Incubator Space: Launching the Latest Tech Startup in Africa

The development of any modern society cannot be talked about without the mention of Tech as its bedrock/foundation for growth.

Africa, as a developing continent has realized that Tech advancement is no doubt, a veritable tool known all over the world to impact fast rate of economic development.

Africa have always been in dire need of Tech reforms to revamp the economy of this blessed continent. For decades, not much has been done “tech-wise” to transform an economy that has mostly depended on Oil, natural resources and foreign aid for its development.

The Tech industry has not seen much government support in a continent endowed with human resources and filled with untapped Tech talents. Youth unemployment and underdevelopment has reached alarming proportions in recent times.

Private Tech start-up programs all over the world, has been known to have revamped many economies and served as a catalyst tool for global economic development, turning under-developed countries into economically vibrant societies today. The case of Africa as a continent in need of urgent Tech solutions cannot be any different.

Tech Startup in Africa

Young Entrepreneurs have always been faced with the challenge of turning their Tech Start-up ideas into a sustainable business model that will bring about the desired economic growth much needed in this continent. Tech Start-ups face challenges converting ideas into product development which will invariably economically empower the young entrepreneurs and of course Africa as a whole.

Some challenges encountered by start-up entrepreneurs:

• Huge infrastructural deficiency in Africa.
• High cost of Internet connectivity.
• Lack of computers and other tools to work with.
• Lack of funds and investment friendly environment.
• Lack of mentoring support.
• Existence of great gap between knowledge and skill.
• Little collaboration between the Government and  Startup Industry.
• Erratic power supply etc.

Opportunities

• These challenges call for more private sector initiatives to take part in tech advancement to allow the start-up entrepreneurs succeed in their drive to effectively provide solutions to everyday problems in the African societies first and the world at large.

Mentoring

Start-up Accelerators have always helped make Tech ideas a reality as young entrepreneurs get support from seasoned entrepreneurs with track record in the Tech ecosystem.
Since we all, at one point in time need some sort of help to grow, same is most needed at this moment in the life of this great continent longing to come out of its economic woes.

Areas of Concern

These fields includes but not limited to:

Growth of Startups

While tech start-ups are growing with the increasing use of mobile phone technology, creating products that solve the most pressing need of a continent with a very large consumer market has always been its bane.

TechChiefs Incubator Space, a Los Angeles based Tech Fund with focus on Africa being relatively new and with very great interest in this emerging continent, creating an incubator with the Silicon Valley model that turned ideas into m
ulti-billion dollar businesses; the likes of UBER and Airbnb will play an important role in ensuring these start-up solutions prosper in their respective markets.

Our Incubator

• Ours is a business incubator primarily aimed at developing and nurturing tech start ups in different markets.
• Our focus is on growing innovative tech ideas by engaging Start ups in entrepreneurship programs and injecting capital to these start-ups meant to accelerate their marketability within a six month period bringing about immediate solutions to the current problems facing the African economy.

Who we incubate

• Our incubation covers for any viable business solution making use of technology as a basis to solve its problem.

Selection Criteria

Step 1: Startups with amazing ideas should apply for Incubator Program

Step 2: Selected startups will enter for pitch competition

Step 3: Startup with higher prospects are inculcated into our six (6) months program

The selection of a start up for the pitch competition is based on the following attributes and criterion:

• It has to have a clear and promising business idea that supports the development of Minimum Viable Products (MVPs) capable of meeting the economic yearnings of Africa.
• Extensive understanding of its prospective market.
• Knowledge of the existing challenges in the market.
• Clear knowledge of competitors.
• A developed prototype with a comprehensive outline.
• Strong teamwork.

Incubator Model

Our model is to identify the startup with the most promising ideas and team, bring them in to our incubator space (offer them free facilities like internet, computers, mentoring, and $2,000 in initial cash) in return for an equity position in the company.

Another model would be to offer development services in return for an equity position. We offer relationships and mentoring time with top industry leaders across Africa as well as top Silicon Valley luminaries.

Resources & Business Development Programs Offered

The model in use is to identify Ten (10) start-ups yearly with the most viable ideas and teams, bring them in to our incubator space and offer several facilities and resources.

These resources include:

• A $2000 initial capital
• Product Development (App development)
• Infrastructural space
• Mentorship Programs from Silicon Valley Luminaries
• Industry workshops and events with tech inspired solution companies
• Networking and entrepreneur interaction opportunities
• Geeks Collaborations etc.

Incubator Prospects

We are strong believers in the African talent pool and with the growing use of mobile technology across the globe, we believe Africa will experience a massive boom in tech in the next few years.

As an experienced entrepreneur in tech, and having built a successful Mobile App company that grew exponentially from four persons start-up into a huge company within a four year-period, this venture in Africa will grow exponentially into a huge success not just for the start-ups, but for the continent as well.

Significance of the Incubator

As an innovation hub, our space will eliminate the initial cost and pain that comes with starting and running tech start-ups. This will go beyond the obvious expenses, offering access to other tools as well as resources, testing labs, accounting and legal services combined with shared talents, collaboration as well as accelerating the development of these start-ups into solving the everyday societal problems.

Essentially, the networks and resources to be availed to these start-ups communities are the priceless kind; no money can easily buy it.