Tech giant Microsoft has announced initiatives through its recently established Africa Transformation Office (ATO) to accelerate the growth of 10,000 African startups and fast-track investment in Africa’s start-up ecosystem over the next five years.
The initiatives include:
- support for African startups with $500 million in potential funding in partnership with venture capital investors to enable them rapidly scale using investment funding. Microsoft said that it is already working with Banque Misr, Global Venture Capital and Get Funded Capital;
- provision of new partnerships with accelerators and incubators like Grindstone, Greenhouse, FlapMax and Seedstars to provide startups with access to markets, technical skills and funding;
- availability of Startups Founders Hub to startups in Africa. Microsoft for Startups Founders Hub helps remove traditional barriers to building a company with free access to the technology, coaching, and support.
According to Microsoft Africa Transformation Office startups lead, Gerald Maithya, “Our goal in establishing these partnerships with venture capital investors is to extend the network of potential partnerships between Microsoft, venture capital investors and startups, thereby increasing the funding made available to eligible startups.”
“There is huge potential for Africa to become a thriving hub of digital innovation on the global start-up landscape. Our ambition is to see an explosion of local inventions that will contribute positively, not just to Africa’s digital economy, but to global society,” said Microsoft Africa Transformation Office managing director, Wael Elkabbany.
In 2021, Google, through its Africa Investment Fund, said that it was going to spend up to $50 million in African early and growth-stage enterprises, increasing its efforts to assist more startups on the continent
