Edge 196, an initiative of NRI Startup India has opened applications for its 2017 $1million Global FinTech Startup Challenge.
The challenge is run across 26 global clusters spanning 196 countries, and will see 26 finalists get $50 000 in investment funding.
To be considered for the challenge, startups must:
- Not be more than three-years old
- Have the potential to scale globally.
- Have a prototype or validation in the market.
- Be able to prove traction in terms of revenue or clients.
How it works
Winners will be selected based on their problem-solving abilities, their team’s capabilities, innovation and global scalability.
Three shortlisted startups from each of the 26 clusters will be invited to pitch online. Thereafter, 26 potential startups (one from each cluster) will be selected and offered term sheets and entry into an acceleration programme (between three and six months long) run by one of Edge 196’s global partners in India, UK, Canada, Singapore and the USA.
The winning startups in each cluster will each get $50 000 in investment funding. In addition, one of the startups will win $1-million in investment at a Grand Finale to be held in December.
See the African clusters below:
African startups can apply to one of three regional clusters covering East, West and Southern Africa.
The Johannesburg cluster comprises of Angola, Botswana, Comoros, Lesotho, Mayotte, Mauritius, Madagascar, Mozambique, Namibia , Reunion, South Africa, Swaziland, Zambia, and Zimbabwe.
Applications for this sector are open until 13 November with evaluation and screening taking place between 14 November and 28 November this year. This will be followed by an online pitch session which has been scheduled for 10 December. Learn more about Johannesburg cluster here.
The Lagos cluster is the biggest on the continent. It consists of Nigeria, Ghana, Tunisia, Algeria, Libya, Chad, Niger, Morocco, Western Sahara, Mauritania, Mali, Senegal, The Gambia, Guinea- Bissau, Guinea, Sierra Leone, Liberia, Ivory Coast, Togo, Benin, Burkina Faso, Cameroon, Central African Republic, Equatorial Guinea, Gabon, Republic of the Congo, and Cape Verde.
Applications for this sector are open until 12 November with evaluation and screening taking place between 13 November and 27 November. An online pitch session has been scheduled for 9 December. Learn more about Lagos cluster here.
The Nairobi cluster includes Kenya, Uganda, Tanzania, Somalia, Burundi, Rwanda, Ethiopia, South Sudan, Djibouti, Eritrea, Sudan, Egypt, and the Democratic Republic of Congo.
Applications to this cluster will close on 14 November. Evaluation and screening will take place between 15 and 29 November with an online pitch session scheduled for 11 December. Learn more about Nairobi cluster here.
Winners would be announced two weeks after the respective deadlines.