To assist local startups with innovative business concepts in digital banking and technology, Ethio Telecom has introduced a new programme.
According to the telecom, the Ethiotel innovation programme is created to solve a number of difficulties businesses with new ideas encounter while seeking to commercialise their products.
The new programme will provide a Support and Commercialization package, which includes mentoring, networking, and experience sharing along with support in telecom resources, both financial and in kind.
A Three-Phased Support Approach
The first phase of the three-phase initiative, which will last from February 10 to April 30, 2023, began on Monday with Ethio Telecom.
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Through a national competition, the telco will choose 100 startups utilising cloud and mobile financial service technology.
Startups with business concepts in the cloud and mobile banking have already been invited to participate in the competition. (Startups may submit an application by emailing ethiotelinnovation@ethiotelecom.et between February 10 and March 12, 2023.)
The initiative will provide expert, monetary, and material support to 100 selected companies to help them scale their successful concepts.
Additionally, the winners will receive sponsorship from Huawei Technologies so they can visit China and gain international experience.
II & III Phases
The second phase of the programme, which Ethio Telecom intends to undertake between March 20 and July 30, 2023, would have a wider focus than just the financial and technological industries.
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The programme intends to help 150 startups working on consumer and corporate applications, solutions, services, and digital content.
Beginning in August 2023, the program’s last phase aims to take advantage of the institutionalisation of new ventures and technologies.
In order to create a research and development centre, or TechHub, Ethiopian Telecom claims it would draw on best practises from the first two phases.
Ethio Telecom startups Ethio Telecom startups
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard