The Catalyst Fund, a Nairobi-based business accelerator administered by BFA Global, has announced the opening of its Circle of Corporate Innovators on June 15, 2021. The Circle of Corporate Innovators is a global network of organizations that share Catalyst Fund’s aim of building inclusive technology, including major banks, telecommunications firms, and logistics suppliers. One of the main features of the service is to enable startups to partner with corporates in order to assist them expand while also giving market leaders access to up-to-date data.
“Corporate leaders have a significant role to play in facilitating the growth of inclusive tech in our markets. They bring a deep understanding of the market and its nuances, as well as a wide user base with whom they’ve already built trust. These industry leaders, however, stand to benefit from the agility, innovation, and flexibility offered by startup solutions, which can enable them to provide more value to their customers and accelerate their journey towards digital innovation,” said Maelis Carraro, Managing Director of Catalyst Fund.
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Here Is What You Need To Know
- The network seeks to enhance its capacity to source, assess, test and deliver innovations to customers in Kenya, Nigeria, Ghana, SA, Mexico and India.
- Fidelity Bank, Ecobank, Sterling Bank, Access Bank, and the VFD Group are among the founding members, and startups benefit from specialized services such as access to vetted, de-risked startup partners from the Catalyst Fund portfolio, global technology industry landscaping, innovation strategy development, custom toolkits to help strengthen and streamline startup partnership processes, and deep dive startup partner interviews; knowledge sharing roundtables with other leading global corporate innovators; support in developing effective, de-risked partnerships with Catalyst Fund startups
“The goal of the Circle of Corporate Innovators is to actively facilitate and de-risk these partnerships, equipping both innovators and startups with the tools and expert support they need to better discover technical and commercial synergies while sharing learnings and insights with the wider industry. We’re excited to welcome strong innovators like Fidelity Bank, Ecobank, Sterling Bank, Access Bank, and the VFD Group as pioneer members of the Circle.”
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- Both parties gain from successful collaborations. Unilever and Sokowatch, a Catalyst Fund portfolio firm in East Africa, teamed together to reach millions of new customers through Sokowatch’s informal retail network. Bamba is partnering with BBVA to provide 8000 domestic workers in Mexico with bank accounts and other financial goods. Over 7000 life insurance claims have been handled thanks to Mobilife’s cooperation with Standard Bank SA.
“As a proprietary investment firm with a very significant commitment to improving financial services delivery across Africa, partnering with Catalyst Fund is an opportunity to accelerate our vision of reaching the last mile with practical and empowering solutions. We are excited by the sheer possibilities that lay ahead,” said Gbenga Omolokun, Executive Director Group Risk, Compliance & Technology at VFD Group Plc.
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“At Ecobank, innovation is a growth engine and at the heart of everything we do. We are committed to building and working with the entrepreneurship ecosystem across Africa to drive this innovation. The partnership with Catalyst Fund is a major step in building a framework for a productive engagement with startups and other key stakeholders to make this a success”, said Nvalaye Kourouma, Chief Digital Officer at Ecobank.
- Catalyst Fund provides diagnostic seminars to Circle members, fosters collaborations with portfolio businesses, and advises on partnership initiatives. The Catalyst Fund’s ecosystem acceleration programs include a Circle of Investors with over 80 members from throughout the world. Interested parties from Nigeria, Ghana, Kenya, South Africa, Mexico, and India are encouraged to contact the team to discuss partnership possibilities.
- For further information, contact Thea Sokolowski, Catalyst Fund’s Head of Marketing and Communications.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning write