Microsoft to empower 10,000 African startups
In the bid to accelerate the growth of 10,000 African startups and fast-track investment in their ecosystem over the next five years, Microsoft is establishing industry alliances and partnerships with venture capital investors that will facilitate access to $500 million in potential funding.
Under the remit of its recently established Africa Transformation Office (ATO), the giant tech company stated that the 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.
The technology powerhouse’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.
According to the company, 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.
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. This is because it 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.
The Managing Director, Microsoft Africa Transformation Office, Wael Elkabbany said, investments into Africa’s startup ecosystem are growing at an exciting pace and there are more than 640 active tech hubs across Africa, accelerating innovation and creating employment, particularly among the youth
“Currently the African startup market represents less than one percent of total investments worldwide. This needs to change.”
He revealed that Microsoft’s endeavour to dramatically scale its impact will be driven by an overarching strategy with three key focus areas. The Founders Hub includes opportunities for startups to sell to Microsoft’s corporate and enterprise customers.
Gerald Maithya, Startups Lead, Microsoft Africa Transformation Office also said: ”Our partnerships with key African accelerators provide crucial support to accelerate growth-stage startups with their business development and market expansion plans.”
Microsoft will partner with B2B-focused startups, scaleups, “soonicorns” (businesses with the potential to become unicorns) and unicorns across a range of leading African industries, and those concentrated on working with SMEs.
RECOMMENDED ARTICLES
Comment
No comments found.