German Ministry launched start-up support with €100,000 grant for Kenyan entrepreneurs
Local Kenyan start-ups with their head office or with a branch registered in Kenya will soon be receiving financial support in a form of grants from the German Federal Development Ministry (BMZ).
The support program dubbed DeveloPPP Ventures, is aimed at empowering local Kenyan startups by providing an entrepreneurial support program with a grant of up to €100,000.
Development Minister Gerd Müller in a statement able to BizTech Africa noted that “Many developing countries, particularly in Africa, have an exciting start-up 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,” he added.
According to the statement the DeveloPPP Ventures serve as a new pillar that the BMZ has added to its support portfolio, adding that with the support of impact investment specialist Seedstars and business incubator NaiLab, the program is aimed at young entrepreneurs who are making innovative contributions to sustainable development in their developing economies as well as improving the living conditions of the locals.
It further stated that local start-ups can receive grants of up to €100,000 for their planned growth investment with conditions that applicants must be already generating some initial turnover with their product and that they can acquire matching funds from other sources of at least the same amount.
In addition, start-ups will receive tailored support from technical experts for their growth journey. develoPPP Ventures will initially launch in Kenya, with the first call for proposals opening on 26 May 2021 and closing 15 July 2021.
Via its support program DeveloPPP, the BMZ has been cooperating for over twenty years with companies wanting to make sustainable investments in a developing country or emerging economy and expand their activities on the ground.
All the information about the programme, the conditions for taking part and how to apply can be found at www.developpp.de/ventures