Sponsoring Agency: x-Hub Addis
Type of Fund: Seed Money
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 05/03/2021
Size of the Fund: Less than USD $50,000
Are you an innovator with amazing local solutions to local problems here in Ethiopia? Or a startup looking for support to take your business to the next level? If yes, then apply for the Startup Incubation Program!
Entrepreneurs selected for the program gain access to:
• A four-month incubation program
• Seed-funding of USD 5000 from the UNDP
• Access to their co-working space, internet, printers, located at office in the heart of Bole
• Access to mentors, coaches, and important government and private partners
• Access to investors
• A supportive ecosystem with like-minded individuals that cultivates peer-to-peer learning
If Ethiopia's young population becomes entrepreneurial, it will ignite the enormous potential of the nation. In that sense, entrepreneurs are heroes of time; despite shortages in resources and demanding circumstances, they achieve improvements by finding answers to current challenges! As Ethiopia is transitioning to a middle-income country, social dynamics in the community result in lifestyle changes that create new markets. The sweet spot between trust, technology, and culture – moving from offline to online – represents an untapped market that can be unleashed by digital solutions to increase its efficiency beyond the physical barrier, enabling the access of information when and where it is needed. We believe that Ethiopia is a country of such opportunities, and the goal is to accelerate high-growth startups in Ethiopia! To achieve this in partnership with the UNDP and the Jobs Creation Commission, x-Hub Addis enables startups with a 4-month incubation program directed by founders and CEOs!
x-Hub Addis encourages young founders between the ages of 15 to 29 who aim to achieve high growth with their startup to apply for this incubation program! Among other criteria, they will select startups based on the following points:
• How scalable?
o Is the growth potential of the market 20% per year? Is the acquisition cost of new customers near zero?
• How affordable?
o Is the product or service affordable for its clients? Is the product/ service feasible for the Ethiopian context?
• Does it solve real-world problems?
o Is the problem the startup is solving growing or urgent? How frequent and popular is the problem, and how expensive is the problem for those who are influenced by it?
• How innovative?
o Is the service or product new or 10x better than any existing substitution within the market?
• Who are the founders?
o Do the founders have unique insights, skills, or access to important resources or partners that only 1 out of 10 entrepreneurs would have?
More information at: http://xhubaddis.com/jcc/