Google is looking to help social impact startups in Africa to accelerate. Although the world’s third most valuable company is not promising to invest in these startups, it is promising to introduce them to investors. The first cohort will be selected from Europe, the Middle East, and Africa for a six-month program beginning in early 2020 and a second cohort will start later in 2020 as well.
Here Is All You Need To Know
- According to Google’s Sustainability Officer Kate Brandt, the new startup program will help to encourage startups working on sustainability products.
- Google is looking for 8–10 startups from Europe, the Middle East, and Africa to take part in the six-month accelerator program in early 2020.
Areas of Acceleration Google Is Focusing On
Access to Funding
Google is not promising a direct investment in graduates of this program but it is promising that it will introduce graduates to investors. Google notes that while investors are increasingly seeing the value in social impact startups, there are unique challenges in attracting the right investors, and competing with traditional startups who are focused primarily on growth or acquisition.
Startups hoping to create commercial businesses in the sustainability world face special problems, Brandt told the crowd in Lisbon attending the Web Summit tech conference, where the announcement was made. These startups struggle with everything from a lack of investors to difficulties finding other startups with similar goals.
Business development
Monetization for social impact startups is complex and can involve multiple parties: The people who pay for it may not be the people who use it, or the people who benefit from it, Google notes. In light of that, Google’s accelerator hopes to help founders connect with the audiences they need to, such as potential users, investors and advertisers.
Product and engineering expertise
Google also notes that people with social impact expertise don’t always have experience building tech products. To that effect, the accelerator program seeks to bring startups together with the best technology products, data and people to help them build expertise.
What Google Would Be Looking Out For In These Startups
- Startups will be selected based on the UN’s Sustainable Development Goals including poverty, inequality, climate, environmental degradation, prosperity, and peace and justice.
- Applications will open for startups from across Europe, the Middle East and Africa in the next few weeks and eight to ten startups will take part in a six-month accelerator program in early 2020. A second cohort will be selected later in the year.
- Cleantech investing is notoriously hot and cold and has been notoriously cold through 2019.
- Brandt says that Google has a long history with sustainability initiatives and launching its own products, ranging from Project Sunroof, which uses Google Earth to tell you if your home’s roof is good for solar panels, to Google Environmental Insights Explorer, which helps cities measure emissions.
Social Impact Startups Applying To Be Part Of The Cohort Can Do This
According to Google, applications for the first cohort will open soon.
This is not the first time Google is running an accelerator program. As the company has expanded into everything from venture capital funds to cloud computing, the company now courts startups in many ways, from marketing cloud services to them, to a slate of other accelerator and mentoring programs.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world