Savannah Fund, a Nairobi-based Africa-focused seed fund is calling startups to join its third accelerator class set to begin in March 2014. With a portfolio of 9 startups from across Africa, the accelerator is this time welcoming tech entrepreneurs from anywhere in the world as long as their solution is build for Africa.
Announcing the program, Savannah Fund said, “We welcome startup applications from all over the world who are addressing the subsaharan Africa market. The 3rd accelerator class is due to start in March 2014. The deadline for applications is February 15th.”
Based on the Y-Combinator model, Savanah Invest small amounts of capital into 3 to five startups for 3 months at a time. ($25,000 to each company in exchange for about 15% equity stake- non negotiable). The in-house acceleration program is held at m:lab East Africa, an iHub incubation arm for mobile enterprises.
If you are into social entreprises, you might save your tie not applying to join the cohort as Savannah Fund seeks for profit business solutions not impact guys who look at optimism, social change and culture. I f you still want to try, be ready to pivot your business model. Applications need to have an initial prototype, early customers and revenue.
After the online application, the businesses will go through an interview process and then the successful teams will be contacted. Those selected will be given skills and experiences on building successful companies and launching products. The entreprenuers will learn from experienced reputable local and international mentors that have built global technology brands and have hands-on experience than just word of mouth.
