NAIROBI, Kenya – Safaricom and Sumitomo Corporation have announced the opening of applications for startups to join the Spark Accelerator Program. This three-month initiative aims to provide early-stage startups with training, mentorship, funding, and go-to-market support.
The Spark Accelerator Program, in collaboration with M-Pesa Africa, seeks to address the challenges faced by startups in their growth and scaling phase. The program offers more than just capital injection, focusing on providing comprehensive support tailored to the needs of each startup.
This accelerator program aligns with our vision of becoming a purpose-led technology company, said Safaricom CEO Peter Ndegwa. Through this initiative, we aim to empower early-stage startups to overcome barriers and achieve growth.
The initial phase of the accelerator program will focus on fintech and content startups. Participating startups will have the opportunity to develop mini-apps integrated into Safaricom’s M-Pesa Super App, granting them access to over 4 million customers who use the app.
Furthermore, M-Pesa Africa will provide startups with expertise, market research, and insights to help them expand their reach beyond Kenya. With access to more than 60 million customers and 5 million businesses across eight markets, startups can leverage the network and tap into various growth opportunities.
The Spark Accelerator Program will conclude with an investor demo day, allowing startups to pitch their ideas and secure potential investment from Safaricom and partner venture capital firms.
iHUB, a subsidiary of Co-Creation Hub (CcHUB), will serve as the implementing partner for the Spark Accelerator. Other supporting partners for the program include Vodacom and AWS.
Applications for the program will be accepted from January 12, 2024, to February 16, 2024. Startups with innovative solutions are encouraged to apply and join this exciting journey of catalyzing innovation and empowering digital ecosystems.
This accelerator program represents a significant opportunity for startups to access critical resources and support in their journey towards growth and success. By providing a comprehensive blend of training, mentorship, funding, and market access, Safaricom and Sumitomo Corporation are driving the development of the startup ecosystem in Kenya and beyond, ultimately contributing to the growth of the African economy.
As the deadline for applications approaches, startups are encouraged to take advantage of this unique opportunity to propel their businesses to new heights. With the support of Safaricom, Sumitomo Corporation, and other key partners, aspiring entrepreneurs can turn their ideas into reality and make a lasting impact on the digital landscape.
M-Pesa Africa’s involvement in the accelerator program further solidifies its commitment to empowering startups and fostering innovation across the continent. By sharing their expertise and market insights, M-Pesa Africa aims to create a more prosperous future for both entrepreneurs and the customers they serve.
The Spark Accelerator Program marks a significant milestone in Safaricom and Sumitomo Corporation’s efforts to nurture the startup ecosystem. Through this initiative, they are paving the way for the next generation of African entrepreneurs to thrive and drive sustainable economic growth.
In conclusion, the Spark Accelerator Program represents a unique opportunity for early-stage startups in Kenya and beyond. With the support of Safaricom, Sumitomo Corporation, and other partners, participating startups can gain access to vital resources, mentorship, and funding to scale their businesses. This initiative showcases the commitment of these organizations to foster innovation and drive the growth of the startup ecosystem in Africa.
