In a strategic move to foster innovation and support early-stage startups, Safaricom and Sumitomo Corporation have unveiled the Spark Accelerator Program, open for applications from aspiring entrepreneurs. The program, spanning three months, aims to provide a comprehensive blend of training, mentorship, funding, and go-to-market strategies for selected startups.
Purpose-led Technology Ambitions
Safaricom CEO Peter Ndegwa expressed the company’s dedication to being a purpose-led technology entity, emphasizing that the Spark Accelerator Program goes beyond capital injection, a departure from the previous Spark Fund initiative. Ndegwa mentioned the program’s restructuring to specifically address challenges hindering the growth of early-stage startups, aligning with Safaricom’s ambition to contribute to the development of the African economy.
Focusing on Growth and Scaling
The primary objective of the Spark Accelerator Program is to facilitate the growth and scaling of early-stage startups. By offering training, mentorship, and funding, Safaricom and Sumitomo Corporation aim to empower entrepreneurs in overcoming obstacles commonly faced during the initial phases of business development.
Targeting Fintech and Content Startups
In its initial phase, the accelerator program will focus on benefiting fintech and content startups. This strategic choice reflects the increasing significance of these sectors in the technological landscape and their potential to drive innovation and economic development in Africa.
M-Pesa Africa’s Integral Role
M-Pesa Africa, a significant player in the African financial technology space, will actively participate in the Spark Accelerator Program. The involvement of M-Pesa Africa will extend beyond financial contributions, offering participating startups access to technical support for developing mini-apps integrated into Safaricom’s M-Pesa Super App.
Access to a Vast Customer Base
Participating startups will gain a unique opportunity to connect with over 4 million customers who use Safaricom’s M-Pesa Super App. This access will not only enhance their visibility but also empower startups to create innovations that bridge the gap between customers and businesses on the M-PESA platform, providing additional value.
Continued Support Beyond the Program
M-Pesa Africa is committed to providing ongoing support beyond the three-month accelerator program. This commitment includes expertise, market research, insights, and capacity support for startups seeking to expand their reach across borders. With a vast network spanning eight markets, M-PESA is poised to offer startups access to more than 60 million customers and 5 million businesses.
Investor Demo Day and Funding Opportunities
The Spark Accelerator Program will culminate in an investor demo day, where startups will have the opportunity to pitch for investments not only from Safaricom but also from partner venture capital firms. This platform aims to bridge the gap between startups and potential investors, fostering growth and sustainability.
iHUB as the Implementing Partner
iHUB, a pioneering force within Kenya’s startup ecosystem and a subsidiary of Africa’s leading innovation hub, Co-Creation Hub (CcHUB), will play a crucial role as the implementing partner of the Spark Accelerator. This collaboration underscores the importance of established innovation hubs in nurturing and supporting emerging businesses.
Encouraging Dynamic Solutions
Ojoma Ochai, Managing Director of CcHUB, encouraged startups with dynamic and impactful solutions to join the program. The collaborative efforts of esteemed partners aim to catalyze innovation, empowering digital ecosystems and contributing to the broader growth of the technology sector in Africa.
Supporting Partnerships
Apart from Safaricom and Sumitomo Corporation, supporting partners for the Spark Accelerator Program include Vodacom and AWS (Amazon Web Services). These partnerships highlight the collaborative nature of the initiative and the diverse expertise brought in by each partner to ensure a holistic support system for participating startups.
Application Period and Beyond
The call for applications for the Spark Accelerator Program is set to run from January 12, 2024, to February 16, 2024. Beyond this period, successful startups can look forward to continued support, unlocking opportunities to tap into M-PESA’s extensive customer and business network.
In conclusion, the Spark Accelerator Program stands as a beacon of support for early-stage startups, leveraging the combined strengths of Safaricom, Sumitomo Corporation, M-Pesa Africa, and other esteemed partners. As the application window opens, the initiative signals a promising journey for startups ready to innovate, grow, and make a lasting impact in the African technology landscape.
Source: Capital Fm