Founders Factory Africa and Small Foundation
The partnership between Founders Factory Africa and Small Foundation will be in conjunction with the efforts of the latter company to end extreme poverty in sub-Saharan Africa. Small Foundation plans to do this through a coordinated effort of financial support, non-financial support such as access to the network of experts and individuals connected to the company, and collaboration with several other business experts and companies.
The role of Founders Factory Africa, through its partnership with Small Foundation, will be to serve as a financial and business support. With the help of Small Foundation, the company will provide funding parcels for 18 different African agritech startup companies. These startup companies will then enter a business accelerator and incubation program with Founders Factory Africa, which will help the startup companies scale up business operations and design successful revenue models.
This is a slight change for Founders Factory Africa, which has historically invested more heavily in startup companies in other fields such as fintech and healthcare as opposed to agritech. However, as part of its partnership with Small Foundation, the company will help expand economic opportunities in more rural areas of Africa to end extreme poverty.
When speaking on the goal of Small Foundation, CEO and chair Conor Brosnan said, “This is a pivotal time to invest in the growing area of agritech in Africa, which has transformative potential for local livelihoods. We are excited to see FFA’s highly skilled teamwork with immensely talented African entrepreneurs to deliver scaled solutions to some of the biggest challenges faced by the sector.”
Investment and Support Strategy for Founders Factory Africa
Founders Factory Africa will provide the 18 startup companies anywhere between $100,000 and $250,000. Each of the 18 will be chosen through a rigorous application process to determine the most economically valuable to the sub-Saharan region of Africa. Alongside the initial funding, the company will provide hands-on technical support. This support should help with the end goal of lifting daily wages for the lowest income earners in the region to at least above $2.
The investment in agritech will also help to maintain sustainable farming practices for a growing population as the economy eventually allows for more financial freedom.
In a joint statement released announcing the partnership between the two companies, the two companies said, “The partnership stands to make a significant impact across the continent by supporting agritech startups who can innovate and improve the delivery of a range of services to smallholder farmers and micro, small and medium-sized enterprises in the agricultural sector.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.