Source: Techmoran
Successful entrepreneurs and Venture Capital founders, Iyin Aboyeji and Mia von Koschitzky-Kimani have teamed up to launch Accelerate Africa, a tech accelerator backed by a $750,000 USAID grant.
Aiming to become the “Y Combinator of Africa,” the program empowers early-stage startups across all sectors and countries in Africa.
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With Y Combinator scaling back its African focus, Accelerate Africa rises to support ambitious founders with promising ideas.
Mr Aboyeji sees opportunities for startups who excel in Accelerate Africa but wouldn’t make it into YC’s current program.
The venture offers both funding and credibility to startups, leveraging Aboyeji’s deep understanding of the African market and Koschitzky-Kimani’s VC experience.
It is worth noting that in-person sessions in Nairobi and Lagos provide tailored guidance and a network of investors beyond just Future Africa.
Unlike YC, Accelerate Africa focuses on securing follow-on funding for startups through investor connections, not program investments.
Startups pitch to angel investors, Series A and B firms, and potentially Future Africa, with Mr Aboyeji assuring fair competition and information segregation.
While Accelerate Africa and Future Africa are separate entities, some staff overlap raises concerns about potential bias.
Mr Aboyeji clarifies their commitment to transparency and ethical practices, assuring startups that information is not shared with potential competitors. He noted ”We’re not signing NDAs, but we have no interest in building startups ourselves.”
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Source: Techmoran
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