Germany’s Development Ministry launches start-up support program for Kenyan entrepreneurs

Sierra Leone Telegraph: 3 June 2021:

Germany’s  Federal Development Ministry (BMZ) has launched its DeveloPPP Ventures that aims to empower local Kenayn start-ups by providing grant support of up to €100,000 for each qualifying entrepreneur. The programme is being delivered through  a match funding model, whereby DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH provides grant financing for growth investments of start-ups that have achieved proof of concept and are ready to up-scale.

“Many developing countries, particularly in Africa, have an exciting start-up scene. This is where the jobs of tomorrow and innovative solutions for the challenges on the ground are emerging. Drones being used to deliver medicines, banks that are completely digital – things which sound like the music of the future to European ears – many African companies are already making these ideas a reality,” said Development Minister Gerd Müller.

“We want to encourage this entrepreneurial spirit even more, thereby helping to create modern jobs for young people. Since the launch of our DeveloPPP program, more than 2,000 projects have been realised around the world, together with local, German and European companies. Last year alone, almost 80,000 people received initial and further training thanks to this support.”

The DeveloPPP Ventures serves as a new pillar that the BMZ has added to its support portfolio. With the support of impact investment specialist Seedstars and business incubator NaiLab, the program is aimed at young entrepreneurs who are making innovative contributions to sustainable development in their developing economies as well as improving living conditions of the locals.

The new program has been launched in Kenya, which already has a lively start-up scene. After that, DeveloPPP Ventures will be gradually expanded to cover more countries.

The program is open to start-ups with their head office or with a branch registered in Kenya. They can receive a grant of up to €100,000 for their planned growth investment.

Among the conditions that applicants must fulfil is that they need to already be generating some initial turnover with their product and that they can acquire matching funds from other sources of at least the same amount. In addition, start-ups will receive tailored support from technical experts for their growth journey.

The first call for proposals was opened on 26 May 2021 and closes on 15 July 2021.

Via its support program DeveloPPP, the BMZ has been cooperating for over twenty years with companies wanting to make sustainable investments in a developing country or emerging economy and expand their activities on the ground.

Interested applicants can sign up for the program here: https://seedsta.rs/3wERtGi.

To sign up or learn more about the program and its conditions, you may visit the website here: https://seedsta.rs/3wERtGi.

ABOUT DEG

DEG, a subsidiary of KfW, finances investments of private-sector companies in developing and emerging-market countries. As one of the major European development financiers we promote entrepreneurial initiative as a contribution to sustainable growth and improved living conditions of local populations.

ABOUT NAILAB

Nailab is a business accelerator in Kenya that has been in existence for 10 years offering humanitarian, innovation, and entrepreneurship programs focusing on growing innovative technology-driven ideas while supporting the social wellbeing of our youth in Africa.

ABOUT SEEDSTARS

Seedstars is a Swiss-based private company with a mission to impact people’s lives in emerging markets through technology and entrepreneurship. The groups’ activities cover over 90 emerging ecosystems through a variety of initiatives such as the Online Seedstars World Competition, acceleration programs, physical hubs called Seedspace, venture capital investments and company building activities. Seedstars The Documentary is a feature film featuring the company’s vision to give a voice to the game changers of the developing world.

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