Firm launches innovation fund for African, Asian startups

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August 1, 2016 12:10 PM

GSMA says funding that will be received must be used for a specific project that will have socio-economic impact such as job creation.

Mats Granryd, GSMA CEO

Media reports reveal that the first round of the GSMA Ecosystem Accelerator Innovation Fund has been opened for applications from startups in Africa and certain Asian countries.

Startups that make it will receive funding between £100,000 and £250,000, mobile-focused mentoring, bespoke technical assistance, and opportunities to form partnerships with mobile operators in relevant markets.

Applicants must be able to use mobile technology in the key areas of sharing economy and mobile services for SMEs.

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GSMA says funding that will be received must be used for a specific project that will have socio-economic impact such as job creation and new opportunities for the growth of formal and informal SMEs. The duration of the project must also be between 12 and 18 months.

As part of the qualification requirements, applicants must also be able to match at least 50% of the funding requested. They must have also already demonstrated success by launching a product or service and reaching active users in at least one market.

Pitch submissions will close by September 18, 2016.

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