Timbuktoo in a Move to Assist African Startups

The UNDP has launched the “Timbuktoo” initiative, a $1 billion financing program aimed at revolutionizing the African startup ecosystem. 

This initiative, promoted by the UNDP and African leaders, seeks to address critical gaps and work with African governments, investors, corporations, and universities to support African startups. 

The Timbuktoo Africa Innovation Fund touted as the largest ever startup fund in Africa, will commit $350 million of risk-tolerant capital to help attract investments and support 1000 tech startups across the continent.

Timbuktoo’s Impact on the Pulse of African Innovation

The Timbuktoo initiative is a new model of development, focusing on startup-friendly legislation, global-class startup building, de-risking capital, and University Innovation Pods (UniPods) across Africa. 

It aims to fill critical gaps and support the startup ecosystem, with a pan-African approach to supporting startups and engaging and deepening the linkages between government policy, universities, and corporates. 

The initiative also aims to create opportunities for Africa’s youth and enable them to contribute to job creation and sustainable economic growth. The Timbuktoo Africa Innovation Fund will provide financing for accelerators, venture builders, and startups, making pre-seed, seed, and pre-Series A investments on an equity basis. 

It will focus on various sectors, including fintech, ed-tech, agritech, health tech, tourism, hospitality, creatives, Greentech, and e-commerce, in different African countries. The fund will work with local universities to support tech innovation and aims to turn ideas into pan-African enterprises, attracting both global and local investment.

Building a Brighter Future Together

The Timbuktoo initiative was presented to global corporate leaders and African financial institutions at Davos, with the aim of leveraging Africa’s youth demographic and innovative talent to spark the African Startup Revolution. 

The initiative has already received immediate contributions, with key African companies and leaders showing their support by pledging millions of dollars to kickstart the initiative.

The Timbuktoo initiative is set to be a game-changer in the African startup ecosystem, with its ambitious goal of mobilizing and investing $1 billion to transform 100 million livelihoods and create 10 million jobs. 

By addressing critical gaps and working with various stakeholders, the initiative aims to unleash Africa’s startup revolution and support the continent’s youth in contributing to sustainable economic growth.