Two Nigerian Startups Selected To Join The Ultimate S Factory
Recently, it was made public that two Nigerian female-led startups have been chosen to join the second generation of The S Factory, a pre-acceleration program intended at supporting first time female entrepreneurs in building high contact startups.
The startups – 500 Apprentices and Content on Demand, will receive about US$15,000 equity-free funding and a 12 months working visa to Chile to be a part of the 3-month long acceleration program, whose overall goal is to help build the startups, a network and to participate in the local entrepreneurship ecosystem.
During the program, the startups will help in the social impact of entrepreneurship through sharing experiences and knowledge with other startups both within and outside the program in order to grow the women entrepreneurs’ network in Chile.
The program ends with an Investor Lab, a pre-Demo Day event where founders present their financial projections and future plans to a group of real investors, and a Demo Day, where the founders pitch their startups to leading angel investors and accelerators for further funding.
“All of the startups are led and have been founded by women: this part of the requirements to be selected. The S Factory is part of the few acceleration programs that is only dedicated to women founders,” Start-Up Chile stated on its website.
At the end of the program, the startups will have a chance to apply to Start-Up Chile, a program that attracts high-potential entrepreneurs to bootstrap their startups in Chile where US$35,000 will be on offer.
More so, the startups can apply to follow-on fund SCALE, which provides US$100,000 to revenue-generating startups that have significant traction and need extra capital to grow in Chile and across the rest of Latin America.
Girlfrynd from Ghana and 24 other startups – 20 coming from Chile, from across the globe will also partake in the acceleration program, which commences on November 23, 2016.
The S Factory is an initiative of the Government of Chile and Start Up Chile.