Start-ups

Collaboration to see launch of 140 tech start-ups

Read time 1min 30sec

Standard Bank has partnered with Founders Factory Africa, a corporate-backed incubator and accelerator, to help establish and grow 140 tech-enabled companies across the African continent.

In a statement, the bank says the partnership aims to highlight the significance of working with small businesses to stimulate economic growth and job creation across the continent.

Over the last few months, both government and industry players have prioritised backing start-ups and small and medium enterprises to stimulate the country's entrepreneurial ecosystem as well as job creation.

According to Standard Bank, it plans to help launch these new tech businesses over the next five years.

Nadia Oshry, senior manager at Standard Bank's Moonshots division, which looks to launch new financial services businesses into the African market, says it is critical for big and small business to work together to enhance the formal start-up culture in key African cities.

"Founders Factory is one example of a new way of working that aligns incentives between corporates and start-ups." Oshry explains. "With a change in mindset and through innovative new business models, large corporates can contribute substantially to growing the small businesses on our continent and changing our economic landscape.

"Start-ups dream of the distribution capabilities and scale of corporates; while corporates wish they had the agility of start-ups. It is when these players stop competing and form strategic alliances that the real magic happens."

Founders Factory Africa is currently accepting applications from across Africa. To find out more, click here.

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