Hardware startups can pitch for capital
Hardware startups can pitch for capital
Global incubator Village Capital has partnered with Kenya's first makerspace for the launch of an African hardware accelerator programme, with two startups to secure US$50,000 in funding each.
Village Capital and Gearbox have opened applications from hardware entrepreneurs across Africa, with 12 startups to be selected to join the three month programme.
The 12 successful high-potential invention-based ventures which join the programme will receive extensive feedback from their peers, potential customers, investors and industry experts.
At the end of the accelerator, two participating ventures will receive US$50,000 each in pre-committed investment, chosen on the basis of Village Capital's unique peer-selection model, which sees programme participants self-select the two top startups on the accelerator.
Village Capital said the programme reflects the fact that hardware manufacturing poses the potential to boost Africa's economy.
"When Africa can build a local manufacturing infrastructure, the economy can really take off. We're excited to be backing the entrepreneurs who are driving this change," said Ross Baird, executive director of Village Capital.
The organisers are particularly interested in companies with inventions seeking to improve access to energy for all, or provide increased agricultural productivity for smallholder farmers.
Hosted with support from the Lemelson Foundation, The Doen Foundation, SGII, and VC4Africa, the accelerator programme will comprise three intensive four-day sessions, one each month in October, January and February.
There is no cost to apply, no programme fee, and no equity is taken up front for participation, the organisers said.
Applications are open via the VC4Africa portal, until September 7.