Key Points
• Ten African AI startups will receive up to $200,000 each under the Askya AI Growth Platform.
• Selected founders will receive strategic guidance, market access and support to achieve product market fit.
• Participation is free and Askya Investment Partners will take no equity in the startups.
Main Story
Ten African AI startups are set to receive up to $200,000 each under the Askya AI Growth Platform, a new initiative aimed at helping technology companies build commercial traction and expand across the continent.
The programme, launched by Askya Investment Partners, will provide selected startups with funding, strategic guidance, market access and support to achieve product market fit.
Mr Tosin Eniolorunda, Chief Executive Officer of Moniepoint, will chair the first cohort and provide strategic guidance and market access to participating founders.
Eniolorunda said African entrepreneurs had the capacity to develop technology products for global markets but needed stronger support to turn innovative ideas into commercially successful businesses.
“Africans can build solutions for people all over the world, and AI may be the clearest opportunity yet to prove it.
“Our young founders are ready; what they need is execution support and access to real customers,” he said.
Moniepoint said the platform would give founders access to practical support as they develop their products, secure customers and prepare their businesses for expansion.
The programme is open to African AI native startups and will not charge participating companies or take equity in them.
Mr Babacar Seck, Founder and Managing Partner of Askya Investment Partners, said Eniolorunda’s experience building a technology company focused on African markets would contribute to the development of the participating founders.
He said the programme was designed to help startups achieve product market fit, strengthen commercial traction and position their businesses for expansion across Africa.
The initiative comes amid increasing interest in artificial intelligence as a potential source of economic growth, innovation and competitiveness across the continent.
Moniepoint cited an African Development Bank estimate that inclusive deployment of AI could contribute up to $1 trillion to Africa’s GDP by 2035.
Applications are open, with shortlisted candidates expected to be announced in October.
The Issues
African AI startups face the challenge of moving beyond developing technology products to finding customers, establishing sustainable business models and expanding into new markets.
The Askya platform is designed to address some of these gaps by combining funding with strategic guidance and access to customers and markets.
The decision not to take equity also allows participating founders to receive support without giving up ownership of their businesses.
What’s Being Said
“Africans can build solutions for people all over the world, and AI may be the clearest opportunity yet to prove it.” – Tosin Eniolorunda
“Our young founders are ready; what they need is execution support and access to real customers.” – Tosin Eniolorunda
What’s Next
Applications are open to African AI native startups, while shortlisted candidates are expected to be announced in October.
The first cohort will receive support under Eniolorunda’s chairmanship, including strategic guidance and market access.
Bottom Line
The Askya AI Growth Platform will provide 10 African AI startups with up to $200,000 each, alongside commercial and strategic support. The programme will be free to participants and will not take equity in the selected companies.
