The Baobab Network Accelerator 2023/2024 for African Tech Founders is now accepting applications. In order to support the next generation of African tech entrepreneurs, the Baobab Network Accelerator makes investments.
The Baobab Network provides rigorous consultation for two weeks at the beginning of each accelerator program. This is followed by three months of on-the-ground assistance from their venture partners and network of partners and experts. To prevent entrepreneurs from being away from their company for a lengthy amount of time, the program is remote.
Benefits:
- $100,000 USD Funding: They provide founders with the early-stage capital they need to kick-start their company’s growth.
- Bespoke Acceleration: They have built an intensive, unique programme to ensure that their graduate start-ups from every cohort go on to be successful.
- A Global Network: They bring a powerful global network of experts, mentors, corporate partners and investors to help grow your business.
Eligibility:
- Open to early-stage tech start-ups across Africa.
- If your solution creates or relies on technology to solve a problem, has an MVP and a bit of traction you are welcome to apply.
Selection Criteria:
They consider the following questions internally when assessing whether they will accept a start-up into the programme:
Team
- Market knowledge and domain expertise: Does your founding team have a deep understanding of the market you are operating in? Are you aware of customer behaviour and trends?
- Ability to execute: can your team hit the ground running and get things done?
- Grit: building a company is not easy, does your team have the passion and focus to get through the hard times?
- Team dynamic: are you (and your co-founders) intentional about building a great culture that can attract top talent and enable employees to feel engaged, motivated and empowered to grow?
- Purpose-driven: does your team have a clear vision of the kind of impact they’d want to make?
Business model
- Revenue generation: has your start-up clearly identified the revenue streams; both today and in the future?
- Traction: is the product uptake promising? Are the business key metrics (such as user sign up, GMV etc) growing?
- Scalability: can you replicate your success in other geographical or vertical markets?
- Unit economics: is your business financially sustainable; i.e. profitable or have a clear path to profitability?
Product
- Simplicity: is the product intuitive to your users? Does the product clearly solve a problem and is this obvious to users?
- Clear roadmap: is your team aware of what you need to improve and the features/offerings that you would want to add?
- Data-driven: is your team proactive in collecting customer feedback and updating their features/offerings based on the data that is available to them?
Market opportunity
- Market size: is the available and obtainable market significant and growing?
- Market trends: What are some key trends that would favour your start-up? What are the risks in this market and how is your team hedging against them?
- Competitive landscape: who are the other key players in the market? How is your start-up uniquely positioned when compared to these players?
The Baobab Network Factor
- Fit: Is Baobab excited to work with your start-up and team? Do they think your start-up will be a good addition to their network?
- Timing: Is this the right time for Baobab to engage with your start-up?
Application:
Applications and all documents (pitch decks and financial projections) should be in English. They understand that not everybody’s first language is English, but sending applications in English will ensure all team members can review them.
The next accelerator kicks off on November 20, 2023 so to be considered for this, submit your application before October 31, 2023.
