Investment is very vital for an entrepreneur. Most business minds in the nation have found themselves short of finances at decisive points in their businesses. Some don’t even turn their businesses into enterprises because of lack of funds. These few reasons and many other reasons we all know makes the importance of funds in starting a startup/business to be inexcusable.
Payment solutions provider, PayPal and Village Capital (a venture capital organisation) have deemed it fit to establish a program in Africa that will make entrepreneurs get more access to funds. The two organizations plan to invest in African startups. The establishment of the program is however not the first from the pair. There have been Fintech investment programs in other parts of the world such as USA, India and Latin America. Although, this is the first ever in Africa.
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Despite the fact that announcement has been made about the program, the dates the program will hold have not been officially announced.
The program which is categorized as an “investment-readiness program” is planned to support financially the needs of entrepreneurs in sub-Saharan Africa. The program is expected dish out about $100,000 to startups that are worthy.
Speaking on the partnership with Paypal and impact the investment-readiness program ha made on the global stage, Village Capital’s President Ross Baird stated that the program has been of immense benefits to the entrepreneurs and the world.
“Our partnership with PayPal has added tremendous value to entrepreneurs participating in our programs, thanks to the company’s intrinsic values and focus on improving the financial health of global citizens. Entrepreneurs who have joined our programs have benefited hugely from the expertise of their incredibly talented team,“ explained Baird.
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For the winners of the program to emerge, the startups will be evaluated by six indicators of investment readiness. Afterwards, two startups will emerge as the winners and they will receive up to $100,000.
Baird added, “We’re delighted to expand this partnership across all of our core geographies, now including Africa, and we can’t wait to see the solutions the entrepreneurs develop that address current market challenges.“