Microsoft has announced plans for the next five years that should be of interest to African startups, with 10 000 set to be targeted for support over the aforementioned period.
The big tech firm will be launching several initiatives under the remit of its recently formed Africa Transformation Office (ATO) and Founders Hub.
For those unfamiliar with the Hub, Microsoft describes it as a, “self-service hub that provides startups with a wide range of resources, including access to mentors, skilling content, tools like Microsoft Azure and GitHub, and go-to-market and business support.”
“Microsoft is also creating new partnerships with accelerators and incubators across Africa, including Grindstone, Greenhouse, FlapMax and Seedstars to provide industry-based startups with access to markets, technical skills and funding opportunities,” the company added in a press release sent to Hypertext.
“To enable startups to rapidly scale using investment funding, Microsoft is establishing industry alliances and partnerships with venture capital investors that will facilitate access to $500 million in potential funding for African startups. This funding will come from a network of venture capital investors, who will dedicate a portion of their financial support to startups in the Microsoft network,” it adds.
With Google announcing a similar investment on the continent late last year, it looks like more big tech firms are finally throwing their weight behind the African startups, which is always promising to see.
“Investments into Africa’s startup ecosystem are growing at an exciting pace. According to the Organisation for Economic Co-operation and Development (OECD), there are more than 640 active tech hubs across Africa, accelerating innovation and creating employment, particularly among the youth,” highlights Wael Elkabbany, managing director of Microsoft’s Africa Transformation Office.
“However, currently the African startup market represents less than one percent of total investments worldwide. This needs to change,” he emphasises.
To find out more about the opportunities, investments and resources being made available locally and across Africa to startups, head to the Founders Hub and sign up here.
