BizNis Africa
Latest News
Nigerian Content Development and Monitoring Board signs MOU with CWC Group
The Nigerian Content Development and Monitoring Board (NCDMB) reinforces...
GIBB commits to growing women water entrepreneurs
GIBB, one of South Africa’s leading black-owned multi-disciplinary engineering...
SOUTH32 awards ZAR158 million Coal Contract to black-owned mining company
South32 has awarded a core mining contract to Broad...
Emira honoured by Investment Analysts Society for accurate financial reporting
Emira Property Fund is the winner of the Investment...
South African Auditor-General report indicates poor leadership practices
The local government audit outcomes report for the 2015-16...
Billions held in impact investments in Africa
The 2016 African Investing for Impact Barometer shows that...
How to re-define the future of Real Estate in Africa
Researchers predict that in 2030, Lagos, Cairo and Kinshasa...
Mercer – Cape Town ranks amongst 15 cheapest cities to live in globally
In a rapidly changing world, mobility has become a...
Mastercard Foundation appoints three new Board of Directors members
The MasterCard Foundation today, 21 June 2017, announced the...
Ansys revenue grew by 70% to ZAR806 million
Ansys Limited has today, 21 June 2017, announced its...

Makhtar Diop, World Bank Vice President for the Africa

The World Bank Group launched XL Africa, a five-month business acceleration program 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, World Bank Vice President for the Africa.

“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 catalyze scaling of transnational businesses in the region.”

The program’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 program’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.”

Leave a Reply

Ver peliculas online

Fill in your details below and we will secure you a free test drive, delivered to you.

Fill in your details below and we will secure you a free test drive, delivered to you.

%d bloggers like this: