TAKE YOUR BUSINESS FROM STARTUP TO SUPERSTAR
There is a program going on, the BAOBAB NETWORK is giving out a $100k funding for Tech start ups Across Africa.
Some of their descriptions on this start up funds include Boabab:
“Our commitment extends far beyond the First Cheque. We provide comprehensive funding options through co-investment, venture debt, and a follow-on fund.”
“We help build and fund Africa’s high potential start-ups
We accept applications on a rolling basis – so please feel free to apply at any time and someone from our team will be in touch with you.
We receive thousands of applications each year, so please bear with us if we are a little slow getting back to you!
Got questions? Here are some helpful FAQs that we’ve collated from founders over the years.”
Here are some FAQS(Frequently asked questions) or guidance to help you get through a successful application.
WHAT’S THE ELIGIBILITY CRITERIA?
Do you only work with startups that build software?
No, we will consider any startup that uses technology to solve crucial problems around them. We are open to other tech-enabled solutions such as the Internet of Things (IoT), Artificial Intelligence (AI) as well as using other existing technology tools to create efficiencies.
Do we have to be incorporated in Africa?
No. We understand that incorporating in other jurisdictions, such as the US, may be more favourable for investors, you just need to have a presence in Africa.
Do you only back African startups?
Yes. We are a tech accelerator for Africa. We don’t mind if your target market is outside the continent, as long as you are based in Africa and are led and run by an African team.
Are non-profit organizations eligible for the accelerator programme?
Unfortunately not, we only work with for-profit organisations.
Can we apply with just an idea?
We prefer to see tech-oriented startups that have built a minimum viable product (MVP) and have some early traction. If you are at the idea stage, you should at least have validated market demand for the product or service. The validation can be in the form of sign-ups from users, a client waiting list that can be verified, offline purchases and other types of evidence confirming that customers are willing to pay for your product.
When does the accelerator start?
We have several cohorts every year, please check the website regularly or follow us on our social platforms to stay up to date on the dates.
Do we disburse your funding in tranches?
We inject the $100,000 USD funding into each startup in one lump sum at the beginning of the accelerator programme.
Where is the accelerator programme based?
Each accelerator programme starts with 2 weeks of intensive consulting from The Baobab Network, followed by 3 months of hands-on support from our venture partners and our network of partners/experts. The programme is remote to ensure founders are not taken away from their businesses for extended periods of time.
I don’t have some of the information that you require in the application form, can I still complete my application?
Most of the information we require is really useful for us when considering your application. The more of the application form you can complete, the better since this will help our review process, a completed form will make the strongest application. However, if things are in working progress, let us know in the form.
Should I apply again after being rejected?
Definitely yes! You are welcome to apply more than once if your company meet our eligibility criteria. Most of our successful founders make significant progress on their business, re-apply and get accepted to upcoming cohorts. It is advisable to check the reasons we sent for rejection and work on them before applying; this will give you a competitive edge over other applicants.
We build custom software and websites for companies, can we apply?
At the moment, we can only back tech-creating or tech-enabled businesses with the potential to scale. This would usually not include agencies that provide custom website/app development or digital marketing services.
Do we have to be already incorporated as a company?
No, we can help with the incorporation process.
We have been operational for a while now, would you still consider us early stage?
We understand that it may take time to figure out your product and/or market, what we’d want to see is a business model that has the potential to scale rapidly and achieve strong returns. We also typically prefer being the first investor after family and friends.
Do you focus on any specific sectors?
We are mostly sector agnostic with a preference for sectors that have the potential to create impact i.e. we would unlikely invest in sectors such as gambling, alcohol etc.
Do you work with solo founders?
Yes, we generally prefer teams to solo founders but are still open to applications from those who don’t have co-founders.
We don’t have a technical founder but our solution works, is this okay?
It’s important to have the ability to build your product in-house and we would want to see this. Having a technical founder is not mandatory but we like to work with a founding team that has the relevant experience and knowledge in their respective field/sector.
What time of the year should I apply to the programme?
Our programme intake is on a cohort basis. You can check here to stay up to date on when we are taking applications for each intake.
I have applied and haven’t heard back! When will I get an answer?
We receive thousands of applications for our cohorts. Our team reviews applications personally, and it may take up few weeks to get feedback. It takes between 4 and 12 weeks on average, and we will reach out to you within this time on the next steps.
Do you take a seat on the board of startups you work with?
No, we don’t. We provide as much advice and support as we can but at the end of the day, we trust our founders are best placed to steer their companies.
Where is the accelerator programme based?
Each accelerator programme starts with 2 weeks of intensive consulting from The Baobab Network, followed by 3 months of hands-on support from our venture partners and our network of partners/experts. The programme is remote to ensure founders are not taken away from their businesses for extended periods of time.
What is a venture partner?
Venture Partners are individuals with relevant startup experience across Africa. They are responsible for managing the startup’s acceleration programme and work remotely to provide strategic advice and hands-on support. The Venture Partner will help leverage the skills and experience of the wider Baobab Network team and our global network of corporate and investment partners.
Do we take equity in the startups that we work with?
We take 12.5% equity in each startup in exchange for the support and services offered throughout our acceleration programme along with the $100,000 USD investment.
Are our terms negotiable?
We have a standard deal for every startup that we accept into the programme.
With this guidance, our team believe you can get your application started in minutes, you can leave a message if you have any more questions. Have a nice time , Happy Funding from Team Aqqute
