Business

ASL to fund over 10,000 startups in Africa each year

ASL (African Startup League) has set a goal of funding over 10,000 startups in Africa each year, creating a robust continental-wide startup ecosystem and bringing the number of African unicorns at par with the US and China.

ASL is the first Project of Humanity Nodes Protocol and is the world’s first decentralized community-powered company builder for humanity focused startups

The competition will run from August until December, with the winners being chosen and announced no later than December 15th of each year.

Startup funding in Africa is gathering momentum, owing to the ready market and the necessity to solve problems using technology in the continent.

While the amount of funding is growing at the fastest rate ever, the continent lacks the other critical components to creating a true startup ecosystem of the likes that exist in the USA’s Silicon Valley, Israel’s Startup Nation or even China.

Startups are essential to creating a growing economy, and unicorns are the measuring stick of a startup ecosystem.

According to the Hurun Global Index, the USA had 487 unicorns, up 254; China was second with 301 unicorns, up 74. Between them, the USA and China have 74% of the world’s unicorns. India has 54 and is third, while the African continent has only 4.

ASL funding plan

ASL is funding startups in a way that will change the dynamics of startups, blockchain technology, and humanity in Africa while creating the environment that will grow hundreds of thousands of businesses, ten thousand funded startups and hundreds of unicorns.

Every August, 10,000 teams will be allowed to register for that year’s African Startup League competition. The top 100 projects will win cash prizes (investments) of a minimum of US$10,000, with top startup projects walking away with a minimum of US$1,000,000 investment.

The competition will run from August until December, with the winners being chosen and announced no later than December 15th of each year.

The league is a unique startup studio platform that connects entrepreneurs with strategists, creatives, engineers, community, and capital to design, build and launch exponential organizations focused on improving the lives of humans.

ASL will offer solutions to the 8 UN Sustainable Development Goals (SDGs) on which Humanity Node Protocol is based, creating multi-trillion-dollar opportunities.

ALSO READ: Google Launches KSh465 Million Black Founders Fund for African Startups


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