ACCELERATE Africa Tanzania, in collaboration with AIM Startups, has come up with competition for Startups.
The competition addresses the challenges faced by Tanzanian startups and is particularly timely. The startup ecosystem in the country grapples with limited access to funding, inadequate infrastructure, and a talent gap.
A recent report, "Africa: The Big Deal 2023," highlighted the funding disparity between Tanzania and Kenya. While Nairobi secured a substantial USD800 million in funding last year, Dar es Salaam managed only USD 25 million, marking a 69 percent drop from the previous year's USD 80.7 million.
ACCELERATE Africa in partnership with AIM Startups, officially launched a startup competition on Wednesday. The competition offers startups the chance to compete for a ticket to attend the AIM Congress 2024 scheduled for May in Abu Dhabi, United Arab Emirates (UAE).
The application period for the competition is open until mid-next month, with the winning startup receiving an exclusive ticket to the AIM Congress, a globally recognized event in the startup ecosystem.
Ms. Pendo Lema, the Country Coordinator for Accelerate Africa, expressed enthusiasm about the pitch competition, emphasizing its role in providing startups with a platform to showcase innovative ideas, game-changing technologies, and disruptive solutions.
“Whether you are just starting or have already gained some traction, this is the stage where you can capture the spotlight and accelerate your growth,” she stated. “It's an opportunity to make a lasting impression in the tech world.”
Participating startups stand to gain numerous benefits, including exposure to industry experts, venture capitalists, and influential decision-makers. The networking aspect allows participants to connect with like-minded entrepreneurs, potential strategic partners, and mentors who can offer valuable insights and guidance throughout their entrepreneurial journey.
Moreover, the forum provides an avenue for startups to secure potential investments from investors or seed funds actively seeking the "next big thing" to invest in.
Ms. Lema emphasized the significance of being selected as a finalist or winner, citing it as a strong validation of a startup's potential, enhancing credibility and attracting further interest.
To be eligible, applicants must be in the pre-seed or seed stage, have a team of at least five employees in the technology sector, possess an innovative and scalable business model, and include at least one senior tech professional in the team.
Given that only one startup will emerge as the winner from the 20 shortlisted judges, organizers are encouraging sponsors to support and sponsor other startups to attend the AIM Congress.
Accelerate Africa operates across more than 20 African countries, aiming to foster growth and development in the continent's startup ecosystem.