The International Finance Corporation (IFC), and Egypt’s Ministry of Investment and International Cooperation (MIIC) will be selecting 100 Africa-based entrepreneurs. The selected start-ups would be to linked up with business leaders, investors, financial institutions and policymakers at the Africa 2018 Forum.
The initiative is part of IFC’s efforts to boost entrepreneurship in the Middle East and Africa by helping start-ups access much-needed financing, receive advice, and break into new markets.
“This initiative is a reflection of our faith in the bright young minds of our continent, and our commitment to ensuring that entrepreneurs are equipped with the tools they need, including finance, advice, and networks, that would enable them to innovate and grow,” said Sahar Nasr, Egypt’s minister of investment and international cooperation.
“Through nurturing the entrepreneurship ecosystem, we believe we can unlock the potential of African youth to become more globally competitive and to more actively contribute to the development of their communities.” He concluded.
Applications are now open for the Next 100 African start-ups initiative and the event will take place in December in Sharm El-Sheikh and is held under the patronage of Egypt’s President Abdel Fattah Al Sisi.
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Selection Process
Stage of operation
The start-up must either be generating revenue with demonstrated early success or have a working prototype or a product on the market.
Positive impact
The start-up must have the potential to make a substantial long-term impact on African business and society as well as a commitment to improving the region.
Leadership
The start-up must have visionary leadership with the capacity to drive it towards success.
Previous funding
Typically, the start-up would have already received one or two rounds of funding and is now seeking Series A or Series B funding in the coming year.
Viability
The start-up should have well-formulated goals and plans for development.
Independent company
The start-up must not be a subsidiary or a joint venture.
Over the last two years, IFC has provided close to $65 million in funding to technology companies and start-ups in the Middle East and North Africa, while working alongside leading accelerators and venture funds like Wamda, Flat6Labs, and Algebra Ventures.
Interested applicants can apply here and the deadline for submitting applications is October 21st, 2018
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