SPRING accelerator is a new program set to launch in Kenya, Uganda and Rwanda to invest in startups developing products that target or support girl’s economic empowerment.
Initially starting with 18 companies, the accelerator says it will invest USD 80,000 in capital funding, product development and access to world-class innovators. Spring accelerator is an initiative of the Nike foundation, USAID and DFID.
The move aims to address the over 250 million girls who live in poverty globally to break intergenererational poverty and to create a better distribution of income. Accelerating early-stage ventures with products that improve the lives of girls in poverty.
After kicking off in Kenya, Uganda, and Rwanda, Spring Accelerator will be rolled out to eight countries in Africa and Asia and team will work with successful business leaders, legal, and financial experts for support, insights and learning and to equip them with crucial skills for success in the target market.
The teams will follow a customized curriculum — tailored to their specific needs as well as a unique and powerful network of sponsors, investors, business leaders, and partners that will help them locate new resources to overcome potential constraints and facilitate new local and international partnerships.
Apart from the intitial funding of $80,000, the selected startups will receive financial grants and get help tp raise follow-on funding from a network of domestic, global, and non-traditional investors.