In keeping with its commitment to digital transformation and support for black-founded firms, Google has announced that submissions for the third cohort of the Black Founders Fund for Startup have opened in Africa and Europe.
Google has pledged $4 million this year to promote qualifying firms with black founders.
The Black Founders Fund is open to firms with operations and headquarters in Africa or with a recognized presence there; says Google. The startup must also benefit the black community in order to be eligible, and it must have black founders or a diverse founding team if it is in its early stages. The startups ought to be developing for both the African and the worldwide markets, have the potential for expansion to raise additional money, generate employment, and generally have measurable effects.
Following selection, the entrepreneurs will receive support in the form of training and access to a network of mentors to help with overcoming the problems particular to each startup, as well as up to $150,000 equity-free cash rewards and up to $200,000 per startup in Google Cloud credits. The third cohort’s application period will end on March 26, 2023.
Head of Google sub-Saharan Africa’s startup ecosystem, Folarin Aiyegbusi said: “Startups are a critical driver of innovation, economic growth and social progress especially in Africa; and the support that the selected startups 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. We encourage all eligible startups to apply.”
The Black Founders Fund has funded a total of 110 black-owned firms across Africa after the successful conclusion of two cohorts. The initiative last year in Africa selected and sponsored more than 60 growth-stage firms.
By 2050, it is predicted that one in three Africans will still be in their early 30s. Startups have a fantastic potential on the continent to supply cutting-edge solutions for the expanding market. Also, it is predicted that by 2025, the African Internet economy might increase the continent’s GDP by up to $180 billion (GDP).
Google supports the development of the continent’s economy by investing in Black Founders. The Black Founders Fund program for entrepreneurs not only offers financial support, but also practical assistance, contacts, and resources to assist founders in developing ideas that are pertinent to the African economy.