Good news for Nigerian Startups, especially on the female front as two Nigerian female-led startups (500Apprentices and Content on Demand) have been selected to join the second generation of The S Factory.
The S Factory’s pre-acceleration program is an initiative of the Government of Chile and Startup Chile which is aimed at supporting first time female entrepreneurs in building high impact startups. After the application process for the 2nd generation of S Factory’s program which took place in August and September, 27 young startups — 10 of which are from Chile — led by women entrepreneurs have been selected to be part of the program scheduled for the 23rd of November 2016. During the first week, they will be orientated by the team, that takes care of the soft landing process.
The enlisted Startups will receive about $15,000 equity-free funding and a 12-month working visa to Chile to be a part of the 3-month long acceleration program, whose overall goal is to help build the startups, garner valuable networking and to participate in the local entrepreneurship ecosystem.
The startups, during the program, will help in the social impact of entrepreneurship through sharing experiences and knowledge with other startups both within and outside the program in order to grow the women entrepreneurs’ network in Chile.
The program will end with an Investor Lab, a pre-demo day event where startups will present a financial projections and future plans to a group of real investors, and a demo day event where these startups pitch their solutions to a couple of leading angel investors and accelerators for funding.
“All of the startups are led and have been founded by women: this is part of the requirements to be selected. The S Factory is part of the few acceleration programs that is only dedicated to women founders,” Start-Up Chile stated on its website.
Furthermore, the startups at the end of the program have a chance to apply to Startup Chile, a program that attracts high-potential entrepreneurs to bootstrap their startups in Chile where US$35,000 will be on offer.
The startups can also apply to follow-on fund SCALE, which provides US$100,000 to revenue-generating startups that have significant traction and need extra capital to grow in Chile and across the rest of Latin America.
One of the startups representative from Africa selected to participate in this acceleration program is Girlfrynd from Ghana.