Startups in Africa will experience a beneficial offer as there is a newly launched initiative, startup passport.
The initiative was unveiled and launched by Digital Cooperation Organisation (DCO), a Saudi Arabian-based multinational organisation.
It said that the startup passport would make access easier, quicker and faster for those startups looking to do business across borders.
Also, this would open up more market potential for the businesses.
During the announcement during the launch of the startup passport, it would provide entry and support in eight DCO countries.
Of the countries of DCO, they include Bahrain, Jordan, Kuwait, Nigeria, Oman, Pakistan, Saudi Arabia, who are founding members.
But the initiative would roll out in Nigeria and South Arabia and later spread across more African cities.
Asides, the DCO says the initiative will focus on ten areas.
It would focus on (access to connectivity, cross-border data flows, ethical use of technology, digital identity management, data pooling and user privacy, mobility of skilled ICT labour, accelerating startups and SMEs, adoption of emerging technologies, alignment on digital taxation and cooperation on Research and Development (R&D) and innovation).
Also, the initiative would help these tech startups reduce administrative and financial strains and filter the processes they would normally go through.
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Other benefits tech startups set to gain from the initiative
Tech startups in a DCO member country would be able to enter the market of other DCO member countries.
This would help these startups coordinate and share their expertise to help grow their digital economy, benefiting their nation.
Asides, the company is also looking to launch an initiative to support 50,000 small to medium-size businesses.
And over the next three years, they can sell their products online.
What does this mean
This initiate is one to look forward to as many Nigerian businesses expand to more markets.
Although, doing that can be a very long process and might be a financial strain.
Many things are still yet to be clarified about the initiative, like how businesses can get the password or the criteria to meet.
It would help if you kept tabs with Techuncode; we will update you on the initiative.