Google has started receiving applications for the third cohort of the Black Founders Fund for startups in Africa and Europe. It also published that $4 million will likely be given as enhance to eligible gloomy-founded startups.
To qualify for the fund, your startup must be working and headquartered in Africa. Additionally, your startup should always have a factual presence on the continent. It must also be of profit to the gloomy neighborhood.
For early-stage startups, one in every of the criteria contains having gloomy founders or diverse founding teams. Most continuously, startups taking a witness to prepare for the fund should always have the boost possible to raise more funding, create jobs and be constructing for Africa and the world market.
Speaking on the initiative, the Head of Startup Ecosystem, Google Sub Saharan Africa, Folarin Aiyegbusi illustrious that startups are drivers of innovation, financial boost and social progress, especially in Africa.
Aiyegbusi acknowledged, “the enhance that the selected startups will receive will proceed a prolonged manner to liberate the possible and promote boost within the African tech ecosystem and the following generation of African tech entrepreneurs.” She additional encouraged all eligible startups to prepare for the fund. Software for the third cohort will conclude on 26 March 2023.
Advantages of Google’s Black Founders Startups Fund
Startups selected for the fund will receive $150,000 equity-free money awards. They are going to also receive as much as $200,000 per startup in Google cloud credits.
Other advantages encompass working in direction of enhance and mentorship that can support startups address challenges odd to them.
What does Google hope to make?
By funding Black founders, Google is promoting job introduction and wealth generation in Africa. Here’s because estimations expose that the African Web economy will have the possible so that you just would possibly want to add $180 Billion to Africa’s GDP by 2025. The first and second cohorts of the Black Founders Fund supported 110 gloomy-owned startups across Africa.
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