Innovate Ventures Fund to Invest Over $30,000 into Top Somali Startups

Somaliland based startup entrepreneurs have just a few hours before applications to Somaliland’s Innovate Start-Up Accelerator closes today, Innovate Ventures is set to launch Innovate Accelerator, a 10-week programme intended to support and fund the next generation of digital Somali start-ups.

Mentorship and training will be provided by domain experts and entrepreneurs and the top 3 start-ups from the Innovate Accelerator will receive up to $10,000 in investment from Innovate Ventures Fund. Initially 12 start-ups will be selected for a one week long bootcamp and then the best 10 will will be selected to participate in the 10-week accelerator programme in Hargeisa, Somaliland.

“This accelerator programme represents a significant shift in how we support businesses in Somaliland and Somalia”, says Dr. Abdigani Diriye, Director of Innovate Ventures. “We are amongst the first to run such a programme, and the Innovate Accelerator programme will provide an opportunity to help Somali start-ups find the right product-market fit and scale their start-up, thus creating job opportunities and value for investors”.

Throughout the next 3 months’ workshops and info sessions will be held for investors and potential applicants held jointly by VC4Africa and Innovate Ventures as part of their roadshow in Somaliland.

The programme aims to support and invest in the next wave of tech start-ups in Somaliland and Somalia and grow the nascent start-up ecosystem in the country. Innovate Ventures is working VC4Africa and Oxfam under the Work In Progress! Alliance to make this a success.

The top 3 start-ups will receive a total of $10,000 in equity investment from the Innovate Ventures Fund. The accelerator programme will enable start-up founders to road test their propositions and get immediate and honest feedback about their business models from experienced entrepreneurs and investors.

This Article was originally published on TECH MORAN

 

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