Based in Germany, The Federal Ministry of Public Works (BMZ) has been launched DeveloPPP Ventures, a program that aims to empower Kenyan startups by providing business support and a grant of up to € 100,000.
Ministry of Development launches start-up support program with € 100,000 grant for Kenyan entrepreneurs
According to reports, funding will be distributed by DEG – German Investment and Development Company Ltd. using a matching background model. DEG provides grant funding to startups that have demonstrated and achieved proof of concept and are ready to scale.
Development Minister Gerd Müller explains that the program aims to boost business growth in Africa.
“Many developing countries, especially in Africa, have an exciting start-up scene. This is where the jobs of the future and innovative solutions for field challenges emerge. With drones being used to supply medicines, fully digital banks (things that look like the music of the future to European ears), many African companies are already making these ideas a reality. We want to further encourage this entrepreneurial spirit, thus helping to create modern jobs for young people. Since the launch of our DeveloPPP program, more than 2,000 projects have been carried out worldwide, along with local, German and European companies. Last year alone, about 80,000 people received initial and subsequent training thanks to this support.
The program is carried out in collaboration with an impact investment specialist Seedstars and business incubator NaiLab. The recently launched program is aimed at young entrepreneurs who make innovative contributions to the sustainable development of their developing economies and to the improvement of the living conditions of local people.
The support program
Through the program, selected participants have the opportunity to receive a grant of up to € 100,000 and will receive personalized support from technical experts.
Several requirements must be met to apply for the program;
- The startup must have its registered office or branch registered in Kenya
- The startup should generate an initial turnover with your product
- The start-up must have the ability to acquire matching funds from other sources of at least the same amount.
According to reports, the program will be piloted in Kenya and over time will be launched in several other African countries.
How to apply
Applications must be completed online and closed on July 15, 2021.x
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