Startups operating and headquartered in Africa, or having a legal presence on the continent, are eligible to apply for the BFF. Eligible startups should be benefiting the black community or early-stage startups with black founders or diverse founding teams. Furthermore, startups should be building for Africa and the global market, and have the potential to raise more funding and create jobs.
The selected startups will receive equity-free cash awards ranging from $150,000 to $200,000 and Google Cloud credits. They will also receive support in the form of training and access to a network of mentors to assist in tackling the unique challenges faced by each startup.
Aiyegbusi emphasized that startups are critical drivers of innovation, economic growth, and social progress in Africa. Google's support for startups will help unlock their potential and promote growth in the African tech ecosystem and the next generation of African tech entrepreneurs. The BFF has supported a total of 110 black-owned startups across Africa through two cohorts, with 60 growth-stage startups selected and supported last year in Africa.
Africa has a growing population, with one in three Africans estimated to be under 35 years by 2050, according to Aiyegbusi. This demographic presents a huge opportunity for startups to provide innovative solutions for the growing market. It is estimated that by 2025, the African internet economy will have the potential to add up to $180 billion to Africa's Gross Domestic Product.
By funding the BFF, Google is promoting job creation and wealth generation on the continent. The BFF programme for startups provides funding, hands-on support, connections, and resources to help founders build solutions that are relevant to the African economy. Applications for the third cohort of the BFF will close on March 26, 2023. Startups interested in applying for the 2023 BFF for startups can visit https://goo.gle/ApplyforBFFAfrica.