovation and creating employment, particularly among the youth.”
He also said Africa has the potential to become the hub of digital innovation.
“There is huge potential for Africa to become a thriving hub of digital innovation on the global startup landscape.
“Our ambition is to see an explosion of local invention that will contribute positively, not just to Africa’s digital economy, but to global society.”
Microsoft Partners Accelerators, Incubators in Africa:
MEanwhile, the tech giant has also revealed that it is partnering accelerators and incubators across Africa to upskill startups.
The partnerships will be with Grindstone, Greenhouse, FlapMax and Seedstars.
This will provide industry-based startups with access to markets, technical skills and funding opportunities.
Speaking on the partnerships, Elkabbany, said investments into African startups is on the increase.
“Investments into Africa’s startup ecosystem are growing at an exciting pace.
“According to the Organisation for Economic Cooperation and Development, there are more than 640 active technology hubs across Africa, accelerating innovation and creating employment, particularly among the youth.”
“However, currently, the African startup market represents less than 1% of total investments worldwide. This needs to change.”
Found this interesting? Share!
and then