Multimillion-dollar boost for small business as more African countries join MultiChoice Africa Accelerator Programme

MultiChoice Africa Accelerator

MultiChoice Accelerator participants celebrate program success

MultiChoice Accelerator participants celebrate program success

Johannesburg, Nov. 23, 2022 (GLOBE NEWSWIRE) — November 2022 — Following the success of the MultiChoice Africa Accelerator Program, which last year secured $16 million (USD) in funding for six emerging businesses, the program has expanded to eight more. Countries across Africa.

Many more small businesses in Africa’s technology sector now have the opportunity to benefit from the 2023 programme, which provides the skills and opportunities needed to attract transformative business finance.

“We are really excited to expand the MultiChoice Africa Accelerator Program to more African countries,” said Calvo Mawela, MultiChoice Group CEO, announcing the launch. “It is part of our long-term commitment to grow and multiply Africa’s technology potential, which is critical to our future growth.”

The MultiChoice Africa Accelerator Program, which was launched during Global Entrepreneurship Week, targets start-ups and small businesses established in specific technology sectors: health tech, agritech, fintech, edutech, circular economy and creative industries.

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“There is tremendous business talent across Africa,” said Mawela. “MultiChoice Africa Accelerator is an opportunity for investors and small businesses to multiply the impact of this talent and scale in Africa.”

Starting in South Africa in 2021, the MultiChoice Africa Accelerator is expanding to Côte d’Ivoire, Senegal, Nigeria, Ghana, Kenya, Zambia, Angola and Ethiopia. The initiative equips budding entrepreneurs to secure funding and scale up their businesses, and also offers opportunities to pitch to international investors.

The President of the African Development Bank, Dr. Akinwumi Adesina, has previously stated that “the private sector is Africa’s growth accelerator,” and many African nations have supported small business development as part of their economic strategy. The MultiChoice Africa Accelerator aligns with these development goals.

The MultiChoice Africa Accelerator Program is an initiative of the MultiChoice Innovation Fund, in partnership with Dubai-based business incubator Companies Creating Change (C3), which gives entrepreneurs access to tools, skills and financial support to grow their business. MultiChoice has also partnered with EOH, a technology services company, and will bring their expertise to the table, particularly in terms of technology consulting, development sprints and technical support.

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In the first phase of the MultiChoice Africa Accelerator Program, each country’s public and private sector partners nominate businesses or entrepreneurs for the program. From there, 29 startups embark on an intensive virtual training course. The initiative is aimed at established businesses that are already operating and want to expand by attracting more investment.

“Start-up founders learn everything from properly researching your business sector and your market, to how to create a niche for your business,” says Boitumelo Monageng, one of last year’s Swypa finalists. “We were encouraged to go deeper in the workshops and I realized that we have the potential to compete on a much larger scale”.

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The virtual training course takes place over several weeks, teaching start-up owners media skills, how to best market their businesses to investors, how to create compelling business plans and what investors are looking for.

Later, the entrepreneurs will meet in a final event where 11 startups will be selected for the final pitch stage. They will attend a dedicated C3 boot camp to learn how to pitch their story to international investors and be “pitch ready” before big presentations.

“We believe that SMEs in the technology, sustainability and creative sectors will be fundamental to the next phase of Africa’s growth,” says Mawela. “The MultiChoice Africa Accelerator is dedicated to finding the most promising start-ups and empowering them to play this critical role.”

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CONTACT: Elizabeth Ferreira MultiChoice Group Ltd 0834825241 [email protected]

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