Gen F, an initiative facilitated by Founders Factory, is set to make a substantial investment of $250,000 in African startups through its Entrepreneur in Residence program. This initiative not only provides financial backing but also includes a budget for experimentation and access to expert guidance for the founders of the selected startups.
The ‘Entrepreneur In Residence Venture Design Studio’ combines the venture studio and venture capital models to offer investment and hands-on support to early-stage founders focusing on developing solutions for local challenges.
The primary objective of Gen F’s initiative is to assist founders in navigating the financial risks associated with innovative concepts and ideas, enabling them to bootstrap their new ventures. Additionally, it aims to address previously excluded or underserved communities by leveraging technology to accelerate access to new products and services, thereby opening up new markets and commercial opportunities.
The program details include a 12-week sprint with the Venture Design Studio, a budget for market validation experiments, collaboration with venture builders for concept refinement, and preparation for the Investment Committee. Successful startups will receive a $250,000 seed funding injection, along with specialized assistance in various areas such as product development, UX/UI, data science, engineering, business development, and growth marketing.
The initiative is open to individuals with prior startup experience, subject matter experts, corporate professionals seeking entrepreneurship transition, seasoned operators in African startups, and visionary founders addressing significant African challenges. Applicants must dedicate full-time efforts to refine and validate their concepts for 10-12 weeks, with no specified application deadline as it operates on a rolling basis.
