Program funded by Google for Startups Black Founders Fund for Africa. The Google for Startups Black Founders Fund (BFF) for Africa’s second cohort application process has commenced.
Google has made the decision to boost the fund size by an additional $1 million to make it a total of $4 million for more than 60 qualifying black founders from Africa in 2022 after successfully disbursing a $3 million fund to 50 early-stage African creators in 2021.
The Google racial equity program includes the Google for Startups Black Founders fund. after the launch of the Black Lives Matter movement in 2020. The primary objective of the program is to “bridge the existing fundraising gap for Black startup founders in Africa’s rapidly expanding technological sector.”
“The Black Founders Fund Africa highlights our commitment to fostering innovation in disadvantaged communities,” stated Folarin Aiyegbusi, Head of Startup Ecosystem, SSA. Due to the unjust venture capital funding environment that black-led digital firms must contend with, we are devoted to assisting them in thriving, improving, and ensuring the prosperity of local communities and economies.
“We expect that the fund will help find inexpensive answers to basic challenges facing those at the base of the socio-economic pyramid in Africa,” Aiyegbusi said. “The fund will provide cash rewards and hands-on support to 60 Black-led entrepreneurs across Africa.”
With this money, founders can pay their staff, keep their doors open, and concentrate on growing their companies.
Therefore, BFF offers financial assistance to new enterprises with the goal of assisting them in growing their operations and fostering economic development in Africa, thereby enabling them to give back to their local communities
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Regarding Google
Google LLC is an American multinational technology business with a focus on consumer electronics, cloud computing, computer software, search engines, and quantum computing. It also offers cloud computing, search engine optimization, online advertising, and computer software. Due to its market dominance, data collection, and technological advantages in the field of artificial intelligence, it has been referred to as the “most powerful firm in the world” and one of the most valuable brands in the world. Along with Amazon, Apple, Microsoft, Meta, and Meta, it is regarded as one of the Big Five American technological corporations.
On September 4, 1998, while Larry Page and Sergey Brin were pursuing their PhDs at Stanford University in California, Google was created. Together, they hold around 14% of the company’s publicly traded shares, and they hold super-voting stock that controls 56% of the voting power among stockholders. In 2004, the business had its first public offering (IPO). Google underwent a reorganization in 2015 and became an Alphabet Inc. wholly owned subsidiary. Google, Alphabet’s largest business, serves as a holding corporation for all of Alphabet’s online assets. On October 24, 2015, Sundar Pichai was named CEO of Google, succeeding Larry Page, who was named CEO of Alphabet. Pichai was appointed CEO of Alphabet on December 3, 2019, as well.
Since then, the business has expanded quickly to provide a wide range of services and products in addition to Google Search, many of which command significant market share. Several different use cases are addressed by these products, such as email (Gmail), navigation (Maps), cloud computing (Cloud), web browsing (Chrome), video sharing (YouTube), productivity (Workspace), operating systems (Android), cloud storage (Drive), language translation (Translate), photo storage (Photo), video calling (Meet), smart homes (Nest), smartphones (Pixel), wearable technology (Fitbit), gaming (Stadia), music streaming (YouTube Music), Glass, Google+, Reader, Play Music, Nexus, Hangouts, and Inbox by Gmail are a few of the Google products that have been discontinued.
Google is renowned for its incredibly ambitious technological advancements intended to address the world’s most pressing issues. Some of these advancements include transformer models, self-driving cars, smart cities, and quantum computing (Sycamore, formerly the Google self-driving project) (Google Brain).
The application deadline is when : 31st May 2022
The winners’ names will be revealed on July 29, 2022.
This scholarship is what kind?
Entrepreneurship
Who may apply for the Black Founders Fund for Africa through Google for Startups?
Eliigibility requirements
All aspiring business owners can participate in the 2022 Startups Black Founders fund initiative. To help in the selection of the top firms, eligibility guidelines have been set.
The program is accessible to business owners in a number of African nations, including Cameroon, Ghana, Nigeria, Botswana, Côte d’Ivoire, Uganda, Tanzania, Rwanda, South Africa, Kenya, Zimbabwe, Ethiopia, and Senegal, according to a statement from Google.
This is due to the fact that these African nations have created a thriving startup environment in the technology sector. Participants from other African nations who have successful enterprises are still welcome for review.
These are the standards:
Startups must have their headquarters in Africa or a sizable presence there.
Startups must have a black founder or a diverse founding team that includes at least one other black founding member.
Startups must have a strong chance of attracting more funding.
Startups must aim to offer technological solutions to people in Africa and around the world.
Google products ought to work with startups.
Other advantages
Other advantages of the Google for Startups Black Founders Fund are numerous. For starters, chosen companies will receive equity-free cash in the $50,000–$100,000 range. Selected founders will also gain access to a network of mentors and a community of entrepreneurs, as well as $200,000 in Google Cloud credits.
Depending on the stage of product development, the current market, and the amount of money already raised, a different amount will be given. Additionally, firms who have received funding from other organizations are still eligible to apply for BFF programs.
How many prizes will there be?
60
What are the advantages of the Black Founders Fund for Africa by Google for Startups?
Amounts between $50,000 and $100,000 in non-dilutive cash prizes and up to $200,000 in Google Cloud credits will be given to selected entrepreneurs. They will also get support in the form of training and access to a network of mentors to help them overcome the problems particular to each startup.
How can I apply for the Black Founders Fund for Startups at Google for Africa?
More details regarding the Google for Startups, Black Founders Fund Africa are available here.
Submission and due date
The BFF program is still accepting applications. The duration is till May 31st, 2022.
apply here by clicking
CLOSING DATE: 31st May 2022
