Tech giant, Google, is calling for applications for the third tranche of its Black Founders Fund grant aimed at kick-starting Black-led start-ups in Africa and Europe.
Folarin Aiyegbusi, head of Startup Ecosystem, Google, for sub-Saharan Africa, announced on Tuesday the company has earmarked $4m to support eligible black-founded startups in 2023.
– A key point to note
Selected startups will receive between $150,000 in equity-free capital and up to $200,000 in Google Cloud credits, support in the form of training and access to a network of mentors to assist in tackling the challenges unique to each startup.
– Why this matters to Africans
The programme is part of Google’s commitment to digital transformation and support to black-founded startups.
Startups operating and headquartered in Africa, having a legal presence on the continent and benefiting the black community or early-stage startups with black founders, are eligible to apply for the grant.
Potential awardee-startups are expected to be Africa focused with global market perspective and have the growth potential to raise more funding and create jobs.
“Startups are a critical driver of innovation, economic growth and social progress especially in Africa and the support that the selected startups will receive will go a long way to unlock the potential and promote growth in the African tech ecosystem and the next generation of African tech entrepreneurs,” Aiyegbusi said.
‘’We encourage all eligible startups to apply following the successful completion of two cohorts of the BFF, the programme has supported a total of 110 black-owned startups across Africa.”
– Learn more
In 2021, Google launched a $2 million start-up grant fund to help tackle the obvious racial inequality in the European tech industry. The fund selected and supported 60 growth-stage startups in Africa in 2022 Africa.
With Africa’s growing population, Aiyegbusi said one in three Africans is estimated to be under 35 years by 2050 and that presents a huge opportunity for startups to provide innovative solutions for the growing market.
According to Aiyegbusi, it is also estimated that by 2025, the African internet economy will have the potential to add up to $180 billion to Africa’s Gross Domestic Product.
Applications for the third cohort would close on March 26, 2023 and applications for the 2023 BFF for startups would be found at https://goo.gle/ApplyforBFFAfrica.
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