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Today: May 11, 2024
January 8, 2024
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Boosting Ethiopian Startups: weVenture, the country’s first VC-backed incubator

Title: Ethiopia’s First VC-Backed Incubator, weVenture, Aims to Support Early-Stage Startups

TL;DR:

  • Ethiopia’s first venture capital-backed incubator, weVenture, has launched with the aim of identifying, nurturing, and scaling early-stage startups in the country.
  • The incubator plans to support at least eight startups through incubation and acceleration programs in its first year.

Ethiopia’s first venture capital-backed incubator, weVenture, has launched with the goal of supporting early-stage startups in the country. The newly launched hub, powered by a partnership of local industry leaders, investors, and professionals, aims to identify, nurture, and scale innovative startups in Ethiopia. Over the course of its first year, the incubator plans to provide support and resources to at least eight startups through incubation and acceleration programs.

weVenture is primarily interested in prioritizing startups that offer cutting-edge solutions to the challenges that Ethiopia faces. The goal is to help these startups secure the private and public funding necessary for executing and growing their businesses. The hub was founded by Noel Daniel and Makeda Tsegaye, who emphasized the need for more privately funded incubators in Ethiopia to uplift startups and create a professional and open workspace.

According to a report by the Japan International Cooperation Agency (JICA), most startups in Ethiopia are still in their early stages, with only 23% at their post-early stage. These startups face a significant need for investment to scale their operations. weVenture, with its considerable resources, appears well-positioned to address this need.

While the hub faces challenges in navigating the emerging tech landscape, stakeholders are optimistic about its potential for inspiring the establishment of other incubators and accelerators in Ethiopia. With an active network of startup hubs, accelerators, and investor networks like iceaddis, Gebeya, and blueMoon, Ethiopia boasts a growing tech scene. If weVenture succeeds in its mission, it could help Ethiopia join the ranks of African countries with thriving tech communities, such as Kenya and Nigeria.

Overall, weVenture’s launch represents an important step in bolstering the early-stage startup ecosystem in Ethiopia. The incubator’s support and resources could play a crucial role in helping innovative startups access the funding and expertise they need to succeed and grow.

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