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Google is looking to fund 15 black-owned South African start-ups with a share of $50 000 (around R870 000), among other prizes.
The tech giant said the fund, called Google for Startups Accelerator Africa: Black Founders programme, was established to help small and medium enterprises (SMEs) around the country, with South Africa being the focus, to thrive.
Google has had similar funds in the past thaat awarded more than $30 million to black-led start-ups in Africa, Brazil, Europe, and the United States.
Head of Start-up Ecosystem, Google Sub-Saharan Africa, Folarin Aiyegbusi says start-ups in Africa are critical drivers of innovation, economic growth and social progress.
He adds that by investing in black-owned businesses, they are driving change and most importantly, promoting job creation. “Through the fund, we will also be creating wealth generation for the future.”
Aiyegbusi emphasised that the fund will help black tech entrepreneurs develop their businesses by addressing the inequality in venture capital funding, as the fund has previously done in other parts of the world.
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Minister of Communications and Digital Technologies, Solly Malatsi says the government has seen tech startups as key drivers of innovation and economic growth in the digital era.
“They promote digital inclusion by offering accessible and affordable solutions for our communities.”
“Businesses operating and headquartered in the country that are building solutions for the African or global market, and have demonstrated significant market fit and growth potential, are eligible to apply for the fund,” says Aiyegbusi.
Start-ups must have at least one black South African founder, a live product that utilises or has the potential to utilise AI, and compatibility with Google products and the potential for leveraging them to grow.
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The 15 selected businesses will receive equity-free cash awards of $50 000 (around R870 000) and Cloud credit of $200 000 (R3.4 million) to be shared between them. They will also receive one-on-one training, and networking with mentors to help address the unique challenges faced by each start-up.
The programme will run from late this year until March 2025, when the 15 start-ups will be chosen.
Amazon launched a similar programme in September to promote South African businesses.
For Heritage Month, the online retailer launched Shop Mzansi, a storefront on its platform with products from the country’s entrepreneurs.
The storefront was established to ensure it is easier for customers to find products from more than 160 South African small businesses.
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