Tech giant, Google is looking to fund 15 black-owned South African startups with $50,000, amongst other prizes.
The fund called Google for Startups Accelerator Africa: Black Founders program is established with the purpose of helping small and medium enterprises (SMEs) around the country, with South Africa being the focus, to thrive.
Google has previously had accelerator cohorts and Google’s Black Founders Fund, which has awarded more than $30 million to black-led startups in Africa, Brazil, Europe, and the United States.
Head of Startup Ecosystem, Google Sub-Saharan Africa, Folarin Aiyegbusi says startups in Africa are critical drivers of innovation, economic growth and social progress.
Driving change by investing in black-owned
He adds that by investing in black-owned businesses, they are driving change and most importantly, promoting job creation. “Through the fund, we will also be creating wealth generation for the future.”
Aiyegbusi emphasised that the fund will help black tech entrepreneurs develop their businesses by addressing the inequality in venture capital funding, as the fund has previously done in other parts of the world.
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Great initiative
Minister of Communications and Digital Technologies, Solly Malatsi says the government has seen tech startups as key drivers of innovation and economic growth in the digital era.
“They promote digital inclusion by offering accessible and affordable solutions for our communities.”
Who can apply
“Businesses operating and headquartered in the country that are building solutions for the African or global market, and have demonstrated significant market fit and growth potential are eligible to apply for the fund,” says Aiyegbusi.
Startups must have at least one black South African founder, a live product that utilises or has the potential to utilise AI, and compatibility with Google products and the potential for leveraging them to grow.
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Over R1 million cash awards
The 15 selected businesses will receive equity-free cash awards of up to $50,000 (over R1,000,000) and Cloud credit of $200,000 (R3.6 million) to be shared between the startups. They will also receive one-on-one training, and networking with mentors to help address the unique challenges faced by each startup.
The programme will run from late this year until March 2025, when the 15 startups will be chosen.
Amazon supports small businesses
For Heritage Month, online retailer, Amazon.co.za launched the Shop Mzansi, a storefront on its platform with products from the country’s entrepreneurs.
The storefront was established to ensure it is easier for customers to find products from more than 160 small businesses in the country.
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