In line with its commitment to digital transformation and support for black-founded startups, Google has announced the opening of applications for the third cohort of the Black Founders Fund for Startup in Africa and Europe. Google has committed $4 million this year to support eligible black-founded startups.
The Black Founders Fund is open to startups that are based in Africa and have a legal presence there. Other eligibility criteria for startups that want to apply include the business benefiting the black community or having black founders or diverse founding teams. The startups should be building for Africa and the global market, have the potential to grow, create jobs, and have a measurable impact.
Following selection, the startups will receive up to $150,000 in equity-free cash awards and up to $200,000 in Google Cloud credits, as well as training and access to a network of mentors to help them tackle the challenges that are unique to each startup. Applications for the third cohort will be accepted until March 26, 2023.
“Startups are a critical driver of innovation, economic growth, and social progress, particularly in Africa, and the assistance provided to the selected startups will go a long way toward unlocking the potential and promoting growth in the African tech ecosystem and the next generation of African tech entrepreneurs. All eligible startups are encouraged to apply “According to Folarin Aiyegbusi, Google Sub Saharan Africa’s Head of Startup Ecosystem.
Following the completion of two Black Founders Fund cohorts, the program has supported a total of 110 black-owned startups across Africa. Last year, 60 African growth-stage startups were selected and supported by the program.
Africa’s population is growing, with one in every three Africans expected to be under 35 by 2050. The continent provides a tremendous opportunity for startups to provide innovative solutions to a growing market. It is also estimated that by 2025, the African Internet economy will be worth $180 billion to Africa’s GDP.
Google promotes job creation and wealth generation on the continent by funding Black founders. The Black Founders Fund startup program not only provides funding, but also hands-on support, connections, and resources to assist founders in developing solutions relevant to the African economy.
The application for the 2023 Black Founders Fund for Startups is available at https://goo.gle/ApplyforBFFAfrica.