IF you meet the eligibility criteria below and would like to take part in our program please apply by following the link below
We are interested in finding digital start-ups that are looking to raisE between $250K and $1.5M.
XL Africa will support 20 start-ups like yours over 5 months, matching you with industry experts and mentors with a proven ability to grow companies. Our mentors will assess each company's needs and facilitate relationship building with customers and strategic partners. All 20 start-ups will be invited to participate in a residency program in South Africa.
Your start-up at this stage may or may not have achieved its break-even point, but is on a path to sustainability. But you require further capital injection to grow your sales team, increase capacity, and expand into new geographies.
This is an exciting phase: it's now that your business has a strong opportunity to take-off.
- Start-up has developed a digital product or service
- Start-up is for profit and registered
- Team is based in one of the countries of Sub-Saharan Africa
- Formalized team of 3-5 people or more
- Product or service currently available on the market, with demonstrated tangible traction and evidence of revenue
- Start-up has raised seed funding from angels, venture capital firms or currently bootstrapping.
What does the team look for?
- A start-up looking to expand market share and operationalize its business
- A start-up looking for up to $1.5 ml in funding
In selecting our top entrepreneurs we use the following criteria:
Does the management team have the qualifications
necessary to make this company successful?
Market Traction & Financials (25%)
Is there significant market traction? Is the market size significant?
Is there a clear business model, revenue streams and unit economics? Has start-up raised any outside funding before.
Commercial Value of your Product/Service (25%)
Does your company address a problem in the market? Is
the digital solution differentiated from other solutions? Does your product or service catalyze any transformational social change?
Strategy for Growth (25%)
Does the company have a potential to expand into new
markets or significantly expand domestically? Does the
company show demonstrable progress? Is it scalable?
Once you are selected, you are required to make the following COMMITMENTS:
If you are selected and accept the invitation to participate in XL Africa, we will work with you to assess your company. We need to know what exactly we can help with.
Based on this, we will devise a road map for your company’s development. In addition we will agree a series of milestones to achieve. We will track these as you progress on the program.
Once on board, you will benefit from an array of activities designed to support you. XL Africa does not provide a cookie – cutter program: we will adapt to the needs of each start-up.
- We ask you to engage regularly with mentors (4-6 hours a month) over 5 months. All our mentors have passed XL Africa eligibility criteria and are successful entrepreneurs or investors themselves. We’ll match you with mentors once we know exactly what you need. And remember it’s a two way street – both mentors and mentees learn and commit to this relationship. In many cases, we expect these relationships to last long after the program has ended.
- Participate in virtual webinars sessions (approximately once a month) over 5 months run by top global experts with inputs from leading African and US investors and successful entrepreneurs. We only invite people who have done it – no theory, only practice!
- Participate in the residential program in South Africa for two weeks during November 2017. At least one executive member of your team must be present in South Africa. XL Africa pays all travel-associated expenses. You’ll meet with up to 19 other Pan-African companies selected for this program, mentors, investors, and strategic partners. It’ll be intense but totally worth it. It’s a great opportunity to form long lasting relationships!
- To get the most from this experience, come with an open mind and be willing to learn and collaborate.