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The Gen F Entrepreneur in Residence Studio: $250, 000 for Your African Technology Start-up Company
Gen F Entrepreneur in Residence Studio is a visionary initiative facilitated by Founders Factory, that is gearing up to inject a substantial sum of $250,000 into Technology Start-ups across the African Continent as part of its cutting-edge African Entrepreneurs in Residence program.
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Going beyond just financial support, the program will empower the visionary African entrepreneurs of these Technology Start-ups with a dedicated budget for experimentation and unfettered access to expert guidance.
What sets Gen F apart is its unique inclusion of founders in the ‘Entrepreneur In Residence Venture Design Studio.’
This innovative studio seamlessly blends the venture studio and VC models, offering both investment and hands-on support to early-stage African entrepreneurs committed to crafting solutions for local challenges.
Gen F underscores its commitment to fostering innovation by assisting African entrepreneurs like you in bootstrapping your novel ideas, recognizing the financial risks associated with groundbreaking concepts.
Moreover, the initiative is on a mission to break barriers and make a lasting impact on previously excluded or underserved communities in the African continents.
By leveraging technology, Gen F aims to provide accelerated access to cutting-edge products and services to Technology Start-ups, thereby unlocking new markets and commercial opportunities.
The initiative is poised to be a catalyst for transformative change in the African continent Technology Start-ups ecosystem.
Who is Founders Factory?
Founders Factory stands as a dynamic pan-African enterprise dedicated to investing in groundbreaking early-stage ventures, ranging from fledgling ideas to ventures gearing up for a seed round.
Their approach seamlessly integrates capital infusion with hands-on support, aimed at assisting founders in navigating their most pressing technical, strategic, and commercial challenges.
While their primary focus is on collaborating with outstanding technology start-ups in the FinTech and HealthTech sectors, Founders Factory showcases versatility.
Their founders leverage proprietary technology to address challenges spanning diverse industries, fostering innovative solutions in EdTech, AgriTech, logistics, and beyond.
They believe that the technology start-ups under their wing, as well as those anticipated in the coming years, are poised for substantial growth.
The realization of their full potential not only propels these businesses into significant scales but also unlocks remarkable opportunities for trade, job creation, knowledge transfer, and shared economic prosperity in the African continent.
In close partnership with corporate allies, Founders Factory is committed to providing all technology start-ups in their portfolio with the essential tools required for enduring success. This collaborative effort aims to shape an environment where technology startups thrive and contribute meaningfully to the broader economic landscape.
What does the Gen F Program entail for Technology Start-ups?
Gen F’s investment initiative unfolds as a dynamic 12-week sprint for proposed technology start-ups, intricately intertwined with its Venture Design Studio, poised to revolutionize the startup landscape in the African continent.
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This initiative offers a one-time budget, enabling African entrepreneurs to conduct market validation experiments that refine their concepts and prepare them for the crucial Investment Committee (IC) pitch.
African Entrepreneurs granted approval gain complimentary access to Gen F’s studio services for seamlessly launching their technology startups. Moreover, selected startups stand to benefit significantly, receiving a substantial $250,000 seed funding injection upon successfully pitching their ideas.
Beyond financial support, technology startups enrolled in this program receive specialized assistance across various domains. This includes expert guidance in product development, UX/UI design, data science, engineering, business development, and growth marketing.
Furthermore, the initiative opens doors for these technology startups to access distribution channels, explore customer acquisition opportunities, engage in pilot programs, tap into data resources, safeguard intellectual property, and glean valuable insights from corporate collaborations.
This comprehensive support system ensures that African entrepreneurs not only receive financial backing but also gain a holistic toolkit for success in their technology start-up journey.
Who can register for the Gen F Initiative?
Gen F’s Entrepreneur in Residence Program welcomes a diverse spectrum of individuals driven by innovation and a passion for addressing challenges in the African continent. The inclusive eligibility criteria are as follows:
Seasoned African Entrepreneurs
Individuals with prior start-up experience who possess an in-depth understanding of the intricacies involved in developing technology start-up concepts can register for the program.
Corporate Professionals in Transition
Corporate professionals seeking a transition to entrepreneurship, identifying market gaps that inspire their entrepreneurial journey.
African Technology Start-up Veterans
Seasoned operators with a proven track record of contributing to the growth and success of technology start-ups in the African continent.
Visionary Conceptualizers
African entrepreneurs equipped with well-researched concepts that tackle profound challenges within expansive African markets.
Full-Time Commitment
African entrepreneurs capable of dedicating their full-time efforts to refine and validate their concepts for a duration of 10-12 weeks, subsequently transitioning into their technology startups on a full-time basis.
Early-Stage African Entrepreneurs
African entrepreneurs positioned at the earliest stages of constructing their startup ideas, even before generating revenue can apply for the Gen F program.
Subject matter experts armed with a unique understanding of the specific problems they aspire to address through their startup endeavors can also apply for the Gen F program.
Throughout the Gen F program, FFA extends a range of exclusive offerings to participating African entrepreneurs
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Strategic Budget Allocation
A competitive one-time budget is provided to facilitate market validation experiments, ensuring African entrepreneurs have the resources needed for effective testing.
Collaborative Venture Building
African entrepreneurs benefit from close collaboration with FFA’s experienced venture builders. This collaborative effort is designed to refine the technology start-up concept and prepare founders for the Investment Committee (IC).
Studio Services Access
Upon Investment Committee approval, the African entrepreneurs gain complimentary access to FFA’s studio services, a valuable resource for launching their startups efficiently.
Seed Funding Injection
Successful pitching at the Investment Committee can unlock up to $250,000 in seed funding, providing essential financial support for the startup’s initial stages.
Founder-Friendly Approach
Participating founders are not burdened with any payment obligations, such as program fees. FFA prioritizes a founder-friendly approach, ensuring that financial constraints do not hinder participation in the Gen F program.
Application Process
Aspiring and African entrepreneurs in the African continent can embark on a thorough application journey through the FFA Gen F Program with the following step-by-step process:
Application Form Submission
African entrepreneurs can start by completing the application form, a crucial step to evaluate the market opportunity and gain insights into the founder’s vision. If there’s no response within one week of applying, founders can consider the application as unsuccessful.
Exploratory Chat Session
Successful applicants will proceed to a 30-minute exploratory chat, providing an opportunity to meet the founder and assess the alignment between the founder and market needs. The outcome of this session will be communicated within two weeks from the initial chat.
Panel Interview Experience
The journey advances to a comprehensive 1-hour panel interview with various FFA team members. This session delves deeper into the concept, allowing for a more thorough understanding of the African entrepreneur’s technology start-up concept. Outcomes from the panel interview will be communicated within one week after its completion. If you are interested, you can apply here
When does the Application Close?
FFA Gen F initiative embraces a rolling admissions policy, allowing aspiring African entrepreneurs to apply at any time, there is no application closing date. Unlike traditional application cycles, this approach eliminates strict deadlines, ensuring that innovative minds have a continuous opportunity to be part of the Gen F program.
FAQs
Will Applicants sign NDA with FFA?
According to FFA, applicants are not required to sign a Non-Disclosure Agreement (NDA). FFA emphasizes that its esteemed global reputation is built on the capability to collaborate with a diverse portfolio while upholding stringent confidentiality measures for each venture.
Can Applicants apply if they’ve participated in another accelerator program?
According to FFA, it is indeed acceptable for applicants who have participated in other accelerator programs. However, FFA expresses a preference for technology start-ups not concurrently engaging in other programs while collaborating with FFA.
The rationale is that FFA provides hands-on support, and focusing solely on one partner at a time minimizes distractions for the technology start-up, considering their already limited resources.
How are applicant IP handled by FFA?
FFA stated that they strictly control access to applications submitted through their website, permitting only staff in their venture sourcing team to have access. These team members are bound by stringent confidentiality terms. Notably, members of FFA’s venture design and studio teams do not possess any access to applications submitted to FFA.
Applications that are declined by FFA are retained for a specified 14-day period, after which they are automatically erased from FFA’s servers without necessitating any additional action from FFA.
While FFA and its staff make concerted efforts to safeguard the information proprietary of third parties, it’s crucial to note that FFA does not offer a guarantee.
Therefore, FFA disclaims and limits, to the extent permissible under applicable laws, any and all liabilities, claims, and damages that might arise from or be connected with the submitted application.
