France-backed Accelerator, Sahara Accelerator, Launches For Startups In Tanzania
A memorandum of agreement (MoU) was just signed between the French-Tanzanian Chamber of Commerce (FTCC) and Sahara Accelerator, an impact accelerator that supports startups in Tanzania.
According to the agreement, Tanzanian startup entrepreneurs would have access to mentorship and French investors, according to FTCC President Christophe Darmois. 80 people make up the FTCC, which was founded four years ago; 40 of them are from Tanzania and the same number are from France.
“By signing the MoU, we are aiming to encourage partnerships between French and Tanzanian companies with a view to boosting trade ties,” Mr Darmois said. “We are optimistic that this partnership will help Tanzanian companies to have easy access to French markets and French companies to access Tanzanian markets.”
Sahara Ventures CEO Jumanne Mtambalike described the collaboration as a once-in-a-lifetime chance to bring value to rising Tanzanian firms, particularly those driven by women and youth. Mr Mtambalike further stated that one of the most challenging barriers for creative entrepreneurs in Tanzania was having access to mentoring and industry expertise.
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“This is a strategic opportunity as it will enable us to learn from more established businesses both in Tanzania and France,” he noted. “So, for us being part of the well experienced network of investors, we will stand a chance to be shaped in the right way.”
Here’s What You Need To Know
- Sahara Ventures is collaborating with many ecosystem partners to foster innovation and technology entrepreneurship in Africa.
- The deal with Sahara Accelerator would only target innovation and entrepreneurship in Tanzania.
- Participating startups will mostly benefit from mentorship and exposure to French investors.
- The deal will also be beneficial to French companies as it would help deepen knowledge of the local market.
- To start with, the chamber will partner with 15 youth.
“We will continue supporting this network (FTCC) as much as we can to strengthen our bilateral ties with Tanzania,” Mr Hajlaoui said.
In 2021, startups in Tanzania raised $96 million (Sh220.48 billion) in financing, according to available data.
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Tanzania is not known for having numerous accelerators in comparison to other African countries. The Sahara Accelerator will therefore be one of the few in the east African country, and it is hoped that it would outlast previous African accelerators that have subsequently failed.
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