Government Commits to National Venture Capital Fund.

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The Minister for Finance, Hon. Dr. Mwigulu Nchemba, announced during the presentation of the 2024/25 budget speech that the government is committed to establishing a National Venture Capital Fund in the financial year 2024/25.

Analyzing National Venture Capital Funds in Successful Startup Ecosystems.

National Venture Capital Funds (NVCFs) have been the backbone of vibrant startup ecosystems around the world. Let's take a closer look at some success stories and explore the potential impact on Tanzania.

Israel – Yozma Program

• Launched in the early 1990s, Yozma was an Israeli government initiative to kickstart the venture capital industry.

• Impact: It catalyzed the creation of numerous venture capital funds and drew significant foreign investment. Today, Israel is celebrated as the "Startup Nation."

• Key Success Factors: Government matching investments, tax incentives, and the establishment of a local venture capital industry.

Singapore – SEEDS Capital

• SEEDS Capital, the investment arm of Enterprise Singapore, co-invests in innovative startups alongside private investors.

• Impact: This initiative has helped position Singapore as a leading startup hub in Asia.

• Key Success Factors: Strong public-private partnerships, strategic sector focus, and comprehensive support programs.

South Korea – Korea Venture Investment Corporation (KVIC)

• KVIC was created to promote venture capital and provide funding to early-stage startups.

• Impact: South Korea has seen a surge in successful tech startups, cementing its status as a tech innovation hub.

• Key Success Factors: Government-backed funding, strategic industry focus, and corporate innovation integration.

Potential Impact on Tanzania.

• Provision crucial capital for early-stage startups, which often struggle to secure funding.

• Government backing can reduce risk for private investors, encouraging them to invest in local startups.

• Targeted investments can spur growth in key sectors such as technology, agriculture, and healthcare.

  Important questions??

• How will the National Venture Capital Fund ensure transparency and accountability in its operations?

• Which sectors and startups will be prioritized for investment to maximize impact?

• What strategies will attract and retain private sector co-investors?

• How will the success of the National Venture Capital Fund be measured and evaluated?

• What plans are in place to ensure the fund's long-term sustainability?

Afya Lead Limited Secures Spot in 2024 ASME ISHOW Bootcamp.

Afya Lead Limited, a pioneering Tanzanian startup, has secured a prestigious spot in the 2024 ASME ISHOW Bootcamp alongside six other startups across Africa, Adumu Limited (Kenya), Che Innovations (Uganda), Magagas Alternative Energy Enterprise Limited (Kenya), MeSADA PLC (Ghana), Neosave Technologies Limited (Uganda), and Yaaka Investment Limited (Zambia). This annual event, hosted by the renowned ASME ISHOW accelerator, gathers the most promising startups from around the world to provide expert knowledge and support over six months to a year.

The ASME ISHOW Bootcamp offers attending teams extensive guidance on critical challenges such as:

• Bill of materials optimization

• Supply chain strategies

• Design for manufacturing

• Marketing and branding

• Technical consultations

• Business plans

• Fundraising

Additionally, the bootcamp provides opportunities for participants to earn a second round of investment and in-kind support, further accelerating their growth and impact.

Afya Lead Limited impressed the selection committee with its innovative product, “Mkanda Salama.” This patented, non-invasive device is designed to address postpartum hemorrhage (PPH), a leading cause of maternal mortality globally. The startup's mission to improve healthcare in Africa through affordable technologies and medical devices aligns perfectly with the bootcamp’s goals.

Valuable Mentorship and Funding Opportunities.

Participating in the bootcamp will offer Afya Lead Limited invaluable mentorship from industry leaders, enhancing their capacity to expand their work and impact. The bootcamp also presents a chance to secure additional funds to further their mission.

Acknowledgement and Future Aspirations.

“I am humbled to have represented Afya Lead Limited during the presentation and judging rounds,” said Pascal Thomas, COO and co-founder of Afya Lead Limited. “It was an incredible experience to engage with judges who provided diverse insights and posed thought-provoking questions. We are thrilled to continue our journey towards making a significant impact in maternal healthcare.”

Ifakara Innovation Hub PDP Workshop.

A three-day Product Development Partnership (PDP) workshop for the first cohort of Ifakara Innovation Hub (IIH) Incubation Program was hosted by Ifakara Health Institute from June 18th to June 20th 2024.

The IIH incubation program aims at transforming ideas to improve innovation in healthcare into products and provide skills and support to these solutions. Among the participants in the workshop were innovative startups such as Mama Check, MBC Landbrug, LIRA, Lab X, and Plus Life.

The workshop was based on training covering quality management, validation plan and strategies to prepare for investor and Go-to-Market readiness to ensure that these innovations can successfully reach and impact the healthcare market. The enrolment to the incubation program follows a competitive selection through the PDP call for a project support pipeline to address health opportunities, followed by a thorough bootcamp and pitching where the winning ideas are then selected for the program.

Lets Unpack : Product Development Partnership.

A Product Development Partnership (PDP) is a collaborative initiative that brings together public, private, academic, and philanthropic sectors to develop new health products, such as vaccines, drugs, and diagnostics—particularly for diseases that lack commercial incentives. These partnerships focus on neglected diseases like HIV, malaria, and tuberculosis, aiming to improve global health equity.

PDPs are primarily funded by public and philanthropic sources and emphasize accessibility and affordability for vulnerable populations. PDPs not only develop new health technologies, but also undertake activities aiming to provide equitable access to them and thus to improve the health of vulnerable populations in low- and middle-income countries.

• PDPs have effectively created over 60 new health technologies by utilizing a variety of resources and expertise, helping to solve major health issues and benefiting billions of people globally.

• About 2.4 billion people have benefitted from the innovative health technologies launched by PDPs.

The World Health Organization (WHO) works closely with PDPs to support them in their efforts to develop much-needed new health technologies to fight poverty-related and neglected diseases and to ensure that these technologies become quickly accessible to the most vulnerable populations. WHO regularly publishes target product profiles (TPPs), currently covering more than 25 diseases—PDPs can use these as a guide in their research and development (R&D) for health innovations. 

Looking for an opportunity to bring innovation in the healthcare sector? Look into PDP line of works!

Investment Readiness Bootcamp with Flat6Labs 💫.

Successful host of the "Investment Readiness" bootcamp with @Flat6Labs took place last week in Dar es salaam. This event, held in partnership with Ennovate Ventures, marked the 4th stop of the ‘Flat6Labs Africa Roadshow’ in Tanzania 🇹🇿.

The bootcamp took place in two days of which participating startups engaged in a series of dynamic workshops, panel discussions, and pitching sessions designed to prepare them for attracting top investment opportunities. These entrepreneurial sessions equipped the startups with essential skills for securing funding and scaling their businesses.

Vodacom Tanzania Empowers Startups with China Exchange Trip 🚀.

Vodacom Tanzania Plc, in partnership with Huawei and MassChallenge, has sent seven startups from the Vodacom Digital Accelerator program on an insightful learning and exchange trip to Shenzhen, China.

The founders of these startups will engage at the Huawei HQ office park, participating in workshops, training sessions, and lectures led by R&D experts, tech specialists, and venture capitalists. Additionally, they will visit the headquarters of tech giants DJI, Tencent, and ByteDance (TikTok) to observe the innovation and extraordinary growth of these companies over the past decade.

This trip marks the final phase of the three-month Vodacom Digital Accelerator program, which aims to support and empower local startups to drive digital transformation in Tanzania.

Event Highlight 🌟🌟🌟🌟

Funding opportunities 🎇🎇🎇

Entrepreneurship World Cup 

This competition offers over $1 million in cash prizes to top entrepreneurs and provides a supportive community, global exposure, and access to mentorship and resources to help grow their businesses. Apply by 7/31/2024.

Roddenberry Catalyst Fund

Offering grants to nonprofits & social enterprises to fund ideas or early-stage projects with high potential for large-scale impact and sustainable change. Eligible candidates may be individuals, teams, non-profit organizations, or social enterprises. Funding up to $15,000.

2024 Foundry Fellowship at MIT for Africa-Based Entrepreneurs

The Center for Development and Entrepreneurship at the Massachusetts Institute of Technology (MIT) was founded on the belief that entrepreneurs and their market-driven solutions are critical to advancing sustainable prosperity across global growth markets. The Foundry Fellowship is an eight-month, transformative experience for accomplished entrepreneurs who are committed to leading the acceleration and interconnection of Africa’s innovation and entrepreneurship ecosystems.   Read more and apply by 06/30/2024.

Global good fund Fellowship
Are you ready?? Applications for the 2025 is accepted. This fellowship is annual in-person Summit! The summit is a 12-month Fellowship, a pivotal moment when entrepreneurs transition from working one-on-one with their professional leadership coach to collaborating closely with their executive business mentor.

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