July 20, 2023

Not-for-profit commences 2nd edition of GETaccelerated

Not-for-profit commences 2nd edition of GETaccelerated

By Josephine Agbonkhese

Grooming Endowment Trust, GET, in collaboration with Kickoff Africa, a renowned early stage investment vehicle for African entrepreneurs, has called for applications for the second edition of the GETaccelerated program; a transformative initiative designed to empower early-stage founders in Nigeria.

Announcing the call for application scheduled to end Saturday, July 29th, 2023, Michael Adoghe, Operations Manager, Grooming Endowment Trust, said the second edition of GETaccelerated, just like the first, will provide early-stage founders with the resources they need to scale their ventures.

“GETaccelerated offers selected startups the opportunity to secure up to N10,000,000 in equity-free investment, along with access to expert mentors and valuable market opportunities.

“With equity-free funding, mentorship, and market opportunities, we believe this program will be a catalyst for growth and innovation for Nigerian startups,” he said

According to Adoghe, after an extensive screening and selection process, 10 startups will receive a cumulative sum of ₦55 million in equity-free funding, access to expert mentors, and numerous market opportunities to scale their businesses.

“To be eligible, startups must be registered and incorporated with the Corporate Affairs Commission, CAC; have a minimum viable product, MVP, with some traction or paying users; and must have been in operation for a period of six months to two years.

“Additionally, the unique business model should directly or indirectly create some form of impact (social, economic, socioeconomic, political) within communities. Startups at the angel, pre-seed, or seed stage are encouraged to apply,” he expatiated.

He went on: “In furtherance of our mission, GETaccelerated further invites angel to seed stage founders for a live webinar session on Friday, July 21st, featuring industry experts including Toyin Bamidele, Program Manager, Kickoff Africa; and Adaeze Sokan, Program Lead – Digital Economy, Mastercard Foundation.”

The webinar, according to him, would be an informative session for founders and prospective applicants to understand how to make their applications stand out, position their startup for equity-free funding, and get insights into strategies and tactics to overcome challenges faced by early-stage startups in Nigeria.

Also speaking, Fola Olatunji-David, Founding Partner, KickOff Africa, said: “We experienced firsthand how supporting entrepreneurs create more opportunity and impact in underserved and marginalised communities, through the maiden edition of the GETAccelerated program.

“We therefore look forward to supporting more innovation in Nigeria, by enabling early stage companies get access to capital, mentorship and resources needed to navigate the daunting task of solving Nigeria’s persistent challenges.”

GET, is a non-profit organisation established to promote sustainable social initiatives in education, health, enterprise, and community development.

In partnership with KickOff Africa, it implemented the first edition of the GETAccelerated program in 2022 and supported 10 early stage founders with equity-free investments of N10,000,000.

GETaccelerated aims to support startups operating in key sectors such as financial services, healthcare, education, agriculture, digital (economy) infrastructure, social impact, media, mobility/logistics, and commerce (ecommerce or social commerce).