Google opens applications for third cohort of black-founded startups driven by $4m funding
By Onome Amuge
Google has announced applications for the third cohort of Black Founders Fund for Startup opened in Africa and Euroupe in line with its commitment to digital transformation and support to black-founded startups. This is in addition to a $4 million funding by the multinational technology giant this year, to support eligible black-founded startups.
According to Google, startups operating and headquartered in Africa or having a legal presence on the continent are eligible to apply for the third cohort of Black Founders Fund which closes on 26 March 2023.
Other eligibility criteria for startups that wish to apply are that the business should be benefiting the black community or that early-stage startups have black founders or diverse founding teams. Also, the startups are expected to be building for Africa and the global market, have the growth potential to raise more funding, create jobs and generally be making measurable impact.
Upon selection, the startups will receive up to $150,000 equity-free cash awards and up to $200,000 per startup in Google Cloud credits, support in the form of training, and access to a network of mentors to assist in tackling the challenges unique to each startup.
Folarin Aiyegbusi, head of startup ecosystem, Google Sub Saharan Africa, described startups as critical drivers of innovation, economic growth and social progress especially in Africa. He assured that 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.
Following the successful completion of two cohorts of the Black Founders Fund, the programme has supported a total of 110 black-owned startups across Africa. 60 growth-stage startups were also selected and supported through the programme last year in Africa.
According to Google, Africa has a growing population with one in three Africans estimated to be under 35 by 2050. The continent, it noted, presents a huge opportunity for startups to provide innovative solutions for the growing market. It also estimated that by 2025, the African Internet economy will have the potential to add up to $180 billion to Africa’s GDP.
“By funding Black founders, Google is promoting job creation and wealth generation in the continent. The Black Founders Fund program for startups not only provides funding, but also hands-on support, connections and resources to help founders build solutions that are relevant for the African economy,” Google stated.
Applications for the 2023 Black Founders Fund for Startups can be found at https://goo.gle/ApplyforBFFAfrica.