Save Austin Fair Yudala banner
World Bank Group launches new programme to support Africa’s top digital entrepreneurs

By News Express on 21/04/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 593


The World Bank Group on Thursday launched XL Africa (www.XL-Africa.com), a five-month business acceleration programme designed to support the 20 most promising digital start-ups from Sub-Saharan Africa. Start-ups will receive mentoring from global and local experts, learn through a tailor-made curriculum, increase their regional visibility, and get access to potential corporate partners and investors. With support from prominent African investment groups, XL Africa will help the 20 selected start-ups attract early stage capital between $250,000 and $1.5 million.             

“Digital start-ups are important drivers of innovation in Africa,” says Makhtar Diop, Vice President for the Africa Region at the World Bank. “To scale and spread new technologies and services beyond borders, they need an integrated ecosystem that provides access to regional markets and global finance; pan-African initiatives like XL Africa play a critical role by linking local start-ups with corporations and investors across the continent.”

The program comes at a time of increasing interest in the African digital sector. According to a recent report by Disrupt Africa, in 2016, the number of tech start-ups that secured funding increased by 16.8% compared to 2015.

“XL Africa aims to put a spotlight on the continent’s growing digital economy by scouting for and supporting the most innovative tech start-ups,” said Klaus Tilmes, Director of the Trade & Competitiveness Global Practice at the World Bank Group. “The success of these ventures will create a demonstration effect that can attract much-needed growth investment in the sector and catalyse scaling of transnational businesses in the region.”

The programme’s flagship activity includes a two-week residency in Cape Town, South Africa, where the ventures will have the opportunity to interact with and learn from their mentors, peers, and local partners. The Cape Town residency will conclude with the Venture Showcase, a regional event in which the entrepreneurs will present their business models to a select audience of corporations and investors.                                                       

 “The programme’s unique combination of targeted mentorship and access to investors represents a vital resource for digital ventures ready to grow,” said Lexi Novitske, Principal Investment Officer for Singularity Investments, a venture group based in Lagos, Nigeria. “By connecting innovative business ideas with the knowledge and resources available in the ecosystem, XL Africa will create a pipeline of investment-ready companies, unlocking better investment opportunities for regional and global investors.”

The programme will collaborate with prominent African investment groups, including the African Business Angel Network (ABAN), AngelHub Ventures, Goodwell Investments, Knife Capital, Nest Africa, Silvertree Capital, Singularity Investments, South African Business Angel Network (SABAN), TLcom Capital, Zephyr Acorn and 4Di Capital, and corporate partners, such as Orange, .Eco, Ringier, and Thomson Reuters.

Interested companies can apply online on the XL Africa website www.XL-Africa.com by Monday, June 12, 2017.

XL Africa is funded by the governments of Finland, Norway, and Sweden, and administered by the World Bank Group with implementation support from IMC Worldwide, VC4A, and Koltai & Co.

Source News Express

Posted 21/04/2017 12:29:28 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
El-Rufai promises to revive Kaduna textile factories

Ronaldo declared 100 per cent fit for Champions...

NiMET predicts thunderstorms in North and Central today,...

Breaking News: Boko Haram bombs Government Lodge Zaria...

88 new Police Area Commands coming

Reps query BOI boss over N500bn Airline Fund...

Niger Delta ex-agitators pass vote of confidence on...

Kalu hails PDP leaders for recalling Governor Wamakko...

No hope for Nigerians, others sentenced to death...

CBN Raises BDC exchange rate to N385 per...

JNI raises alarm over ‘confusing state of affairs...

Bayelsa Electoral Killings: Niger Delta group to seek...

 

Latest News Dangote begins construction of job centre in Abia BOI, Unity Bank in court over N150m loan Presidential committee to destroy 5,000 illicit weapons in Zamfara •Over 1,000 destroyed in Benue, Katsina Senate overrules Okpara Varsity VC, orders recall of 400 sacked staff Bankers aid money laundering in Nigeria, says Ribadu Nigeria signs Joint Declaration on Economic Cooperation with European Free Trade Association PDP convention: Reconciliation Committee to address grievances, says Dickson Ijaw youths vow to fish out killers of British aid worker FG’s priority is to create better environment for investments — Udoma Deposition threat, an affront to Ibadan people — Olubadan 15,000 innocent civilians killed under Buhari’s watch — Intersociety •Slams atrocity perpetrators and their agents Lagos seals Chisco, Ifex, GUO, other transporters’ offices

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (300,929 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (285,795 views) Shameless Genevieve Nnaji exposes breasts in public (230,464 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (193,432 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (183,450 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (170,067 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (147,185 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (132,560 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (130,577 views) Lagos plane crash: Journalist releases victims’ names (119,036 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (115,502 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (112,131 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,819) Business Verdict (28) Columnists (776) Complaints & Requests (94) Enterprise & Opportunities (195) Entertainment (419) Features (522) Global Business Monitor (193) International (1,687) Interviews (138) Live Commentary (28) Love Matters (92) News (30,972) Opinion (845) Pidgin (9) Politics (4,210) Religion (653) Sports (1,381) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

MOBO Awards

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!