Africa has sure for the past months witnessed a surge in the emergence of startups – mostly digital – and to further increase this surge, the world bank is contributing their own quota to the cause, which they are doing with the launch of XL-Africa.
XL Africa is a five-month long business acceleration program that aims to support 20 promising digital startups with early stage capital between $250,000 and $1.5 million. Quite a sum that would make all the difference in the world for a startup.
Unlike in past years, reports show that the African digital sector is gaining grounds by the day — about 16.8% tech startups, secured fund in 2016. This shows that African Startups are gaining recognition and this must not stop.
XL Africa was set up to put a spotlight on the continent’s growing digital economy by scouting for and supporting the most innovative tech start-up.– This was according to Klaus Tilmes, Director of Trade and Competitiveness Global Practice at the World Bank Group.
The 20 selected startups would receive both funding and mentoring from the best entrepreneurs, investors and experts as well. XL Africa will increase startup visibility in terms of branding, as well as to a two-week expense paid trip and residency in Cape town, South Africa.
Klaus Tilmes thinks that “The success of these ventures will create a demonstration effect that can attract much-needed growth investment in the sector and catalyze scaling of transnational businesses in the region.”
Interested applicants must meet the following requirements to be eligible
1. Startup must be registered and profit making with at least a team member of three.
2. The startup must be based in one of the countries of Sub-Saharan Africa.
3. The management team must be vigorous.
4. Eligible startups must currently have a digital product or service available on the market.
The deadline for application is June 12, 2017. All interested startups can register HERE