Fast-Tracking African Tech: Accelerators To Offer The Key To Developing Successful African Startups

Fast-Tracking African Tech: Accelerators To Offer The Key To Developing Successful African Startups. More than 50% of African startups are likely to fail^[2]. This is because they face challenges such as a lack of access to funding, mentoring and markets.

But Accelerator programmes could change the odds for startups on the continent, and one Ghanian tech company is evidence of this.

After joining the Telecel ASIP Accelerator powered by Startupbootcamp Afritech in 2021, Ghanian buy-now-pay-later platform Motito has catapulted into a remarkable business trusted by international brands and West Africa’s burgeoning middle-class.

Motito was born out of a desire to address the challenge of accessing credit among the continent’s middle class – something founder Co-founder Tobi Martins has had personal experience with.

“The platform has increased affordability among consumers in Ghana, allowing them to access items that would previously have been a financial strain on their pockets. This gives more financial freedom to the country’s growing middle class,” explains Martins.

Motito enables businesses to offer an interest-free credit option to their existing customers at point-of-sale. Like a credit card, with Motito you can walk into a merchant store and make payment in instalments for items you purchase.

Startupbootcamp Afritech’s pan-African mandate offers Africa’s early-stage founders a world-class programme. Backed by anchor partner Telecel Group, the ASIP Accelerator is ideal for tech-oriented startups looking to scale through corporate and public sector partnerships. The programme scouts, skills, and scales early-stage startups through intensive coaching and opportunities for pilots and Proof of Concept projects that subsequently open the doors for longer-term commercial agreements.

“SBC focuses on entrepreneurs from Africa, who are developing solutions to problems on the continent and empowering Africa communities. The calibre of startups that have passed through SBC made us determined to join their ranks – and we’re seeing the benefits less than a year after joining the accelerator,” says Martins.

After joining the ASIP programme, Motito obtained a licence to use financial data from mobile phones to improve credit scoring capabilities by as much as 50%.

“The programme gave us added credibility among investors and financial partners. It allowed us to partner with companies such as Google to improve credit scoring and grew the platform to $100 000 worth of transactions passing through the platform,” says Martins.

Applications for participation in the coming cohort for the ASIP Accelerator are now open and the Startupbootcamp Afritech team will be visiting Ghana as part of their FastTrack tour.

The team is looking for the next generation of African startups disrupting industry sectors that include AgriTech & Supply Chain, FinTech, IoT & Connectivity, Machine Learning (Data Analytics), Cybersecurity, CleanTech, and RegTech. FastTracks are one-day pitching events where applicants and prospective applicants will have the opportunity to receive mentor feedback, network with corporates, and learn more about the Programme.

This cohort’s partners also include the Government of Senegal, through DER/FJ, a youth and women empowerment structure set up by the President of the Republic of Senegal. With the help of DER/FJ startups will gain public-sector knowledge and support which presents an opportunity to further scale their impact.

“Startupbootcamp provides an educational foundation that most entrepreneurs on the continent would not have access to. But not only do you learn the skills you need to make a startup thrive, but you are also connected to potential partners and investors,” says Martins.

Applications for the Telecel ASIP Accelerator are currently open and will be closing on 28 January 2022. 10 selected tech entrepreneurs will pitch to top influential stakeholders within the African tech-related ecosystem, including investors, entrepreneurs and corporate partners.