E-Business
Innovate Africa Launches with $2.5M Angel Fund for Early-Stage Africa-Focused Startups
Innovate Africa, an angel investment fund that supports early-stage founders in funding life-changing ideas, taking startups from conception to product and financing innovative ventures, has launched with an initial $2.5 million rollout.
Co-founded by Kristin Wilson and Christian Idiodi, the sector-agnostic fund aims to support up to 20 startups in its first year to solve complex, recognised problems such as insecurity, unemployment, and poverty with purpose-driven technology.
Since 2019, the African funding landscape has witnessed positive growth, with disclosed exits surpassing $2.3 billion – representing a significant 13.4% of the total $17.2 billion raised by African startups. Despite this growth, early-stage founders face challenges navigating the path from ideation to market fit.
The persistent lack of early-stage funding further compounds these difficulties, hindering many startups from reaching their full potential and contributing to the continent’s economic growth.
With a mission to empower startups to thrive in Africa’s ever-evolving tech landscape, Innovate Africa Fund will provide insight-driven capital that helps founders accelerate the journey from Minimum Viable Product (MVP) to Product-Market Fit (PMF).
The goal is to facilitate the infrastructure that enables founders to unlock growth through audacious problem-solving, supported by access to a comprehensive ecosystem of resources.
With an average investment of $50,000, the venture fund offers a comprehensive support package designed to propel promising startups towards success.
The robust suite of critical advisory resources includes expert guidance in finance, governance, public relations, and strategy, ensuring a solid foundation for growth. Through its Product Leadership Accelerator, the fund delivers crucial product development support, helping startups refine their offerings and achieve product-market fit.
It also facilitates talent resourcing via an extensive partner network, connecting startups with skilled professionals across various domains. The fund’s portfolio strategy encompasses first cheque funding, a refined product operating model, valuable network and partnerships, assistance with revenue model iterations, and comprehensive operations and governance advisory.
This holistic approach aims to accelerate startups’ path to success, providing them with the tools, resources, and connections needed to navigate early-stage challenges and achieve sustainable growth.
Innovate Africa Fund is anchored by a network of experienced operators and product specialists across Africa, providing a vigorous foundation of knowledge and experience to guide early-stage founders towards success.
Managing Partner, Kristin is also the Chief Strategy Officer at Spurt!, a Venture Partner at Oui Capital, an Investment Lead for the Rising Tide Africa Angel Network and a General Partner at the Bold Angel Fund.
She has a portfolio of 34 African startups including 26 tech startups such as Hoaq, Clafiya, Shuttlers and OmniRetail–recognised as 2024’s Africa’s Fastest Growing Company by the Financial Times. Kristin’s portfolio companies have generated over $100m in revenue and collectively serve over 100,000 users.
Complimenting Kristin’s expertise is Christian, Founder of Firtsi and Work Nigeria. A world-renowned product expert, Christian is a partner at the Silicon Valley Product Group (SVPG), and helps companies transform the way they work to create products customers love and brings immense value to the business.
He is co-author of INSPIRED, EMPOWERED, LOVED and TRANSFORMED–New York Times Best-Selling books that have shaped product management globally. He has shaped companies like Amazon and Merrill Corporation, and tackled complex product challenges for industry giants like Microsoft, Interswitch, and Squarespace.
His extensive background in enterprise and consumer products has helped scale businesses from the ground up. His track record includes successfully founding over two dozen companies worldwide.
Speaking about the launch of the Fund, Kristin Wilson, Managing Partner of Innovate Africa Fund said: “Having witnessed the struggles that early-stage African founders face up close, we know that brilliant ideas often lack the resources they need to truly thrive.
“It’s not just about funding, it’s about deep expertise and strong connections–and our investment strategy breaks the cycle of innovators being at the mercy of those with too much leverage and too little knowledge.
“As a founder-first catalyst fund, we provide insight-driven capital to help founders accelerate their journey from MVP to PMF. By providing this support and funding, innovators can focus their efforts on building sustainable, transformative businesses that solve wicked problems and return value to investors”
“Through the Innovate ecosystem, we connect our portfolio companies with seasoned operators and advisors, both in Africa and globally, to ensure they get the expertise they need,” says Christian Idiodi, Founder of Innovate Africa Foundation. “The African diaspora has sent over $150 billion back to the continent in the past three years, but financial support alone isn’t enough.
“Many are eager to contribute their talent and expertise to impactful ventures, and that’s where we come in. It takes an ecosystem to build a startup. By reaching founders at a very early stage, we can connect them to key partners and help foster their success. Ultimately, our decisions today will shape who builds, owns, and benefits from the next wave of disruptive technology in emerging markets.”
E-Business
Allison, BHM Partner to Host ‘Africa Breakfast Convos’ @UNGA79
Africa stands at vital crossroads, balancing intricate geopolitical challenges while taking advantage of promising economic opportunities. With the Gulf Cooperation Council (GCC) announcing 73 Foreign Direct Investment (FDI) projects in Africa worth more than $53 billion in the last year alone, according to the World Economic Forum, and significant growth in technology, renewable energy, and healthcare sectors, across the continent, Africa is poised for remarkable progress.
In light of these developments, Allison, a globally renowned communications consultancy, and BHM, Africa’s leading public relations firm, are joining forces to co-host an exclusive breakfast event on the sidelines of the 79th United Nations General Assembly (UNGA79) in New York City.
The “Africa Breakfast Convos,” set for Friday 27 September 2024, at the World Trade Center, will convene business and public sector leaders from various African nations, representing key sectors such as telecommunications, finance, entertainment, government, technology, and trade.
With 70% of sub-Saharan Africa’s population under 30 and projections indicating that one-fifth of the global population will be African by 2030, the continent’s youthful demographics are drawing significant international attention.
This exclusive gathering aims to showcase Africa’s immense potential for economic growth and development while emphasising the continent’s role in achieving sustainable development goals.
The event will feature panel discussions, keynote speeches, and networking sessions exploring various aspects of the African narrative: big business, technology, pop culture, creative economy, soft power, and geopolitics. It will serve as a platform to highlight expertise and innovation on the continent.
Claudine Moore, Managing Director, Africa, at Allison, stated, “The ‘Africa Breakfast Convos’ represents a unique opportunity to bring together influential voices and decision-makers from across Africa and beyond.
“We’re excited to again facilitate meaningful dialogue during the United Nations General Assembly when Africa is a focus and we are collectively working towards collaboration driving sustainable growth and social impact across the continent.”
Femi Falodun, Executive Director, BHM, added, “This event underscores Africa’s position as a land of opportunity for investment and collaboration.
“By showcasing the continent’s dynamism and potential, we aim to foster partnerships that will contribute to shared prosperity and sustainable development.”
The “Africa Breakfast Convos” aligns with UNGA79’s theme while focusing on Africa’s potential as a driver of global progress.
“It emphasises the role of business in driving sustainable development, the importance of public-private partnerships, and the opportunities for collaboration with Africans in the diaspora.
E-Business
Privacy Protection is Now Right of Citizens —Olatunji, NDPC Boss
Dr. Vincent Olatunji, national commissioner and chief executive officer, Nigeria Data Protection Commission (NDPC), has stated that it is now the right of citizens for their privacy to be protected.
![Privacy Protection is Now Right of Citizens —Olatunji, NDPC Boss](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2024/09/Dr.-Vincent-Olatunji-300x133.jpg)
Dr. Vincent Olatunji, national commissioner. NDPC
Olatunji said this when he received a group of international data protection experts from Somalia who were on a study tour to explore Nigeria’s data protection ecosystem and its unique models.
Nigeria and Somalia are meant to exchange ideas on the protection of data, with the East African nation eager to learn what their West African counterparts are doing to keep the privacy of their citizens safe.
“It is a digital age and the protection of the privacy of all citizens of the world is paramount,” he said during the meeting held in Abuja.
“It’s now the right of all citizens for their privacy to be protected. That’s why all countries across the globe are putting in place those measures to ensure that they have their enforceable data protection rights and also put in place data protection authority to ensure that they enforce the law of data security.
‘In Nigeria, we recognise the need to protect the privacy of our citizens as it is enshrined in the 1999 constitution.”
Speaking earlier, Jamal Mohammed, Somalia’s ambassador to Nigeria, advised the delegate from his country to go home with the message that Nigeria has everything the war-torn country needs to develop. He pleaded with the NDPC DG to help his country in the area of data privacy and security.
“I’ve been here for three years now. Everything Somalia needs is in Nigeria in terms of knowledge and in terms of experience. I’d like you to take this message to Somalia,” he said.
“Don’t go to any other places. So, you’ll get anything you need in Somalia. However, in my stay here, I faced two challenges.
“The number one challenge was to convince Nigerians about Somalia. They have a phobia about Somalia. The same thing with Somalians.
“I’ve tried to convince Somalians to come to Nigeria but now they’ve got an opportunity.”
E-Business
TD Africa Opens Cross-Border Licensing Opportunities To Microsoft Resellers
In a bid to unlock new growth and profitability opportunities for businesses of all sizes, TD Africa has pulled wraps off its fully automated Microsoft Cloud Solution Provider (CSP) platform.
Through this innovative automated portal, Microsoft’s indirect resellers can now resell Microsoft licenses in 47 African countries and enjoy security, profitability, increased productivity, collaboration, and flexibility, courtesy, TD Africa.
Nigeria CommunicationsWeek reports that the automated CSP solution which streamlines the licensing process from customer onboarding to license provisioning, eliminates manual tasks and reduces turnaround times, thus, allowing businesses focus on delivering exceptional customer value while maximising their revenue potentials.
Read Also: TD Africa partners ZTE for quality and affordable smartphones
With competitive pricing and a comprehensive suite of Microsoft cloud products, businesses of all sizes now have access to a compelling solution to expand their reach and drive digital transformation.
The advantages of the platform which include: seamless license provisioning, competitive pricing, expanded reach, enhanced efficiency, and comprehensive product suite, make it an ideal choice for businesses seeking to capitalise on the growing demand for Microsoft cloud solutions on the continent.
Tobe Mbaneafo, Head of the Microsoft Business Unit at TD Africa, said that TD Africa is elated to introduce the A to Z automated CSP platform.
His words: “We are excited to introduce our Automated CSP platform as a game-changer for businesses looking to expand their operations across Africa.
“By providing a seamless and efficient solution for selling Microsoft licenses, we are empowering our partners to capture new opportunities and deliver exceptional value to their customers.
“This platform is a testament to our commitment to driving digital transformation and supporting the growth of businesses across the continent.”
Read Also: MTN Nigeria, Microsoft Partner on Cloud Data Hosting Solutions
To make the process stress-free, TD Africa has developed a user-friendly platform (csp.tdafrica.com) to among other things, enable businesses register and verify their account effortlessly, access a personalised dashboard for managing customer records, add tenants, select products, make payments, explore a comprehensive product catalogue with competitive pricing, make secure payments directly on the platform, and benefit from automated license provisioning after successful payment.
The tech distribution giant’s automated CSP platform is the future of cross-border business, offering unparalleled efficiency, scalability, and profitability.
Existing Microsoft partners can leverage this groundbreaking platform by registering at https://csp.tdafrica.com/auth/signup.
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