XL Africa 2017 Business Acceleration Program for Digital Startups in Africa

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Eligible Countries: Africa countries
Type: Entrepreneurship
Country to Study: South Africa
Scholarship Provider: XL Africa

Scholarship Description

XL Africa is pleased to offer 20 scholarship to high-growth digital startups seeking to raise between $250K and $1.5M in funding. We can help with access to funding, networks, mentoring and a community of like-minded entrepreneurs.

Candidates who will be selected for program will be asked to:

  • Engage regularly with mentors (4-6 hours a month) over five months. Remember it’s a two-way street – both mentors and mentees learn and commit to this relationship. In many cases, we expect these relationships to last long after the program has ended.
  • Over 5 months, participate in four virtual webinar sessions run by global experts with inputs from leading African and US investors and successful entrepreneurs.
    Participate in the residential program in South Africa for two weeks in November 2017.
  • Engage with 19 other African enterprises, along with mentors, investors and strategic partners.
  • Come with an open mind and be willing to learn and collaborate.

Eligibility:

Applicants must meet the following criteria:

  • Your startup is for profit and registered, with a team of at least three people
  • Your team is based in one of the countries of Sub-Saharan Africa
  • You have a very strong management team
  • You have a digital product or service available on the market right now, with demonstrated tangible traction and evidence of revenue
  • You have potential to achieve scale
  • You are seeking investment capital in the range of $250K – $1.5m
  • While there will be exceptions, mostly likely your startup has already received investment capital, structured as either debt or equity, or received grants from donor organizations.

Selection Criteria:
To select the 20 candidates, XL Africa will consider:

  • Commercial Value of your Product/Service (25%): Your company addresses a real problem in the market. The digital solution is different to others in the industry. Your product or service is catalyzing social change.
  • Strategy for Growth (25%): There is potential to expand into new markets or expand at home. We can see demonstrable progress, and your startup is scalable.
  • Management (25%): The team have the qualifications needed to make the business successful.
  • Market Traction & Financials (25%): We will evaluate your market traction and look at the potential market size. We’ll also look at your business model, revenue streams and unit economics, and if any outside funding has been raised before.

Number of Awardees
20 applicants will be awarded.

Scholarship Value
The selected candidates will be offered the following:

  • Structured access to investors throughout the program and at a Venture Showcase Day in South Africa.
  • Mentoring from at least two successful entrepreneurs or investors (global and local) to develop accurate company valuations, financial forecasts, risk management and customer acquisition strategies. Access to other expertise is provided based on your specific needs.
  • The opportunity to meet with investors, potential customers and partners as well as peers at an all-expenses paid residency in Cape Town, South Africa.
    Support in developing investment packages so you’re ready for investment following the program.
  • Knowledge through curated content designed to teach you everything you need to know about marketing, financing and market expansion.

Scholarship Duration

August 1 – December 31, 2017

How to Apply

APPLY HERE

It is important to visit the official website (link to it is below) for complete information.

Click here to visit Program webpage

The application deadline is 12th June 2017

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