Investing in Innovation (i3) 2023 Program for African Entrepreneurs creating a solution to a health product distribution challenge in Africa

If you are an African entrepreneur creating a solution to a health product distribution challenge in Africa, we 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

• Table of Content
• About Investing in Innovation Africa
• Investing in Innovation Program for African Entrepreneurs Grant
• Aim and Benefits of Investing in Innovation Program for African Entrepreneurs Grant
• Requirements for Investing in Innovation Program for African Entrepreneurs Grant Qualification
• Interview date, Process and Venue for Investing in Innovation Program for African Entrepreneurs Grant
• Application Deadline
• How to Apply

About Investing in Innovation Africa

Investing in Innovation Program for African Entrepreneurs Grant

Aim and Benefits of Investing in Innovation Program for African Entrepreneurs Grant

• Access to Markets: i3’s matchmaking program and flagship event connect innovators to leading local and international industry players, financial institutions, donors, and governments to establish partnerships and pilot projects that fuel impact and scale.
• Risk-Tolerant Funding: i3 provides systematic grants of $50,000 to all participating startups. This flexible funding is provided to address key business model needs and advance the startups’ charitable impacts.
• 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.

Requirements for Investing in Innovation Program for African Entrepreneurs Grant Qualification

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). They 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 (to note: all three requirements listed must be fulfilled to qualify). Organization does not need to be headquartered in Africa.
• Business must have a legal presence on the African continent. 
• Business offerings must be focused 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 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).
• Businesses must be technology-enabled and offer data-driven products or services focused on health product distribution. They will also consider non-health businesses with documented plans to offer data-driven products or services focused on health product distribution in the short-term (2-3 months).
• Businesses must be able to demonstrate that grant funding will generate direct improvements in one or more of the following areas: availability, accessibility, quality, affordability and visibility of critical health products.
• You must show good management and governance.
• Non-profit organizations, consulting firms, intermediaries and consortia are not eligible.
• The program has a special focus on supporting founders who are traditionally excluded, including women-led companies, and companies operating in Francophone Africa.

Interview date, Process and Venue for Investing in Innovation Program for African Entrepreneurs Grant

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

SELECTION
SCORECARD

Companies will be scored by Selection Committee, and top 10 will be pre-selected. Cohort will be harmonized across geographies, and the final 30 companies will be approved by the Steering Committee.

• Company is offering a very compelling service

• Company is offering a unique product / service

• Company has very high-potential leadership team

• Size of target market is large

• Potential for growth is high

• Potential for impacts on product availability, quality, affordability, accessibility, visibility is high

• Company is woman-led

• Company was founded in and operating in Francophone Africa

KEY DATES:

• 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

Application Deadline

How to Apply

For more details visit: Investing in Innovation website.