Applications for the Google for firms Accelerator Africa: Black Founders programme are now available to black-owned firms in South Africa. According to the corporation, the fund demonstrates its dedication to helping South African companies and acknowledging the critical role that entrepreneurship plays in the region’s social and economic growth.
Applications for the fund are open to South African-based startups with operations and headquarters that are developing products for the African or international markets and have shown a strong potential for growth. To be considered, businesses must have at least one black South African founder with relevant experience, a strong and dedicated team, a live product that employs or has the potential to utilise AI, and a compatibility with Google products and potential for leveraging them to expand.
The hybrid program, which will run from 2024 to March 2025, will provide equity-free cash awards of up to $50,000 (over R1 million) to 15 black South African-owned startups. Additionally, the startups will receive $200 000 (over R3,6 million) in cloud credit, one-on-one training, and networking opportunities with mentors to help them overcome the particular challenges that each startup faces. Through a local implementation partner, funds for the Google for Startups Accelerator Africa: Black Founders program will be disbursed.
“Innovation, economic growth, and social progress are critical drivers of startups in Africa,” states Folarin Aiyegbusi, Google Sub-Saharan Africa’s head of the Startup Ecosystem. “We are creating wealth and jobs for the future and advancing systemic change by investing in black-owned startups in South Africa.”
The program is built on the achievements of prior Accelerator cohorts and Google’s Black Founders Fund, which has given out over $30 million to support Black-owned businesses in the US, Europe, Brazil, and Africa. The program’s objectives are to raise money, build stronger communities, and effect generational change. Similar to other initiatives, the fund addresses the disparity in venture capital funding and supports Black tech entrepreneurs in growing their companies.
According to data, there was a decrease in funding and deal activity in the South African startup sector in 2022 as compared to the year before. Even though 95 deals totalling around $640,18 million in funding were closed, this was far less than the record-breaking 120 deals and $1,108 billion in funding that were accomplished in 2021. South Africa witnessed a significant change in the mechanics of funding in 2023.
Google was commended by Solly Malatsi, the South African Minister of Communications and Digital Technologies, for taking the lead and establishing special initiatives to assist startups. He states, “The government views tech startups as critical catalysts for economic growth and innovation in the digital era.” By providing our communities with easily accessible and reasonably priced solutions, they foster digital inclusion. I’m pleased by Google’s funding and technical support to stimulate the South African tech ecosystem and would like to urge eligible startups to apply so they can take this chance to build their businesses and help create employment.”
