Safaricom PLC, Kenya’s leading telecommunications company, has launched Spark Accelerator, a dedicated program designed to help early-stage startups grow and scale their businesses.
Other partners are M-PESA Africa and Sumitomo Corporation. iHUB, a pioneering force within Kenya’s startup ecosystem and a subsidiary of Africa’s leading innovation hub, Co-Creation Hub (CcHUB), will be the implementing partner of the Spark Accelerator.
Other supporting partners for the program include Vodacom and AWS.
.@SafaricomPLC introduces #SparkAccelerator – a dedicated program that will help early-stage startups towards growth and scalability. https://t.co/htPVXIw1Ht #SparkAccelerator pic.twitter.com/Z6oZJMWTB7
— David Indeje 🇰🇪 ( He/Him/His) (@David_Indeje) January 12, 2024
The Spark Accelerator program is designed to provide startups with access to mentorship, funding, and a network of experts to help them overcome challenges and achieve their full potential.
“The Spark Accelerator is a unique program that will provide startups with access to the support they need to succeed. We are confident that this program will help to create a new generation of successful businesses in Kenya and Africa,” said Sitoyo Lopokoiyit, M-PESA Africa Managing Director.
“M-PESA connects more than 60 million customers and 5 million businesses across eight countries, providing a unique opportunity for startups in Africa looking to grow and scale rapidly.”
“We have therefore partnered with Safaricom and Sumitomo to launch the Spark Accelerator to provide funding, technical expertise, resources, and mentorship to the next generation of the continent’s leading tech startups. In turn, the startups will create innovations that connect customers and businesses on M-PESA to more opportunities while providing them with even more value,” said Sitoyo
Key Features of the Spark Accelerator
- Mentorship: The program will provide startups with access to experienced mentors who can guide a variety of topics, including business strategy, marketing, and fundraising.
- Funding: Startups will have the opportunity to pitch their businesses to a panel of investors and potentially receive funding to grow their businesses.
- Network: The program will connect startups with a network of other entrepreneurs, investors, and industry experts.
- Technical Support: Safaricom will provide technical support to startups, including access to its APIs and cloud computing services.
Target Market for Spark Accelerator
The Spark Accelerator is open to startups that are developing solutions in the following sectors:
- Finance
- Education
- Agriculture
- Healthcare
Application Process for Spark Accelerator
Startups can apply to the Spark Accelerator through the program’s website.
Applications will be reviewed by a panel of judges, and selected startups will be invited to participate in a three-month program that will provide them with the tools and resources they need to succeed.
Impact of Spark Accelerator
Safaricom PLC hopes that the Spark Accelerator will help to create a more vibrant startup ecosystem in Kenya and Africa. The company believes that the program will help to identify and support the next generation of innovative companies that can solve real-world problems and create jobs.
“We are committed to supporting the growth of the startup ecosystem in Kenya and Africa. The Spark Accelerator is a key part of our strategy to do this. We believe that by providing startups with the resources they need, we can help them achieve their full potential and make a positive impact on society,” said Safaricom CEO Peter Ndegwa.
“Sumitomo Corporation’s wide range of business experience will contribute to create innovative businesses and support the expansion of the startup ecosystem. Through this program, we will contribute to the development of the African economy, human resource development, and the realization of a more prosperous life for the people, ” said Katsuya Kashiki, General Manager, Smart Communications Platform Business Division.
Safaricom Shareholders OK New Startup Investment Subsidiaries
