ADDIS ABEBA – A collaborative effort between Kudu Ventures and iCog Lab is set to mentor and provide seed finance for young Ethiopians begin tech startups.
The initiative, known as “SolveIT Accelerator”, will launch with 18 tech start-ups that will receive seed money, training as well as connections to bring their ideas to life.
iCog Lab will give technical assistance and conduct the training, said Betelhen Dessie project manager of iCog Lab. The Lab is a nonprofit organization based in Addis Ababa advancing the frontier of artificial intelligence research and applications.
iCog’s initial plan was to start with five tech startups through its acceleration program. But with the support of US-based Kudu, the number now has increased to 18, Betelhem said.
iCog Labs and Kudu will soon outline requirements for startups to begin with before they start recruiting.
Kudu have collected about 3 million USD from investors and about 5 percent of the figure will be allocated for supporting training. It will eventually support the trainees with the seed money to begin their startup with.
“Kudu Ventures is well interested to advocate and scale innovative tech start-ups in Ethiopia,” said Noel Daniel Co-founder and managing partner.
Innovation and Technology ministry will support the initiative by providing working places for trainees when they start their startups.
By Mhret G/kristos