World Bank Group Launches New Program to Support Africa’s Top Digital Entrepreneurs
With support from prominent African investment groups, XL Africa will help the 20 selected start-ups attract early stage capital between $250,000 and $1.5 million.
The World Bank Group launched XL Africa, a five-month business acceleration program designed to support the 20 most promising digital start-ups from Sub-Saharan Africa. Start-ups will receive mentoring from global and local experts, learn through a tailor-made curriculum, increase their regional visibility, and get access to potential corporate partners and investors. With support from prominent African investment groups, XL Africa will help the 20 selected start-ups attract early stage capital between $250,000 and $1.5 million.
The program’s flagship activity includes a two-week residency in Cape Town, South Africa, where the ventures will have the opportunity to interact with and learn from their mentors, peers, and local partners. The Cape Town residency will conclude with the Venture Showcase, a regional event in which the entrepreneurs will present their business models to a select audience of corporations and investors.
The program will collaborate with prominent African investment groups, including the African Business Angel Network (ABAN), AngelHub Ventures, Goodwell Investments, Knife Capital, Nest Africa, Silvertree Capital, Singularity Investments, South African Business Angel Network (SABAN), TLcom Capital, Zephyr Acorn and 4Di Capital, and corporate partners, such as Orange, .Eco, Ringier, and Thomson Reuters.
We will help your company access capital, expand market share, and refine its business model through tailored mentorship, coaching, and networking opportunities. Here’s what we offer:
- Structured access to investors throughout the program and at a Venture Showcase Day in South Africa.
- Mentoring from at least two successful entrepreneurs or investors (global and local) to develop accurate company valuations, financial forecasts, risk management and customer acquisition strategies. Access to other expertise is provided based on your specific needs.
- The opportunity to meet with investors, potential customers and partners as well as peers at an all-expenses-paid residency in Cape Town, South Africa.
- Support in developing investment packages so you’re ready for investment following the program.
- Knowledge through curated content designed to teach you everything you need to know about marketing, financing and market expansion.
- Your startup is for profit and registered, with a team of at least three people,
- Your team is based in one of the countries of Sub-Saharan Africa,
- You have a very strong management team,
- You have a digital product or service available on the market right now, with demonstrated tangible traction and evidence of revenue,
- You have potential to achieve scale,
- You are seeking investment capital in the range of $250K – $1.5m,
- While there will be exceptions, mostly likely your startup has already received investment capital, structured as either debt or equity, or received grants from donor organisations.
DEADLINE: June 12, 2017.