Gabriella Mulligan – Disrupt Africa
Egyptian startup incubator Innoventures has opened applications for the third cycle of its Startup Reactor accelerator programme, with 10 startups to receive seed funding at the end of the five-month programme.
Following the online application process, 25 startups will be invited to attend a one month bootcamp. The 10 most promising startups from among the bootcamp participants will be accepted onto the five-month Startup Reactor programme.
During the programme the startups will follow an immersive training and mentoring programme, as they develop their business model, prototype, brand and customer base. They will also have access to office space, support services, and resources for financial, legal and branding aspects.
At the end of the programme, the 10 startups will participate in a Startup Showcase to be held in December 2016, where they will pitch to an audience of investors, potential partners and customers.
The top three startups will receive seed funding from Innoventures and other investors.
This new cycle of the accelerator is offered in partnership with VC4Africa, and Oxfam Novib, as part of an international alliance called Work In Progress!
In addition to the seed funding on offer, the Work In Progress! alliance will donate EUR10,000 (US$11,335) in prize money to each of the three winning startups.
“There is an opportunity for young innovators to make money while making an impact on the economy,” says Hesham Wahby, chief executive officer (CEO) of Innoventures.
“Startup Reactor focuses on entrepreneurs addressing the most pressing problems, and creating globally influential technologies and products, and this is the only way to create real value for investors”.
Applications to the programme are available here, until July 10.
Investors and industry professionals interested in getting involved can do so via email.