The Federal Development Ministry (BMZ) has announced that it has launched its startup support program DeveloPPP Ventures, with a $122K grant for Kenyan entrepreneurs. The funding will be distributed by DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH via a matching-funds model.
Gerd Müller the Development Minister speaking on the program said that the program aims to drive entrepreneurial growth in Africa, owing to that the region presents an exciting startup scene.
“Many developing countries, particularly in Africa, have an exciting startup 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. 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 realized 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” said Gerd.
The program is being conducted in collaboration with impact investment specialist Seedstars and business incubator NaiLab. The program will focus on helping young entrepreneurs who are making innovative contributions to sustainable development in their developing economies scale their startup plans.
The following requirements must be met by startups intending to apply:
- The startup must have its head office or branch registered in Kenya
- The startup must be generating some initial turnover with its product
- The startup must have the ability to acquire matching funds from other sources of at least the same amount.
According to reports, the program will also be launched in various other African countries.
Applications must be completed before July 15, 2021; interested startups can click here to apply.