Investing in Africa i3 Program 2023 for e-health Startups ($USD 50,000 grant)
APPLICATIONS FOR THE SECOND COHORT ARE NOW OPEN for the Investing in Africa i3 Program. If you are an African entrepreneur creating a solution to a health product distribution challenge in Africa, i3 invite you to apply for the 2023 cohort. You stand the chance of receiving a $50,000 grant as well as access to leading donors, industry and institutional players who will support introductions to customers. Up to 30 companies will be selected this round.
TO BE ELIGIBLE TO APPLY, STARTUPS MUST FULFILL THE FOLLOWING CRITERIA
- Representative of the business must be a founder / co-founder, and at least 18 years old with a valid ID document.
- Company must be owned, led or operated by an African(s). We define this as having an African national with long-term control and management of the business, an equity stake and an active role in both strategic and day-to-day decision making. Organization does not need to be headquartered in Africa.
- Business must have a legal presence on the African continent.
- Business offerings must be focused on serving the needs of African customers
- Business must be in the early or growth stage as defined below. Nascent/idea stage companies, or mature companies (e.g. mature incumbent distribution businesses) are not be eligible.
EARLY STAGE –
You must have clearly defined your market, validated customer demand, developed a working prototype and product map, and begun to generate revenue, with a strong plan to scale and sustain growth
GROWTH STAGE –
You must have strong, well-defined revenue model, sales, and operational capabilities. Your Products and service must be primed to scale, and customer acquisition costs must be declining. You must have evidence of customer acceptance of your products (reflected in sales volumes, beyond early adopters).
Companies must fulfill all five criteria to be eligible to be reviewed.
Company serves Africans
Company is owned, led, operated by Africans
Company is in Early or Growth stage
Company is offering services in health product distribution or plans to offer services in the short term (2-3 months)
Company business model demonstrates improvements in one or more of the following public health impacts: quality, availability, affordability, accessibility, visibility of key health products in Africa
COMPANIES IN THE I3 COHORT WILL BENEFIT FROM 3 OFFERINGS OVER A 12 MONTH PERIOD
01: ACCESS TO MARKETS
I3 connects innovators to leading local and international industry players as well as to financing, donors, and governments – in an attempt to help companies establish partnerships, pilot projects, contracts and investment.
02: RISK-TOLERANT FINANCE
I3 provides systematic grants of $50,000 to all participating startups for investments in commercialization and impact.
03 INVESTMENT READINESS SUPPORT
i3 provides participating startups with tailored investment readiness support, delivered by leading innovation experts at CCHub, Startupbootcamp AfriTech, Villgro Africa and IMPACT Lab.
- 25th April 2023: APPLICATIONS OPEN
- 22nd May 2023: DEADLINE FOR QUESTIONS
- 26th June 2023: APPLICATIONS CLOSE
- 16th August 2023: COMPLETE DUE DILIGENCE
- 14th September 2023: COHORT ANNOUNCED
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