Norway’s accelerator Pangea will have a Kenyan office as of today. Functionally, the platform’s primary objective is to connect African start-ups with global investment and expertise, as well as an accelerator program in the country.
This launch is done in partnership with Strathmore University’s @iLabAfrica. Together, the two institutions will look forward to set up an accelerator link for local start-ups from multiple industries to investors particularly the African diaspora that currently remit around $160 billion yearly.
The firm’s first order of business is to open a platform for receiving applications from start-ups that are interested on this program. Successful applicants will undergo a 3-month milestone-oriented acceleration program. At the same time, they will receive additional perks such as coaching by international investors and top business executives. The last 10 start-ups will greatly benefit from funding to the tune of USD 50,000 (approximately KES 5,000,000) per group.
Applications are underway till January 18, 2018, which is less than one week away. Application forms, among other extras can be found on the organization’s website.
According to Pangea’s Chief Operating Officer (COO) Jonas Tesfu, the startup ecosystem continent-wide, if given the right tools and means to invest is as vibrant as any other industry across the globe. Jonas notes that Africa still remains very attractive as a new startup frontier. “Africans and non-Africans alike are looking to be part of the continent’s rapid development and are seeking ways to make this happen. Together with Innovation Norways and other partners we are keen to make this connection successful.”
Pangea’s additional targets include plans to launch a crowd investment platform by June 2018, which will allow accelerated start-ups further access to funds.
In most cases, promising startups have been forced to close shop due to lack of funds and acceleration programs that focus on boosting their chances to scale. Channels to get access to capital and a global reach will surely help upcoming business to develop their trade and network across the globe.