Microsoft announces new initiatives to support 10,000 African start-ups over next five years
Under the remit of its recently established Africa Transformation Office (ATO), Microsoft has announced new initiatives to accelerate the growth of 10,000 African startups and fast-track investment in Africa’s startup ecosystem over the next five years.
Microsoft’s recently launched global Founders Hub will now be available to African startups through the ATO. The Founders Hub is a self-service hub that provides startups with a wide range of resources, including access to mentors, skilling content, tools like Microsoft Azure and GitHub, and go-to-market and business support.
Microsoft is also creating new partnerships with accelerators and incubators across Africa, including Grindstone, Greenhouse, FlapMax and Seedstars to provide industry-based startups with access to markets, technical skills and funding opportunities. These partnerships will provide Africa startups with access to skilling programs, access to markets, including opportunities to co-sell with Microsoft, and access to technology, with support from Microsoft’s engineering and product teams for co-innovation opportunities.
To enable startups to rapidly scale using investment funding, Microsoft is establishing industry alliances and partnerships with venture capital investors that will facilitate access to $500 million in potential funding for African startups. This funding will come from a network of venture capital investors, who will dedicate a portion of their financial support to startups in the Microsoft network.
Microsoft has already established partnerships with several key venture capital investors, including Banque Misr, Global Venture Capital and Get Funded Africa, and the intention is to grow this network of venture capital investors in the next five years to increase funding and enable them to scale up and drive economic growth.
Africa’s startup market is booming
Microsoft believes the vibrant African startup market is well placed to become a cornerstone of the continent’s digital economy, supporting local innovation through relevant solutions to societal challenges.
“Investments into Africa’s startup ecosystem are growing at an exciting pace. According to the Organisation for Economic Co-operation and Development (OECD), there are more than 640 active tech hubs across Africa, accelerating innovation and creating employment, particularly among the youth,” says Wael Elkabbany, Managing Director, Microsoft Africa
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SOURCE : APPSAFRICA