100 African startups can each get R500,000 in cash from this prominent UK incubator
- The UK-based business incubator Founders Factory is looking to assist up to 100 African tech start-ups over 5 years.
- Each start-up will receive professional advice and more than R500,000 in cash.
- Founders Factory's Europe-based partners include L'Oréal, Easy Jet and The Guardian.
In its first international venture, the UK-based business incubator, Founders Factory is currently looking to support African start-ups.
In partnership with Standard Bank, the incubator will give technical and financial guidance to up to 100 of the continent's tech entrepreneurs within 5 years. The entrepreneurs will also each receive a £30,000 (R580,000) stipend.
"Our premise is to marry very ambitious entrepreneurial talent together with capital, expert skills sets across different technologies and access to very large corporates who could become customers, routes for distribution and market insight," says Henry Lane Fox, co-founder of Founders Factory.
The two-year old incubator has been able to secure up £100 million (almost R2 billion) in funding for 70 start-ups in Europe. Founders Factory's Europe-based partners include L'Oréal, Easy Jet and The Guardian.
Entrepreneurs are incubated for between six to 12 months where they will be guided through everything from product design, business development to fundraising.
"A good idea is not good enough," says Zweli Manyathi, chief executive of personal and business banking at Standard Bank. In order to succeed, the business environment must be such that it creates an ecosystem that supports what entrepreneurs are trying to do, he adds.
Interested entrepreneurs can visit the Founders Factory Africa website.
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