23 Nigerian firms top Google’s 60 shortlist
Twenty-three startups Nigerian firms have emerged out of the 60 shortlisted in Africa for $4 million funding by Google.
Google’s Head of Startup Ecosystem, Sub-Sahara Africa, Folarin Aiyegbusi, revealed this in a state yesterday, but did not reveal the lucky firms.
Nexus News learnt that the ”equity-free cash” comes under Google funding scheme called Google Black Founders Fund (BFF) for startup tech firms in African nations.
However, Aiyegbusi clarified that the companies would participate in tailored workshops, support networks, and community-building sessions.
The programme will be distributed via Google’s implementation partner, CcHUB.
According to Aiyegbusi, the scheme augments Google’s devotion to empowering entrepreneurs and startups in Africa as well as creating employment and growth in the continent.
Aiyegbusi said Africa is a continent with vast opportunities but confronted with the challenge of insufficient diversity in venture capital funding flow.
He said: “We hope that the Black Founders Fund programme will be able to bridge the gap of disproportionate funding between expert startups over local and black-led companies.
“Each of the selected startups would receive support in the form of a six-month training programme that includes access to a network of mentors to assist in tackling challenges.
He added that the equity-free cash donation to the startups would allow them to take care of primary demands such as paying staff members, funding inventory, and retaining software licences.
He said that the scheme was developed to help the start-ups surmount the expenses of taking on debt in the early stages of their businesses, as many of them had no steady revenue streams yet.
