International Finance Corporation (IFC) Next 100 African Startups Initiative 2018 for African Startups
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.
Application Deadline: 21st October 2018
Eligible Countries: African countries
To be taken at (country): Egypt
About the Award: The initiative builds on MIIC strong efforts to stimulate the Egyptian entrepreneurship ecosystem and help its young people explore new and innovative ways to create better futures for themselves and their communities. This support is provided through networks, innovative financial instruments, as well as regulations and policies that eliminate barriers and integrate Egyptian entrepreneurs into regional and global markets.
This is in addition to the launching of nation-wide initiatives, such as “fekretak sherketak” that aims to identify promising entrepreneurs, and enable them to transform their business ideas into successful realities through the provision of training, mentoring, as well as funding.
Moreover, Falak Startups was also established to enable and empower the next generation of Egyptian entrepreneurs through a 4-month acceleration program that provides them with comprehensive all-round support. This ensures they are equipped with the tools and resources needed to enhance their business models and hone their entrepreneurial skills, in order to thrive and compete in the global economy.
The initiative is also part of IFC’s wider effort that aims to promote and nurture a culture of entrepreneurship across Africa and the Middle East and help leading accelerators and venture capital funds expand their outreach. Over the past several years, IFC provided close to $165 million in funding to technology companies and start-ups in Africa and MENA. In MENA, IFC investments included supporting Cairo-based Algebra Ventures, one of Egypt’s largest venture capital funds, Flat6Labs, an Egyptian accelerator. IFC also invested in Wamda Capital and were an early investor in Souq.com and Fawry for online payment services. In Africa, IFC deployed about $100mm in early stage tech investments in Africa with IFC portfolio including Africa’s Talking (Enterprise Software), Andela (Ed-tech), Branch (fintech), Bridge Academy (Ed-tech), Interswitch (fintech), Mobisol (Clean tech), TwigaFoods(m-commerce), Zoona (fintech), Adlevo (tech fund), BioVentures (tech fund), Partech Ventures Africa (venture capital fund).
- The initiative’s aim is to unlock the region’s entrepreneurial potential by showcasing Africa’s best and brightest entrepreneurs and start-ups, 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.
Selection Criteria: 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.
- 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.
- Leadership: 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.
- 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
- Viability: The company should have well-formulated goals and plans for development.
- Independent Company: The company must not be a subsidiary or a joint venture.
Number of Awards: 100
Value of Award: Travel and accommodation expenses for startups will be covered by IFC if needed.
The selected startups and entrepreneurs will have the opportunity to network with, and be connected to, top business and political leaders.
Duration of Programme: 8th-9th December 2018
How to Apply: Apply