Google’s commitment to supporting entrepreneurship in Africa was further demonstrated with the announcement of the third cohort of the Black Founders Fund for which applications has now closed. This initiative provides equity-free cash awards and Google Cloud credits to eligible start-ups in Africa and Europe that meet certain requirements.
According to Google, for a start-up to be eligible, it must be operating and headquartered in Africa, have a legal presence on the continent, and benefit the black community. Additionally, early-stage start-ups must have black founders or diverse founding teams and have the potential for growth, job creation, and measurable impact in Africa and globally.
The selected start-ups will receive up to $150,000 equity-free cash awards and up to $200,000 per start-up in Google Cloud credits. They will also receive training and mentorship to tackle the unique challenges faced by each start-up.
Google’s Head of Start-up Ecosystem in Sub Saharan Africa, Folarin Aiyegbusi, pointed out that “start-ups are a critical driver of innovation, economic growth and social progress especially in Africa and the support that the selected start-ups will receive will go a long way to unlock the potential and promote growth in the African tech ecosystem and the next generation of African tech entrepreneurs.”
Google’s Black Founders Fund has already supported over 100 black-owned start-ups across Africa with 60 growth-stage start-ups selected and supported through the program in 2022. The initiative aims to promote job creation and wealth generation in the continent and has pledged a total of $4 million to eligible black-founded start-ups for this year alone.
The program has been praised by the African tech community as a much-needed opportunity for start-ups to access the resources and support they need to grow and make an impact in their communities. With the ongoing support of initiatives like the Black Founders Fund, the African tech ecosystem is poised for continued growth and innovation.
