Are you an early-stage African tech start-up looking to scale?
The Baobab Team is now accepting applications for the second 2023 accelerator cohort of the Baobab Team Accelerator program, a 3 Month top-notch accelerator program aimed at supporting African innovators in scaling their locally developed solutions. Up to $50,000 USD for funding.
About The Baobab Team for Early-Stage Tech Start-ups in Africa
The Baobab Team is a group of entrepreneurs dedicated to promoting innovation and investment in Africa. They offer a world-class accelerator program designed to support innovative startups in Africa and help them scale their solutions.
The Baobab Team Accelerator program provides funding and a platform for startups to expand globally. Startups accepted into the program receive $50,000 USD in funding and participate in a three-month cohort program. During this time, they receive personalized two-week consultation sessions and tailored support. In exchange for this support, the Baobab Team takes a 10% equity stake in the startup.
The Baobab Team Accelerator program begins with two weeks of intensive consulting from The Baobab Network, followed by three months of hands-on support from venture partners and a network of experts. The program is conducted remotely to ensure that founders can continue to focus on their businesses without being away for extended periods.
Eligibility Criteria
To be eligible for the Baobab Team Accelerator program, the following criteria must be met:
- Your business should be in the early stage and involve technology creation or technology-enabled solutions.
- You should be living and working in a key market that The Baobab Network covers, which includes various locations across Africa.
- The program is open to companies from different sectors and verticals, except for a few industry areas that are specified by The Baobab Network.
- Your solution should create or rely on technology to solve a problem.
- You should have a Minimum Viable Product (MVP) and some traction.
- Profitability is not expected at this stage, but there should be revenue indicating that people are paying for your product, which demonstrates that you are addressing a genuine market problem.
Benefit
- Funding: The Baobab Team Accelerator program offers $50,000 USD in funding to support the early-stage capital needs of founders, providing a financial boost to kick-start their company’s growth.
- Bespoke Acceleration: The program provides a tailored and intensive acceleration experience. Through a unique and comprehensive curriculum, The Baobab Team ensures that the graduate start-ups from each cohort receive the support and guidance they need to achieve success.
- Partner Network: Participants gain access to a global network of experts, mentors, corporate partners, and investors. This network offers valuable connections and resources to help grow their business, expand their reach, and seize new opportunities.
Requirement
1. Early-stage Tech Companies: The Baobab Team Accelerator program specializes in working with early-stage technology companies. They prefer companies that have developed a Minimum Viable Product (MVP) of their product or service or are in the initial stages of scaling.
2. Documentation: To support your application, The Baobab Team Accelerator program requires a few documents. These may include an investment deck, a cap table (a document showing the ownership structure of the company), a traction document (evidence of customer or user engagement, such as user sign-ups, client waiting lists, or offline purchases), and any other relevant documents that can provide insights into your business.
How to apply
- Open the Baobab Team Accelerator program application form and click on “start”, filling in your biodata to start application
applications in English will ensure all team members can review them. For language translation, you can use Google Translate. - If you don’t have certain information that is required in the application form, you can indicate that in the form. The Baobab Team understands that some information may not be readily available for all applicants.
- After submitting your application, the review process usually takes between 4 and 12 weeks on average. During this time, The Baobab Team will review your application and contact you with the next steps if your application is successful.
Selection requirement
These are the internal assessment criteria used by The Baobab Team to evaluate the Baobab Accelerator program startup applications:
- Team:
1. Market knowledge and domain expertise
2. Ability to execute
3. Grit and resilience
4. Team dynamic and culture-building
5. Purpose-driven vision - Business model:
1. Revenue generation and identified revenue streams
2. Traction and growth metrics
3. Scalability potential
4. Financial sustainability and profitability - Product:
1. Simplicity and user-friendliness
2. A clear roadmap for improvement and future features
3. A data-driven approach to customer feedback and product updates - Market opportunity:
1. Market Size and growth potential
2. Identification of key market trends and risk mitigation strategies
3. Competitive landscape analysis and unique positioning - The Baobab Network Factor:
1. Fit with The Baobab Team and their network
2. Evaluation of the startup’s potential as an addition to the network
3. Consideration of the right timing for engagement with the startup
Overview
Types of opportunity: Grant
Deadline: Ongoing
Worth: $50,000 USD
Open to: Early-stage Tech Start-ups
Duration: 3 Months
Organizer: The Baobab Team
Country: Africa
Inquiry
For questions email the Baobab Accelerator program: team@thebaobabnetwork.com
for more information visit The Baobab Team Accelerator program
