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Innovest Africa is charting an ambitious course with a vision to accelerate 5000 African-founded startups by the year 2030.
This commitment is underpinned by their strategy of investing in founders of African descent who are building high-potential, high-impact startups globally.
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The cornerstone of their support lies in the Innovest Ignite Accelerator Program, designed to provide comprehensive resources, mentorship, and funding to founders propelling innovations.
The Innovest Ignite Accelerator Program is geared towards African-founded early-stage tech startups with substantial potential for rapid scalability.
Notably, the program is industry and business-model agnostic, casting a wide net for startups with diverse focuses. With a fully remote six-week duration, the accelerator will welcome a cohort of 10-12 startups, culminating in a demo day set to take place in Lagos.
Partnerships for Impact: Techpoint Africa Collaboration
In collaboration with Techpoint Africa, the Innovest Ignite Lagos accelerator aspires to empower Nigerian startup founders. The program aims to furnish founders with mentorship, global networks, and the crucial funding needed to propel impactful startups.
Eligibility Criteria for Founders
1. Resident in Nigeria
– Founders must be residents in Nigeria, focusing on the country as their primary market. This inclusivity extends to founders from all 36 states and the Federal Capital Territory.
2. Team Dynamics:
– Solo founders need not apply. Innovest Ignite seeks startups with co-founders or a team collaborating on the venture.
3. Sector Agnosticism:
– The accelerator program is open to startups across all industry verticals, demonstrating sector-agnostic inclusivity.
4. Early-stage Development:
– Consideration is given to early-stage startups that possess an MVP (Minimum Viable Product), product-market fit, or show promising traction.
5. Founder Characteristics:
– Innovest values founders who exhibit teachability, appreciate feedback and embrace collaboration as a pivotal process in growing their startups.
Program Details and Benefits
– Virtual Accelerator Program: 100% virtual, beginning a week after the application deadline.
– Rolling Basis Review: Applications are reviewed on a rolling basis, encouraging early submissions.
– Program Components: The accelerator program comprises facilitator-led sessions, mentoring, workshops, investor preparations, and panel discussions. The culmination is a physical Demo Day event in Lagos.
Additional Program Benefits
– Global Network Inclusion: Integration into a global network of founders, mentors, and investors.
– Seed Funding: The top quartile of the cohort stands to receive seed funding of up to $20,000 for a 2% equity stake.
– One-on-one Mentorship: Individual mentorship sessions with industry experts and accomplished startup founders.
– Strategic Partner Subsidies: Subsidies offered by strategic partners in legal, financial, and technology domains.
– Post-program Support: Continued support post-program, including introductions to investors, business development assistance, and hiring support.
Deadline: February 14, 2024
